Old Firm drop out of rich list

Celtic and Rangers have been ousted from the elite of the world's richest clubs for the first time in a decade, just three days before they prepare for a contest that could determine the destination of this season's Clydesdale Bank Premier League title.

The Old Firm were squeezed off the list of football's top 20 clubs, despite campaigns that saw Celtic reach the last 16 of the Champions League and Rangers earn around £11million from a European run that took them to the Uefa Cup final.

Scotland's big two are suffering because of the growth of revenue in other countries, notably England, where television revenues have soared in recent years. The bar was raised considerably with Manchester City taking the last of the top 20 places on turnover of £82.3million in 2008, ensuring that neither of the Glasgow rivals feature in the annual Football Money League published by the business advisory firm, Deloitte.

It is the first time since the league's inception in 1998 that Rangers or Celtic have not taken their place alongside Barcelona, Manchester United and Real Madrid but Alex Byars, a Deloitte senior consultant, admits that the Old Firm have been punching above their financial weight, given their inferior broadcasting deals and the weak pound.

“To be honest, it's amazing that one or both of Celtic and Rangers have always featured in the top 20 in the past,” Byars said. “The reality is that for any club outside the big five European leagues of England, Spain, Italy, France and Germany, it is incredibly difficult to achieve the level of revenue required to make it on to the list.

“Fenerbahçe, of Turkey, have managed it this year, making it in 19th place, and that is largely on the back of reaching the quarter-finals of the Champions League. They are also operating in a larger domestic market than Celtic or Rangers and are doing well commercially.

“Celtic and Rangers both had good years on the pitch last season, but it is the relatively small broadcasting market they are in which is really holding them back.”

The reality is that the Old Firm, who receive only £1.2million from domestic television revenue, through the SPL's contract with Setanta, cannot keep pace with the top five European leagues, which divert more lucrative deals to their clubs. But both clubs are substantially better off than many on the list when it comes to season-ticket sales and commercial revenue, while Celtic's minimal debt is a rarity among the top 20.

Taken from timesonline.co.uk