Celtic and Rangers set for European prize money drop as UEFA TV and sponsorship funds cut

Scottish clubs in Europe will receive less money over the next five years with UEFA cutting prize funds due to Covid-19.

The governing body has told the SFA and other member associations that they lost £514million because of the reduction in TV and sponsorship money last season.

The ties in the latter stages of the Champions League and Europa League were cut to one-legged affairs in Portugal and Germany.

And that cost UEFA a huge amount of money with TV companies needed rebates.

Both competitions had been suspended in March with Rangers ' game against Bayer Leverkusen at Ibrox one of the final matches played before the shutdown.

(SNS Group)

The single-leg ties were kept for this season's qualifiers with Celtic and Rangers qualifying for the group stage of the Europa League while Aberdeen and Motherwell crashed out in the third qualifying round.

But clubs will see TV and prize money drop by around four per cent over the next five years.

Last season, there had been a forecast that almost £2billion had been set aside for the 32 teams in the Champions League group stage, with considerably less for the Europa League.