David Moyes’ side have little or no chance of breaking into the top four now and face a real battle to qualify for the Europa League.
United already have a significant amount of debt and they have spent big on Juan Mata and Wayne Rooney’s contract in recent weeks, leaving them struggling to find the funds this summer.
Calderon has explained just how costly it will be for the Red Devils this summer and next season should Moyes not guide the Old Trafford club to Europe.
“Economically it’s a mess, it’s a problem, it’s a real disaster. All of the sponsors are going to pay according to whether you’re in the Champions League or you’re out, if you’re in or out, and that’s very important.
“For Real Madrid it would be very important in the budget. There is no difference in those contracts for Manchester and Real Madrid. It’s everything.
“I imagine they [Manchester United] will have to face that. In the case of Real Madrid I say you could lose €100 million.”