Soccer UEFA Champions LeagueSteven Gerrard's wonder strike against Olympiakos on Wednesday night not only sent Liverpool into the last 16 of the Champions League but netted the club upwards of £5 million. Any club which qualifies for Europe's Elite competition is guaranteed a cash windfall but it is in the knock-out stages where the big money kicks in.

Liverpool, having already collected £12 million, will now bank an extra £1.5 million bonus for reaching the last 16 and they can expect a further £3.5 million to come in TV revenue. On top of this they will probably scoop close to another £1 million in gate receipts and other match-day takings from their guaranteed one extra home fixture. These figures would increase considerably if Liverpool progress even further in the competition.

Reaching the quarter-finals would land another £1.5 million bonus, the semi-finals £2 million and the final £3 million. Winning it would earn them a £5 million bonus. Additional match-day takings and an increased proportion of TV income would then come on top of that.

The importance of the Champions League to Liverpool was shown at their a.g.m. last week when financial figures for last season showed a drop of £14 million in cup revenue on the previous year. This was due entirely to the club's failure to qualify for the Champions League.

Defeat for Liverpool would have left them in the UEFA Cup. The money this tournament yields is small beer by comparison. The tournament now generates extra income because of its new group stage but even if they go on to win the competition, this year Newcastle or Middlesbrough could only expect to make £7 to £8 million.

Gerrard maintains he wants to be winning trophies with Liverpool, not any other club. But in the aftermath of his match-winning display against Olympiakos, the Anfield skipper underlined his desire to see the club build on that success and be challenging in Europe and on the home front regularly.

If Liverpool can achieve that quickly it will give Gerrard the platform for the future he craves and end fears he could be forced to leave to further his own career.

Gerrard made his ambitions clear before the clash with the Greeks and believes he is only stating what the club's fans also believe should be the club's targets.

"I am a fan as well and I think what I have said the supporters will agree with," said the England midfielder. "The main point I have made is I want to be in a Liverpool side which challenges for the Champions League and the title all the time. That is where the club needs to be. I want to be winning things with Liverpool, not somewhere else. That is the most important thing.

"My goal against the Greeks is one of the most important I have ever scored and I hope it turns out to be one of the most important for the club for a long time, especially in terms of what it means financially."

He added : "I know I put a lot of pressure on myself because of what I said, and I felt I needed a big performance, (but) I am not going to go around telling lies about how I feel."

Rafael Benitez has told Gerrard that he can achieve all of his dreams at Liverpool. The Anfield manager understands fully Gerrard's dilemma as the England midfielder contemplates the future path of his career and the need to be playing for a club who can compete among Europe's elite as well as be challengers for the Premiership crown.

Gerrard, only 25 by the end of the season, already feels the passing of time as he waits for Liverpool's rebirth under Benitez to give him the chance to achieve his goals.

Benitez insisted: "Steven can win all he wants with us and we need him. He has seen that we have a good team and we can do more things in the future. But if we want to win more games, important games, we need Steven in the team. We need his strength, the strong mentality he has and his quality. I think he likes and wants the responsibility of leading this team."

Liverpool can be drawn against Inter Milan, Juventus, AC Milan, Lyon or Bayer Leverkusen in the next round and will be at home in the first leg in late February, with the second leg a fortnight later.

Benitez says: "We are in with the best teams in Europe, we will wait to see who we get next but we can at least enjoy the moment and what we have achieved."