Celtic now hold over £75 million more in cash reserves than Rangers, with the financial gulf between the two Old Firm rivals widening further.
According to Football Insider, Rangers’ latest financial report for the 2023-24 season, released on 29 October, reveals that the club has just £1.7 million cash in the bank, a stark contrast to Celtic’s robust cash reserve of £77.2 million, recorded last season.
This cash difference highlights the diverging financial health of the two clubs, despite Rangers’ increased revenue.
The Ibrox club reported a record-breaking core revenue increase, rising from £83.8 million to £88.3 million, with total income reaching £94.2 million.
However, this figure still falls short of Celtic’s record revenue, which grew from £119.9 million to £124.6 million.
While Celtic posted a £13.3 million profit for the season, Rangers’ financial picture was less rosy, with net losses increasing by £4.1 million to a total of £17.2 million for the 2023-24 period.
Both clubs also faced challenges in the transfer market, with Rangers recording an £8 million loss on player transactions, while Celtic reported a smaller £4.9 million deficit.
Despite financial setbacks, Rangers have made strides in reducing costs, notably managing to lower their wage bill by £2.9 million, bringing it down to £61.1 million.
Meanwhile, Celtic’s wage expenditure rose by £4.8 million to £65.6 million, reflecting their increased investment in Brendan Rodgers’ squad.
This higher spending was rewarded as Rodgers’ side secured the Scottish Premiership title and the Scottish Cup in his first season back.
In contrast, after Philippe Clement replaced Michael Beale at Rangers in October last year, he led the team to a Scottish League Cup victory.
However, Rangers fell short in their bid to qualify for the Champions League, losing out in the qualifying rounds and thus relegated to the Europa League.
Finance expert Stefan Borson told Football Insider that the Europa League will generate significantly less revenue for Rangers this season, estimating Celtic’s Champions League campaign could bring in around £50 million. This additional income only adds to Celtic’s financial advantage, strengthening their position at the top.
As Rangers sit nine points behind Celtic and Aberdeen in the Scottish Premiership table, their chances of securing Champions League football next season are dwindling. For now, the gap between Celtic and Rangers, both on the pitch and financially, seems only to be growing.