The FA said yesterday that it estimated it will miss out on £10 million of potential income from being unable to sell licensing and merchandising rights for Euro 2008 following England's failure to qualify on Wednesday night.
But what will the cost be for those UK firms which have already signed up to be official licensees for the tournament?
How likely is it that retailers will now want to stock huge amounts of official England merchandise in the summer?
NPD Licence Tracker reported last October that sports names reached their highest sales level thanks to the World Cup in 2006, with even girls taking an interest - sports grew by 15 per cent with that group.
If England did well in the tournament, there was a chance for official licensees to really rake in the cash.
Licensing.biz wants to hear what you think. Do you think the industry will suffer from England's absence from the tournament?
Or do you believe that profits in other territories whose national teams are in the competition will make up for this?
To air your views, simply post a comment in the box below.