England failure 'may hit economy'
One estimate puts the cost to the economy as high as £2bn.
"A successful run to the 2008 final would have led to a £2bn bonanza for the economy," said Simon Chadwick, professor of sport business strategy and marketing at Coventry Business School.
Professor Chadwick also explained that the impact of England not playing in Euro 2008 could even go deeper than just lower retail sales.
"Evidence from previous tournaments also shows that, at another level, worker productivity normally increases as the England national team progresses through major tournaments and the 'feel good factor' takes hold," he said.
It is not just businesses directly related to football that could take a hit next summer.
Pubs and bookmakers may all miss out because their business is usually boosted by the major football championships.
travel companies such as airlines and ferry operators that would have transported them could also lose out.
clipped from: news.bbc.co.uk 