The Old Firm were last night tagged the most vulnerable clubs in Europe.
Rangers and Celtic top a list of European clubs most likely to suffer financially due to the Covid-19 crisis.
They were identified in a survey into the finances at 100 continental clubs over the last three years.
The Old Firm were highlighted as being in danger due to reliance on match-day revenue which has been wiped out by the shutdown.
And with the Premiership only set to return behind closed doors things could get worse for Rangers and Celtic.
The probe by Off The Pitch, experts in football finance and analysis, revealed match-day income makes up two-thirds of Rangers’ revenue, while Celtic are dependent on it for 45 per cent.
By contrast, Premier League strugglers Bournemouth get just four per cent of their cash through the turnstiles.
The report stated: “Seventeen of the 20 clubs most reliant on match-day income are from the UK, with 13 playing in England’s Championship or lower.
“Rangers are top of the pile, as 67 per cent of the club’s turnover came from match-day income in the analysed period.
“In the annual report of 2019, Rangers revealed that season-ticket income alone made up £16.1million of the turnover of £53m, making a scenario without spectators until 2021 – and the consequent decline in season-ticket sales – a serious financial concern.
“However, it seems the club are trying to reduce their dependence on match-day income. Last year they headhunted James Bisgrove to revamp their commercial strategy.
“Celtic face the same challenges – the club recorded a match-day-to-revenue ratio of 45 per cent over the three-year period. The club recently extended the deadline to renew season tickets.
“Whether fans will be inclined to renew their seats, given the possibility of missing half the games next season, remains unknown.”
The top 20 clubs dependent on match-day cash
1) Rangers 67%
2) Celtic 45%
2) Porto 45%
4) Charlton Athletic 44%
5) Sheffield United 40%
6) Millwall 37%
7) Nottingham Forest 33%
8) Derby County 30%
8 Barnsley 30%
10) Ajax 29%
10 Ipswich Town 29%
12) Leeds United 28%
13) Preston North End 26%
14) Birmingham City 25%
14) Brentford 25%
16) Reading 25%
17) Arsenal 24%
17) Blackburn Rovers 24%
19) Athletic Bilbao 23%
19) Bristol City 23%
