Rangers have made £96m less profit than Celtic from player sales in the last eight years, new analysis shows.
The finance blogger Swiss Ramble demonstrated in a series of tweets on Monday the gulf that still exists between the two Glasgow giants.
Rangers revealed in their newly-published accounts that revenue had increased for the year ending 30 June to £59million but they posted a loss of £15.9m, an increase of £4.3m on last year’s numbers.
By contrast, rivals Celtic suffered a 15.8 per cent revenue drop over the same period to £70.2million and their profit before taxation was just £100,000 compared to last year’s £11.3m.
Both clubs have suffered from the pandemic fallout, but, as Swiss Ramble points out, “player trading is main reason that Celtic’s figures are better”.
The Scottish champions sold Kieran Tierney to Arsenal for £24million in the last financial year and have made huge profits over the last eight years from big-name sales.
The departures of the likes of Moussa Dembele, Stuart Armstrong, Victor Wanyama and Virgil van Dijk have helped Celtic generate transfer profits of £102m in the last eight years.
By contrast, Rangers have made only £6m from this activity over the same period.
Ibrox manager Steven Gerrard has claimed his club could have wiped out all their losses for the last financial year if they had accepted one of the big offers that came their way.
The likes of Alfredo Morelos, Ryan Kent and Borna Barisic all generated strong interest in the last window, but Rangers held firm as they looked to end Celtic’s pursuit of a historic 10-in-a-row.
In stark contrast, player sales have made a big difference to Celtic’s bottom line. In the last eight years they have generated £102m profit from player trading, compared to only £6m in the same period at #RangersFC. pic.twitter.com/Wk4BmnUXHj
— Swiss Ramble (@SwissRamble) November 30, 2020
That ambition is being vindicated as Rangers are unbeaten in 23 matches in all competitions this season and are 11 points clear at the Scottish Premiership summit.
Celtic are in a full-blown crisis after four consecutive home defeats and exits from the Europa League and Scottish League Cup have led to protests from fans and calls for Neil Lennon to be sacked.