By Kieran Maguire

9th Nov, 2021 | 7:30am

Kieran Maguire issues major Rangers and Celtic claim after £48m news confirmed

Rangers spent £47.7million on wages in 2020-21 and have “closed the gap” on rivals Celtic.

That is according to finance guru Kieran Maguire, speaking exclusively to Football Insider about Rangers’ annual report released on 5 November.

The headline figure in the 64-page document is a total loss of £23.5million for the year ending June 2021.

This was heavily impacted by the pandemic which meant Rangers received less matchday income to offset their operating costs.

Rangers went unbeaten in the 2020-21 campaign and beat fierce rivals Celtic to a first league title in a decade.

The champions spent three of those years outside the top-flight following their liquidation and demotion in 2012.

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Celtic meanwhile swaggered to nine league titles in a row and built what looked like an unassailable financial headstart over their rivals.

But Maguire explains that there is now almost parity between the two sides in their salary expenditure.

He told Football Insider correspondent Adam Williams: “Once they got to the Premiership, they had to build a squad that could challenge Celtic.

“While the player sales have been very good for Celtic and modest for Rangers, we have seen a drop in the gap in terms of wages.

“Celtic’s wages are £51.7m and Rangers are £47.7m. Their wages went up by 10 per cent over the last year. Celtic’s have fallen over the last four years.

“Their wages will, of course, have included bonuses for winning the Premiership. But the gap has closed.”

In other news, Rangers and Celtic told to “sort it out” by English pundit as “ridiculous” news emerges.