Celtic currently holds over £75 million more in cash reserves compared to Rangers, highlighting the widening financial gap between the two Old Firm clubs, according to sources cited by Football Insider.
Rangers recently disclosed their financial accounts for the 2023-24 season on October 29, revealing a cash balance of £1.7 million at Ibrox. While Rangers saw their core revenue increase from £83.8 million in the previous season to a record £88.3 million, their total income stood at £94.2 million. However, this figure remains considerably lower than Celtic’s revenue, which rose from £119.9 million to an all-time high of £124.6 million.
The financial outlook for the two clubs diverged significantly, with Rangers reporting a net loss that increased by £4.1 million, totaling £17.2 million for the year. In contrast, Celtic posted a healthy profit of £13.3 million. Both clubs struggled in the transfer market, with Rangers recording an £8 million loss on player transactions and Celtic facing a £4.9 million deficit. Nonetheless, Rangers successfully reduced their wage bill over the past year as part of their cost-cutting efforts, while Celtic’s wage expenses increased by £4.8 million, bringing their total to £65.6 million.
Brendan Rodgers benefitted from this increased expenditure after leading Celtic to victory in the Scottish Premiership and the Scottish Cup in his first season back at the club. Meanwhile, Philippe Clement, who took over at Ibrox in October of the previous year, guided Rangers to a Scottish League Cup triumph. However, Clement’s squad failed to qualify for the Champions League this season, suffering a setback in the qualifying rounds and settling for a place in the Europa League instead. Financial expert Stefan Borson noted that Rangers will likely earn significantly less in the Europa League compared to the anticipated £50 million Celtic could make from the Champions League.
The prospect of Rangers returning to the Champions League next season appears bleak, as they currently sit third in the Scottish Premiership, nine points behind Celtic and Aberdeen. In related news, pundits report that Graham Potter is “attracted by the massive Rangers job.”
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