RANGERS this morning announced a record revenue in the club accounts which helped to achieve an operating profit of £5.9million.
Douglas Park referenced a record £86.8m revenue in the annual report as the figure soared from £47.7m last year.
The return of capacity crowds on top of the incredible Europa League final run helped majorly increase the revenue figure.
But, it was still £1.4m less than city rivals Celtic who took £88.2m as reported in their club accounts in September.
However, football finance expert Kieran Maguire has explained that a merchandising quirk in the Celtic figures has kept them above their rivals.
The Price of Football author explains that Celtic report their merchandise income gross in annual figures, whereas Rangers only show the commission from Castore.
Maguire cited the £20m commercial income from Rangers in comparison to the £25m reported by Celtic in their annual accounts.
The business expert explained that Rangers would have been "considerably higher" should the accounts have been direct comparisions as opposed to tweaked, but both legitimate, methods.
Overall revenue up 82% as fans returned to Ibrox and progress in Europa League. Gap to Celtic, which was £69m in 2018, almost eliminated. Would have been reversed if both clubs accounted for merchandise in same manner pic.twitter.com/NLNAVW79zp
— Kieran Maguire (@KieranMaguire) November 9, 2022
Sharing his findings on Twitter, Maguire commented: "(Rangers') Commercial income almost doubled to £20m.
"Lower than Celtic, but they show merchandise income gross, whereas Rangers only show the commission from Castore.
"Without that Rangers would have been considerably higher."
Looking at the bigger picture, Maguire compared the difference in revenue between the clubs to that in previous seasons.
And it shows a huge closing of the gap in revenue in recent seasons.
In fact, Maguire states the gap would have been "reversed" if the merchandising income was accounted for in the same way in both annual reports.
Rangers had been as far adrift as a £69m difference in total income in 2018 when Celtic boasted £102m compared to £33m at Ibrox.
But the gap in reported total income was just £1.4m when last year's figures are put head-to-head.
Maguire stated: "Overall revenue up 82% as fans returned to Ibrox and progress in Europa League.
"Gap to Celtic, which was £69m in 2018, almost eliminated.
"Would have been reversed if both clubs accounted for merchandise in same manner."
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