Football finance expert Kieran Maguire believes Rangers fans should be "cautiously optimistic" over the club's financial outlook.
The Ibrox side's annual accounts carried some alarming headline figures - including a £23.5million loss following last season's closed-door campaign.
The impact of Covid-19 significantly reduced match day revenues and that coupled with the lack of player sales put revenue down by £13m on the previous year.
But Maguire, a chartered accountant and senior teacher in accountancy at the University of Liverpool, insists it's not all doom and gloom.
"I think they should be cautiously optimistic, the match day revenue should bounce back this year," he told BBC Sportsound.
"The club's in the group stages of the Europa League which is desirable - but not essential - from a finance and budgeting point of view.
"They do now have some talent on the pitch which could potentially be sold if the manager and owners decide to go down that route.
"And although they had to borrow around £30m last year, some of that was used to pay off other loans, I think Dave King's loan was one of those.
"Much of the loans have been converted into shares and the comfort there is the shares never have to be repaid."
The winners of this year's Scottish Premiership will likely gain automatic entry to the Champions League group stage and the significant riches that can bring.
Maguire says Rangers' "cautious" board won't be betting all their chips on continental cash but reckons it would have a transformative impact if Steven Gerrard can retain the league title.
He said: "This present board are quite cautious in their outlook so they will have budgeted for the Europa League for next season.
"But they will be keeping their fingers crossed that they can proceed into the Champions League.
"The impact that will have on the club... last season being in the Europa League generated about a quarter of Rangers' revenue.
"If they get into the Champions League that could go up to close to half of the total income, it could have a sizeable impact.
"We saw Celtic max out at around £100m revenue in the Champions League a few years ago, Rangers this season were £47m, they'd normally be around £60m in a non-Covid year.
"It would have a very significant impact, not just from the prize money because it works out that for every £1 you get in the Europa League, you get about £3.50 in prize money from the Champions League.
"But also from the perspective of the commercial department, the hospitality boxes, the prospect of having two fairly significant European clubs coming to Ibrox and the interest that will bring, the enthusiasm that will generate in terms of merchandise, catering and hospitality sales, that will add to the club's match day income as well."
