with joel Crosskill

LET'S STEER away from the domestic English League to look at things for England on the continental front. The sun has finally set on English hopes at qualification for next summer's Euro 2008 tournament.

Steve McClaren, the least successful manager in England's 135-year international history, has been fired. A nation has been mourning, and continues to mourn, at the biggest embarrassment for the inventors of the modern game since their failed bid to make the 1994 World Cup finals.

Unseeded

Their FIFA ranking has slumped to 12th, which means that England will be unseeded for the World Cup draw, making it more likely that they will be placed in a more difficult group. But future embarrassment aside - it was Britain's bank account that was hit the hardest by the woe at Wembley!

Following England's collapse against Croatia, it's not just fans of the three lions who were left mauled but British business as well. According to Simon Chadwick, professor of sports business strategy at Coventry business school, "A successful run to the 2008 final would have led to a £2 billion bonanza for the economy."

Feel-good factor

Much of that is accredited to the feel-good factor, where productivity improves and people become freer spending, much like Jamaica and Trinidad experienced upon qualification for the World Cup. Given that sports now contributes three per cent of England's GDP each year, this Euro failure represents a significant loss to the economy. England's flop has affected everything, from the sale of flat-screen TV's to delivery pizza. Here's a quick look at some of the worst and most interesting:

The English FA misses out on up to £15 million - earned from sponsors, media payments, merchandise sales and prize-money from the tournament.

Umbro, England's official kit makers, issued a profit warning of a £15 million shortfall on the back of heavy discounting and expected drop in sales.

Bookmakers estimate a loss of £250m in gambling revenues.

Last year, during the World Cup in Germany, supermarkets across Britain were taking an extra £124 million during each week England stayed in the tournament.

Even the British beer and pub association estimated it would cost them the sale of 35 million pints, or up to £100 million.

Probably the hardest thing to swallow is the £2.5 million severance package that McClaren pocketed just before jetting off to his holiday home - a luxury villa now under construction in Barbados.

Contact Joel at jcrosskill@sportsmax.tv