Exclusive: Celtic profit extra £75 million; Rangers are blown out of the water

According to Football Insider, Celtic have almost £75 million more cash on hand than Rangers, as the financial gap between the two Old Firm rivals widens.

Rangers revealed their latest finances for 2023-24 on Tuesday (October 29), indicating that they have £1.7 million in the bank at Ibrox.

On September 18, Football Insider disclosed that Celtic’s year-end cash increased by nearly £5 million to £77.2 million last season, representing a £75.5 million gap between the two sides.

Rangers’ core revenue rose from £83.8 million in 2022-23 to a record £88.3 million, while total income was £94.2 million.

That is still much less than Celtic earned during the year, when their revenue increased from £119.9 million to a new club record £124.6 million.

While Ibrox’s net losses rose by £4.1 million to £17.2 million in 2023-24, Parkhead’s financial status was significantly better, with a £13.3 million profit for the year.

However, neither team fared well in the transfer market, with Rangers incurring an £8 million loss on player trades and Celtic suffering a £4.9 million loss.

Celtic to outperform Rangers again after Champions League qualification

Rangers have, however, successfully reduced their pay bill over the last year as part of Ibrox’s cost-cutting measures.

Football Insider reported on October 30 that they managed to lower their entire pay cost by £2.9 million to £61.1 million previous season.

Celtic’s wage bill rose in the opposite direction, increasing by £4.8 million to £65.6 million.

But Brendan Rodgers benefited from the additional spending, winning the Scottish Premiership and Scottish Cup in his first season back in Glasgow.

Philippe Clement guided Rangers to the Scottish League Cup after taking over from Michael Beale at Ibrox in October of last year.

However, the Belgian was unable to assist his team qualify for the Champions League this season, as their failure in the qualifying rounds forced them to settle for a Europa League position.

Stefan Borson, a finance expert, informed Football Insider that Rangers will earn much less in the Europa League this season than Celtic will in the Champions League.

The odds of Champions League football coming to Ibrox next season are rapidly dwindling, with Clement’s side currently sitting third in the Scottish Premiership table, nine points behind Celtic and Aberdeen.