Celtic’s rivals Rangers have claimed they invested £21m into the first-team squad at Ibrox during the summer transfer window but they remain no closer to catching the reigning Scottish champions.
In their annual financial report for the year ended 30th June 2023, Rangers have shared they made an ‘operating profit’ of £252,000 but an overall net loss of £4.2m, in part due to player amortisation and depreciation. Their total turnover is reported as £83.8m, well behind Celtic’s record £119.9m for the same period.
Remarkably, it’s stated by Chairman John Bennett that they invested £21m into their playing squad during the summer months, after 30th June. Their recruitment drive was spearheaded by subsequently sacked manager Michael Beale.
In a season they failed to qualify for the UEFA Champions League group stages that’s a bold spend. It has also left them no closer to Celtic domestically.
Rangers still playing catch up on Celtic despite big spend
After 12 games in the 2022/23 season Rangers managed to amass 29 points. So far this term following the same number of matches they are only on 27. Celtic are eight points ahead of the second-placed side having played a game more. The Bhoys won the first derby of the season at Ibrox in September despite fielding an injury-ravaged side.
Per reported figures, Celtic are said to have spent around £18m on Brendan Rodgers’ squad during the summer months. However, significant fees received for Jota and Carl Starfelt meant the champions actually made money on player trading.
Arguably, Celtic should be making more of their financial power in comparison to Rangers. The Bhoys had scope to spend much more during the transfer window but pursued a raft of development players instead of shelling out more on real quality.
The situation has left some supporters and former players such as Chris Sutton frustrated, especially in the context of looking to progress in Europe. It’s something that Brendan Rodgers has stated the club will address in upcoming transfer windows.
What’s clear is that the Bhoys have room for manoeuvre in upcoming windows while it seems Rangers have frontloaded their squad spending under a manager who is no longer in town. That’s a tough challenge for new boss Philippe Clement even if he has started strongly in the job.
There’s a long way to go in the season and a lot to play for. Celtic have big challenges ahead. Importantly, they have superior resources to see off any other team in Scotland and that must be flexed if needed. It’s not time to be standing still.
In other news, Liam Scales reveals Irish pride in representing Celtic; how close he came to Aberdeen move.
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