City pip Madrid in 2015-16 Champions League earnings

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Manchester City were the highest earners in last season's Champions League, as UEFA confirmed record funds paid out to participants.

The Premier League leaders progressed to the semi-finals of the competition for the first time in 2015-16, where they fell 1-0 on aggregate to eventual winners Real Madrid.

But City earned a total of EUR83.8m from their Champions League participation, EUR3.8m more than Madrid, as UEFA shared more than EUR1.345billion between the 32 clubs that took part last term and the 10 knocked out in the play-off round - an increase in excess of EUR315m on the previous season.

Each club was entitled to a minimum payment for taking part in the Champions League after the 20 teams to contest the play-off phase shared EUR50m. Performance bonuses for group-stage wins and draws and further progress in the competition were then awarded accordingly.

A statement from UEFA explained the distribution of television revenue according to the relative value in national television markets accounted for City earning more than the European champions.

"Monies from the market pool were divided according to the proportional value of the national TV market allocated to each individual club, among other factors," the statement read.

Serie A champions Juventus took home EUR76.2m despite losing to Bayern Munich in the last-16, with the Bundesliga winners claiming EUR64.4m on their way to a semi-final loss against Atletico Madrid.

Diego Simeone's beaten finalists earned EUR69.6m, a shade under the amount distributed to City's quarter-final victims Paris Saint-Germain (EUR70.8m), while Barcelona's return was EUR56.5m

Under reforms announced in August and set to take effect in 2018, the leading four leagues in Europe - LaLiga, the Premier League, the Bundesliga and Serie A - will be guaranteed four group-stage spots apiece and the financial distribution model will be adjusted in order to, "see sporting performances better rewarded, while market pool share will decrease," according to UEFA.