Jimmy Calderwood says the Scottish Cup exit at the hands of Queen of the South may impact on his transfer plans for Aberdeen next season.
The Dons manager said the 4-3 defeat at Hampden on Saturday was a "huge blow" for everyone at Pittodrie.
"With regards to players staying and attracting new recruits, the result is hugely disappointing," Calderwood said.
"It's well-nigh impossible for us to get back into Europe but it also comes down to finances."
Midfielder Barry Nicholson's future at the club is unclear amid speculation he may Pittodrie at the end of the season.
Calderwood said the situation regarding players' contracts should become clearer in the coming weeks.
"We probably feel just as bad as the supporters do "
The Dons have secured a top-six finish in the SPL, but are struggling to clinch third place and with it a Uefa Cup place for next season.
Aberdeen crashed out of the semi-finals of the CIS Cup and Scottish Cup after losing four goals to Dundee United and Queen of the South, respectively.
Calderwood said he would have to lift his deflated squad ahead of Saturday's SPL encounter with Celtic.
"It is just a massive, massive disappointment for everyone," he said.
"We've had a meeting this morning in which we ironed a few things out and the lads are off to do a bit of light training.
"By Thursday we will be looking forward to the huge game we have travelling down to Celtic Park.
"At this moment in time we all feel probably just as bad as the supporters do."
Calderwood said this season had been one of fluctating emotions at Pittodrie.
"Huge highs in the games against Bayern and also Copenhagen - then the huge lows in the two semi-finals," he said.
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