Manchester City are set for a major payday should they win the Champions League for the first time.

Pep Guardiola’s side, who face Lyon in the quarter-finals of Europe’s premier competition, are the bookmakers’ favourites to come out on top this year.

The Times claim City would be in line to earn a whopping £120million in TV and prize money under normal circumstances.

The coronavirus pandemic means that may not be the case this season, however, as UEFA could still impose a 10 per cent cut in prize money.

That would result in the overall earnings standing at roughly £106m, but this total still eclipses the £105m record set by Barcelona last season.

European football’s governing body remain in discussions about the cuts, which could save them over £230m.

An inside source told The Times: “The negotiations are still going on but what has been decided is that the pain will be spread rather than one big cut for this year’s competition.”

The climax to the 2019/20 Champions League tournament will take place in Portugal. Benfica’s Estadio do Sport will host the final on August 23.

Istanbul, which was originally scheduled to stage the 2020 final, will now host next year’s final.

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