[EUROPE] The winner of the UEFA Champions League could reap up to $160 million. The 16 teams that have reached the knockout stage, and which will be matched up in Friday's draw, have already secured $56.2 million through prize money, tournament commercial revenues, ticket sales, sponsorship, merchandising and increased squad value, according to an AP report.

The AP refers to a study by Professor Simon Chadwick of Coventry University Business School in England. Chadwick says that falling shot in the knockout round -- losing by a missed penalty kick in the tiebreaker, for example -- could yield $56 million less than the winner.

"Losing will mean lower prize money," Chadwick said. "Clearly it will affect their ability to negotiate with sponsors and in terms of squad value that will be marginally less."