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At first glance, the key figures from the release of their annual report by the Rangers last night didn’t seem too positive

The club’s operating loss fell from £ 11.6million last year to £ 15.9million – with a further £ 8million required from directors just to see the season

And you can make £ 23m in total by the end of next season – as they admit ‘material uncertainty’ over the club as a running business

But respected football financial analyst Kieran Maguire believes there is still room for positivity in the Gers accounts

In an in-depth analysis of the finances of both teams on his social media page and Price of Football website, the academic analyzes the numbers and identifies other trends that may appeal to the Ibrox hierarchy

The fact that the total income gap between the two parties – even in this time of uncertainty over Covid-19 – is now only £ 11million

Rangers release full accounts for fiscal year ended June 30, 2020 Despite Covid-19, revenue increased 11% vs. 16% drop at Celtic Gap between two clubs narrowed to £ 11million sterling against 30 million pounds sterling in 2019 picTwittercom / PyD0ZOLi9I

It sounds like a lot of money, but when you consider that the equivalent value was £ 30million LAST SEASON, the Ibrox team have clearly made significant progress

Likewise, their daily and broadcast revenues have increased significantly, while Celtic’s have fallen – while their trading revenues haven’t fallen as much as Parkhead’s

In addition, the chests on the Ibrox side have the possibility of being boosted by a few other avenues in the next 12 months

Not only will Scotland’s top two teams stand a chance of reaching the Champions League next season – a factor that has the potential to unlock new game-changing money for Rangers – they also have their strengths of games that could be sold

As the coronavirus has caused volatility in the transfer market, Maguire shows just how much this is an area that has remained largely untapped at Ibrox

Maguire says: “Since 2014 Rangers have made £ 6million from player sales, compared to Celtic’s £ 97million”

Indeed, without player sales, he claims that the daily losses are actually LESS in Ibrox than in the whole town.

Maguire writes: “For the second year in a row, Rangers’ daily losses are lower than Celtic’s, although the latter made up for those losses through player sales”

Keep up to date with ALL the latest news and transfers on the Scottish Sun football page

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World News – UK – Rangers and Celtic finances compared with earnings gap narrowed by £ 19million in ONE year