Flamengo coach Rogerio Ceni was in sombre mood following Tuesday's dramatic penalty shootout defeat to Racing, which brought the Brazilian side's continental title defense to an abrupt end.

"It's a gigantic loss," said the newly installed manager, "the (Copa) Libertadores has a value...the biggest value of all the tournaments we play here in South America.

"There's no way we can measure the loss, and I am not talking about the financial loss, but how it could affect the confidence of every day.

"We have to stay steady, working, trying to make the team to produce more so we can win the remaining trophy, the Brazilian league." 

Willian Arao scored a last-gasp equalizer to force a penalty shootout in Tuesday's Round of 16 second leg clash. 

However, the Flamengo midfielder's miss in the penalty shootout proved decisive as the Argentineans recorded a famous win at the Maracanã.