Celtic's Profit Surge: How Scotland's Big Two Outshines Europe Beyond the Elite
Profit, Gates, and Growth: UEFA Data Dissects Celtic, Rangers, and Hearts' Financial Fortitude.
The UEFA Benchmarking ECFIL Report 2024 provides a comprehensive financial snapshot of European club football, highlighting revenue streams, profitability, and sustainability across the continent. For Scottish clubs like Celtic, Rangers, Hearts, and the nation as a whole, it paints a picture of resilience amid structural challenges, with the Glasgow duo punching above their weight in key metrics while broader Scottish football grapples with modest growth.
Celtic’s Financial Ascendancy
Celtic’s performance in the report stands out as a beacon of fiscal prudence and commercial savvy within Scotland’s top tier. The club recorded a pre-tax profit of €21 million in 2024, placing it seventh among Europe’s top clubs for profitability, alongside Atalanta, the previous year’s Europa League winners. This figure, while down from €47 million in 2023, underscores a robust business model that has weathered the volatility of European campaigns and player trading. Celtic’s player sales, exemplified by the likes of Matt O’Riley’s record-breaking €25 million-plus move to Brighton, have become a cornerstone of their finances, injecting vital funds that offset high wage bills and infrastructure investments.
Commercial revenues further bolster Celtic’s position, with kit and merchandising sales reaching €35 million, ranking the club 17th in Europe and accounting for 24 percent of total revenue. This surge aligns with UEFA’s observation of a 26 percent increase in merchandising for top clubs and a six percent rise in kit deals continent-wide, totaling €1.8 billion. Celtic’s global fanbase, fuelled by Champions League participation, has driven this growth, amplified by a five-year Adidas deal initiated in 2020. Domestic dominance under managers like Ange Postecoglou and Brendan Rodgers has ensured packed houses at Parkhead, contributing to steady matchday income, though gate receipts trail far behind European leaders like Real Madrid’s €185 million.
The report also praises Celtic’s yield per home match, ranking 23rd in Europe, a testament to efficient stadium utilization and pricing strategies. Total revenues for Celtic likely exceeded €145 million, reflecting successive Champions League group stage participation that generated substantial UEFA payouts, even if on-pitch results were mixed. This financial stability positions Celtic as Scotland’s pre-eminent club, with net equity contributing positively to the national tally.
Rangers’ Gate Revenue Surge
Rangers mirror Celtic’s strengths but carve their niche through exceptional matchday revenue, clocking €53 million in 2024 to rank 19th in Europe, level with Borussia Dortmund. This represents a 47 percent leap from €36 million in 2019 and more than triples the €15 million from 2014, driven by Ibrox’s capacity crowds and European runs. The 2022 Europa League final under Giovanni van Bronckhorst, coupled with regular group-stage appearances since Steven Gerrard’s timer at the Ibrox club, has normalised high-attendance European nights, boosting further spending on hospitality and concessions.
UEFA notes an 11 percent European growth in gate revenues, with Rangers exemplifying this trend through domestic success and strategic pricing. Their yield per home match ranks 24th continent-wide, just behind Celtic, highlighting the Glasgow duo’s grip on Scotland’s premium matchday market. While pre-tax profits are less emphasised for Rangers in the report, their overall revenue growth - stems from Castore kit deals and Europa League progression, including the 2024-25 final 16 qualification that netted £9.15 million in prize money.
Challenges persist, as Rangers’ wage-to-revenue ratio remains elevated due to squad investments, but positive equity and a decade of upward trajectory signal sustainability. The report frames Rangers as a commercial powerhouse outside the top five leagues, reliant on fan loyalty rather than broadcast windfalls.
Hearts’ Emerging Stability
Hearts receive more modest coverage in the UEFA report, reflecting their status as a solid mid-table performer rather than a financial heavyweight. The Tynecastle side contributed to Scotland’s seventh-place ranking in gate receipts with €130 million nationally, their stadium drawing consistent crowds for Edinburgh derbies and European qualifiers. In 2024, Hearts earned around £5 million from Europa Conference League group stages against Istanbul Basaksehir, Fiorentina, and RFS, a figure that bolstered their revenues amid a playoff push against PAOK.
Financially, Hearts maintain positive equity within Scotland’s €269 million national net, with only two clubs reporting negatives. Their model emphasised youth development and pragmatic trading, avoiding the debt traps plaguing some peers. UEFA’s benchmarking highlights Hearts’ role in elevating Scotland’s coefficient to ninth, securing up to five European spots, though recent Conference League struggles temper optimism - along with this season’s European failures by Scottish clubs in general. Squad market value rose post-2025 investments, but profitability lags behind Celtic and Rangers, with revenues hovering near €40 million, focused on domestic stability over speculative European splurges.
Hearts’ data-driven approach under recent ownership has dismantled some Celtic and Rangers hegemony perceptions, positioning them as coefficient contributors at 105th individually in 2024-25 rankings. The report implicitly credits such clubs for Scotland’s 14 percent revenue growth to €357 million, placing the nation 11th in Europe.
Scotland’s Broader Landscape
Scotland’s aggregate performance in the 2024 report is encouraging, with total club revenues climbing 14 percent to €357 million, ranking 11th among associations. Gate receipts hit €130 million, seventh in Europe and up 4.3 percent from 2022, driven overwhelmingly by Celtic and Rangers but supported by Hearts and others like Aberdeen. Positive net equity of €269 million, with minimal negatives, signals improved governance post-administration eras, aligning with UEFA’s sustainability push.
Television revenue growth stands out, though Scottish clubs receive modest central distributions compared to Big Five leagues. The SPFL’s coefficient ninth place ensured two Champions League paths and five total entrants, but a dismal 2025-26 European record - seven wins from 44 matches - threatens a “coefficient cliff edge” by 2027-28. Celtic (44th), Rangers (36th), Hearts (105th), Kilmarnock (136th), and St Mirren underscore the hierarchy, with Celtic and Rangers’ dominance masking stagnation elsewhere.
UEFA praises Scotland’s 11 percent yield-per-match efficiency for top clubs, but broadcast deals lag, capping growth. Smaller clubs like Hibs and Dundee United benefit from trickle-down European funds, yet wage inflation and infrastructure gaps persist. The report positions Scotland as a model for non-elite nations: reliant on player trading (Celtic’s €25 million record) and fan revenues, with TV at four percent national growth.
Comparative Dynamics Among Scottish Clubs
The interplay between Celtic, Rangers, and Hearts reveals Scotland’s polarised finances. Celtic’s merchandising edge (€35 million) stems from global branding, outpacing Rangers’ gate focus (€53 million), while Hearts prioritise equity over revenue spikes. Nationally, the Big Two generate over half of €357 million, with Hearts bridging to the rest. Coefficient rankings - Rangers ahead of Celtic - reflect Rangers’ Europa League consistency, but Celtic’s Champions League hauls provide higher yields.
Player trading unites all three clubs. UEFA data shows Scotland’s 4.3 percent gate growth trailing Europe’s average of 11 percent, but positive equity bucks trends in nations like Italy.
Top Five Leagues Overview
Turning to Europe’s elite, the Premier League dominates with revenues exceeding €6.5 billion, Real Madrid’s €185 million gates and €196 million merchandising dwarfing all. La Liga follows at €3.8 billion, Barcelona and Atletico leveraging global tours. Serie A (€2.9 billion) sees Inter and AC Milan rebounding via profits akin to Celtic’s model. Bundesliga (€2.7 billion) thrives on Dortmund-style gates. Ligue 1 (€2.2 billion) lags but PSG’s €800 million revenue skews figures. These leagues boast 80 percent of Europe’s €18 billion total, with TV deals 10 times Scotland’s, underscoring the gulf Celtic and Rangers navigate adeptly.
Dive into the full details of the UEFA Benchmarking ECFIL Report 2024 yourself -download the official report here: UEFA Report and uncover the raw data behind this article.