Midfielder Gareth Barry describes the club's departure from the competition as a "big disappointment" but says the team gave it a "great go".
City beat Bayern Munich 2-0 at Etihad Stadium but Napoli's win at Villarreal ensured that Mancini's side went out.
http://news.bbc.co.uk/sport1/hi/football/16085842.stm
Roberto Mancini says Europa League is important for Manchester City
Roberto Mancini will now have to take his side into the Europa League Manchester City manager Roberto Mancini insisted the Europa League was an important target after seeing his side knocked out of the Champions League.
City beat Bayern Munich 2-0 at Etihad Stadium but Napoli's win at Villarreal ensured that Mancini's side went out.
He said: "I think that for Manchester City, [the Europa League] is an important trophy, because we need to win more trophies if possible.
"It is not the Champions League but it will be important."
Mancini's side controlled the game against Bayern but had left themselves too much to do after earlier defeats in Munich and last month in Napoli.
Goals from David Silva and Yaya Toure put City ahead and they looked set for the last 16.
However Napoli midfielders Gokhan Inler and Marek Hamsik scored in Spain to leave City set for a campaign of Thursday night action against the likes of Ajax, Valencia and Porto.
"If we can go to the final then I think for Manchester City it will be good," said Mancini.
"The Europa League is harder because we play Thursday and won't have a lot of time to recover for the games. But this will be the only difference.
"For us, this is the first time in the Champions League and the first group we got was difficult, but with 10 points it is very strange that we did not go through.
"We are disappointed because we wanted to go through in the Champions League and I am sorry for the club, for our supporters and my players because I think they deserve to play in the Champions League.
"But there is nothing we can do now.
"It is my opinion that we need to improve as a squad and to play better next year. It will be up to us to improve in the next six months."
"They (City) look certainties to be back next season when these experiences will be put to good use and the current squad is likely to have been augmented by more marquee arrivals."
Bayern coach Jupp Heynckes - who was without a host of first-team players including Arjen Robben, Franck Ribery, Philipp Lahm, Thomas Mueller and Mario Gomez in Manchester - believes his side can threaten anyone in the last 16 of the Champions League.
"We were in a very difficult group and we've won it, which means we'll play away first," Heynckes said.
"With the team and squad I've got, we can beat anyone."
Dzeko agent denies Man City star eyeing Juventus move
Edin Dzeko's agent has been forced to deny reports the striker is planning to leave the Premier League leaders.
Reports in the Italian media on Wednesday suggested that the Bosnian forward had been in contact with Juve defender Andrea Barzagli to research the club.
The pair were team-mates at Wolfsburg and Dzeko was said to have been asking about the Turin club's pay structure and goal-bonus scheme.
But Irfan Redzepagic, the striker's advisor, told Italian news agency Ansa that the story was false.
"I know that this story has circulated in the news but I must say it is an impossible thing," Redzepagic said. "Edin is in England and Manchester City is the only thing of interest." Utter TalkSHIT
Manchester City manager Roberto Mancini says Carlos Tevez will only be sold, not allowed to leave on loan
AC Milan vice-president Adriano Galliani on Monday night announced the Italian giants had made an offer to City to take the Argentine on loan in January with a firm option to buy next summer.
City have not formally acknowledged they have received an offer but Mancini insists the club do not want to let the 27-year-old leave on loan.
Mancini, speaking after Wednesday night's Champions League game against Bayern Munich, said: "I don't know about this situation at the moment, but we want to sell Tevez.
"For this reason, in this moment, nothing is sure and we should wait for the next days.
"The only sure thing is we don't want Tevez to go on loan."
Tevez is currently in his native Argentina having flown home without City's permission a month ago.
His representatives have been speaking to officials at Milan about a possible move over the last fortnight.
Those productive talks resulted in Galliani announcing Milan's intentions on Monday but there has been no suggestion from City a deal is imminent.
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[/spoiler]OTHER BOLLOX
New Sunderland manager Martin O'Neill will investigate the possibility of recalling Asamoah Gyan to boost his striking options. Daily Mirror
Roman Pavlyuchenko's agent has alerted Newcastle and QPR after revealing the Tottenham striker has still not agreed a deal to join Russian side Lokomotiv Moscow. Metro
Manchester United are preparing a £25m January transfer window bid for Inter Milan midfielder Wesley Sneijder. Caught Offside
Fulham are leading the chase for Bristol City winger Albert Adomah. Aston Villa, Everton, Bolton, Sunderland and Stoke are also interested. Daily Mail
Blackburn manager Steve Kean is weighing up a short-term deal for ex-Juventus midfielder Stephen Appiah. the Sun
Everton boss David Moyes could make a January transfer move for striker Jeremy Perbet, who plays for Belgian side Mons. Daily Mirror
Simon Cox has conceded that he might need to move away from West Brom to fulfil his ambitions of playing in Euro 2012. The Republic of Ireland international has remained loyal to Albion in the past, despite being linked with several clubs last season. Birmingham Mail
Swansea City manager Brendan Rodgers has turned down the chance to be the part-time manager of Northern Ireland. Daily Expresss
Arsenal boss Arsene Wenger may need to promote 17-year-old Swiss defender Martin Angha to the first team to face Everton on Saturday because he is so short of recognised full-backs. Daily Mail
Gunners midfielder Yossi Benayoun insists Arsenal fans have already forgotten about former stars Cesc Fabregas and Samir Nasri. the Sun
Olof Mellberg hopes Wayne Rooney loses his appeal against the severity of his Euro 2012 suspension, because he believes that it would help Sweden's chances of progress from Group D. the Guardian
Liverpool face being without striker Luis Suarez for most of January after he was hit with a second Football Association charge. Daily Mirror
Blackburn Rovers' famous blue and white halves will soon be dominating the junior football scene in India - with 400 teams set to sport the club's colours. Rovers' Indian owners Venky's are determined to help develop football in their country and have started to introduce a Blackburn Rovers Football Club league across the nation. Lancashire Telegraph
Fulham striker Bryan Ruiz has stunned his club by admitting he wanted to join Tottenham instead. Daily Star
EVERY CLOUD .... BOLLOX
Former Manchester City midfielder Colin Bells tells BBC Radio Manchester he is still amazed by the 6-1 derby win over Manchester United at Old Trafford earlier in the season.
http://news.bbc.co.uk/sport1/hi/football/16040814.stm
More bollox later ...
