AC Milan director Umberto Gandini has admitted that it would be a "financial disaster" if the club fail to qualify for the Champions League.

The Rossoneri squeezed into the qualification playoffs by finishing third in Serie A this season and Gandini said that the club's budget could be cut by a fifth should they not make the group stage.

"Had we not qualified it would have been a financial disaster," Gandini told BBC Sport. "Such a disaster could affect most clubs.

"We still have to navigate the playoffs. Winning that tie is the difference between having an extra £26m or not. There's so much at stake - a fifth of our budget."

Two late goals against Siena ensured Milan scraped into third this season.