Kieran Maguire has voiced his concerns about the widening financial gulf between Rangers and Celtic, warning that the situation is becoming increasingly difficult for Rangers supporters.
The football finance expert, known for his insights into the economics of the game, has offered a defence of Rangers chairman John Bennett, who has come under significant pressure due to the club’s financial struggles.
Maguire’s comments come amid growing frustrations at Ibrox, particularly after Rangers were knocked out of the Champions League qualifiers by Dynamo Kyiv.
The financial implications of missing out on Europe’s top competition are stark and could have a lasting impact on the club’s short-term financial future.
Speaking to the Daily Mail on 12 September, Maguire laid bare the situation, saying: “I speak to John Bennett and get on well with him. I have spoken to Stewart Robertson, the former chief executive, as well. They came on our podcast. I have no partisan position in this and it’s clear that Celtic have moved ahead. How Rangers catch up is now the question.”
He added: “I think it needs Celtic to do a lot of things wrong and Rangers to do an awful lot right at the same time before the gap can be eliminated.”
The situation is a stark reminder of the challenges Rangers face, both on and off the pitch. The absence of Champions League football this season has left a significant hole in the club’s finances.
With Celtic set to benefit from a £40 million windfall through their participation in the group stages, the financial gap between the two clubs is only set to grow wider.
For Rangers, the failure to qualify for Europe’s elite competition has heaped pressure on both the players and the management team led by Philippe Clement.
Maguire continued: “That’s why it’s very challenging for Rangers now. I read John Bennett’s comments in the summer and they were pretty sombre. If I was a Rangers fan, I would have to take that on board. John hasn’t caused the problem, he is simply calling it out as it is and, as football fans, we sometimes don’t want to hear the cold, hard facts. But Rangers have a lot of hard work to do in a country where finishing second is finishing nowhere so far as the fans are concerned.”
The financial picture at Ibrox is further complicated by UEFA’s financial sustainability rules, which restrict how much clubs can spend relative to their revenue.
While some fans have called for a change in ownership to address the financial imbalance, Maguire pointed out that even a new, wealthy owner wouldn’t be able to spend freely under UEFA’s current rules.
These regulations, designed to ensure financial stability across Europe, mean that clubs can spend no more than 80 per cent of their revenue on player costs, including wages, transfer fees, and agents’ fees.
Next season, that figure will drop to 70 per cent, which will further limit Rangers’ spending power, especially when compared to Celtic, who are enjoying the financial rewards of regular Champions League participation.
The defeat to Dynamo Kyiv, following a 1-1 draw in the first leg, was a bitter blow for Rangers. The responsibility for that failure lies primarily with the players and manager Philippe Clement, rather than with Bennett.
Nonetheless, the club’s failure to reach the Champions League has made the chairman’s job even more difficult, as the missed £40 million windfall will have a significant impact on the club’s finances.
Maguire’s assessment is blunt but accurate: Rangers need to close the gap on Celtic, but how they achieve that remains unclear.
The reality is that finishing second in the Scottish Premiership, while still a possibility, will only add to the challenges facing the club.
Rangers must make a deep run in the Europa League to salvage something from this season and try to close the five-point gap on Celtic in the league.
The task ahead for Clement and his players is daunting, and as Maguire has pointed out, it will require a combination of Celtic faltering and Rangers excelling to truly bridge the divide.