The figures feature in the third Global State of Football report, produced by AI technology company PLAIER alongside the University of St Gallen.

Researchers analysed 248 clubs across 14 leagues, assessing areas including financial stability, squad quality, recruitment and coaching efficiency.

Celtic's financial performance earned them the only A grade for financial stability in the Scottish Premiership.

Their €40m profit came during a season in which the club benefited from participation in the Champions League, further strengthening a financial position which was already considerably healthier than the majority of their domestic rivals.

Rangers, by comparison, recorded a €17m loss and were awarded a C grade for financial stability.

However, the report also highlights the impact of subsequent investment at Ibrox, stating that fresh funding increased Rangers' equity to €60m and strengthened the club's overall financial position.

The findings come amid a period of significant change at Rangers following the arrival of new investment at the club.

The report also demonstrates the scale of Celtic and Rangers' collective financial power within Scottish football, with the Glasgow rivals said to have generated 71 per cent of the Premiership's overall revenue.

Seven of the nine clubs included in the report's financial analysis recorded losses during the 2024/25 season, further underlining the financial challenges elsewhere in Scotland's top flight.