Former Real Madrid president Ramon Calderon has said that Manchester United should sack manager David Moyes.
The Red Devils are currently seventh in the Premier League with 45 points from 27 matches, 12 points off the top four.
United are also in danger of failing to qualify for the quarter-finals of the Champions League, as they lost 2-0 to Olympiacos in the first leg of their last-16 tie on Tuesday.
"I'd change the manager if Real Madrid finished sixth and failed to reach the Champions League the next season," Calderon told the Daily Star. "Of course I would. It's a real disaster in every sense not to be in Europe. Not only in terms of the money you get from playing in the competition but from all your club sponsors.
"Sponsorship deals are linked to the Champions League because of the exposure it has on TV. All deals are affected by being in or out of it of Europe. No question.
"I'm sure there's no difference in the contracts of Real Madrid and Manchester United. They will have to deal with losing as much as £100m - both in lost television rights and the reductions in sponsorship money."
Calderon was the Madrid president between 2006 and 2009.
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