By Kieran Maguire

25th Sep, 2021 | 7:00pm

Kieran Maguire warns Celtic and Rangers of 'significant' financial blow after £11.5m reveal

Kieran Maguire has predicted Celtic and Rangers to post “solid” accounts for the upcoming season despite failing to qualify for the Champions League.

Speaking exclusively to Football Insider, the football finance expert cited a “significant” income difference between playing Champions League and Europa League football.

This week, Celtic revealed their annual results for the financial year ending June 2021, revealing a pre-tax loss of £11.5million, down from a profit of £0.1million in 2020.

The Hoops yet again fell to defeat in Champions League qualifying last month, losing against Midtjylland.

The last time the Parkhead club reached the group stage of Europe’s premier club competition was the 2017/18 campaign.

The club recorded a profit of £17.3million that term.

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Similarly, Rangers also fell into the Europa League after defeat in Champions League qualifying – but that blow will be softened by their first league triumph in 10 seasons.

These losses will be reflected in the 2021 financial report.

Maguire said the Old Firm rivals’ failures would be a blow.

However, he remains optimistic about next year’s reports if the pair can keep their stadiums full amid Covid-19 restrictions.

Maguire told Football Insider’s Adam Williams: “Their failure to get to the Champions League will hit them – but that’s the same with Rangers.

“The difference in income between getting Champions League and Europa League football is really quite significant.

“I would anticipate a solid set of results for the 21/22 season assuming that fans can remain in the grounds for the whole season.”

On the pitch, Rangers lead Celtic by four points with the Hoops lying in sixth position after a faltering start to the season.

Both sides are in Europa League action this week.

In other news, Celtic icon backs this Hoops star to start this Sunday.