Exclusive: Celtic get extra £75m - Rangers are blown out of the water
Celtic have over £75million more cash in the bank than Rangers as the financial gap between the two Old Firm rivals continues to grow, sources have told Football Insider.
Rangers released their latest accounts for 2023-24 on Tuesday (29 October), revealing they have £1.7million cash in the bank at Ibrox.
Football Insider revealed on 18 September Celtic’s year-end cash rose by almost £5million to £77.2million last season, marking a £75.5million difference between the two sides.
But Rangers’ core revenue increased from £83.8million in 2022-23 to a record-breaking £88.3million, while their total income was £94.2million.
That is still significantly lower than Celtic earned throughout the year as their revenue rose from £119.9million to a new club-record £124.6million.
While the net losses at Ibrox increased by £4.1million to £17.2million in 2023-24, the financial situation at Parkhead was much healthier, having made a £13.3million profit across the year.
But neither club performed particularly well in the transfer market, with Rangers making an £8million loss on their player transactions and Celtic recording a £4.9million deficit.
Celtic to outperform Rangers again after Champions League qualification
Rangers have, however, successfully managed to bring down their wage bill over the past year as part of the cost-cutting measures at Ibrox.
Football Insider revealed on 30 October they managed to reduce their overall salary expenditure by £2.9million to £61.1million last season.
Celtic’s wage bill went in the opposite direction as they added £4.8million to their payroll, taking it to £65.6million.
But Brendan Rodgers benefitted from the increased spending after claiming the Scottish Premiership title and Scottish Cup in his first season back in Glasgow.
After replacing Michael Beale at Ibrox in October last year, Philippe Clement led Rangers to a Scottish League Cup success.
But the Belgian was unable to help his side qualify for the Champions League this season after their defeat in the qualifying rounds meant they had to settle for a Europa League spot.
Finance expert Stefan Borson told Football Insider Rangers will earn significantly less in the Europa League this season than the £50million he expects Celtic to make from the Champions League.
The chances of Champions League football returning to Ibrox next season are quickly diminishing as Clement’s side currently sit third in the Scottish Premiership table, nine points behind Celtic and Aberdeen.
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