Celtic now hold over £75 million more in cash reserves than their rivals Rangers, with the financial divide between the two Glasgow giants widening, sources reveal to Football Insider.
Rangers’ latest accounts for the 2023-24 season, published on 29 October, show the Ibrox club has £1.7 million in the bank.
By contrast, Football Insider had previously reported on 18 September that Celtic’s year-end cash rose by nearly £5 million to reach £77.2 million, establishing a staggering £75.5 million gap between the two Old Firm teams.
While Rangers have seen a boost in core revenue, rising from £83.8 million in 2022-23 to a record £88.3 million, their total income reached £94.2 million.
Yet, this remains considerably below Celtic’s earnings, as the Parkhead club set their own record, increasing revenue from £119.9 million to £124.6 million.
Rangers’ net losses also grew, reaching £17.2 million in 2023-24, an increase of £4.1 million from the previous year. Celtic, however, reported a far healthier financial position, posting a profit of £13.3 million.
Neither club found great success in the transfer market, with Rangers incurring an £8 million loss on player trades and Celtic a £4.9 million deficit.
Celtic poised for further success after Champions League qualification:
Rangers have managed to reduce their wage bill in a bid to stabilise finances, cutting overall salary expenditure by £2.9 million to £61.1 million last season. In contrast, Celtic increased their wage costs by £4.8 million, bringing their payroll to £65.6 million.
This increased spending has paid dividends for Celtic manager Brendan Rodgers, who returned to Glasgow to secure both the Scottish Premiership title and the Scottish Cup in his first season back.
At Ibrox, Philippe Clement replaced Michael Beale in October last year and led Rangers to a Scottish League Cup victory.
However, the Belgian manager was unable to secure Champions League qualification after a defeat in the qualifying rounds, relegating Rangers to the Europa League.
Finance analyst Stefan Borson explained to Football Insider that Rangers’ Europa League campaign is expected to generate far less revenue than the £50 million Celtic are projected to earn from their Champions League exploits. This discrepancy only serves to deepen the financial gulf between the two clubs.
The prospect of Champions League football returning to Ibrox appears bleak, as Clement’s Rangers currently sit third in the Scottish Premiership, trailing both Celtic and Aberdeen by nine points. As it stands, Celtic look set to extend their dominance both on and off the pitch.