Rangers languish outside of Europe's top 30 richest clubs despite an increase in revenue, as the gap to the continent's elite grows.
The Ibrox club released their yearly accounts in November, with pre-tax losses close to £16million for the 2019-20 season.
That came as a result of the continued effects of the pandemic and investing in the squad, with the board investing and holding on to key players to try and boost Steven Gerrard 's title charge.
Revenues have grown substantially in recent years but Rangers remain a long way off the richest clubs in Europe.
The club generated £59m last season but that remained £95m short of Crystal Palace, the 30th richest club by revenue.
In 2006 the Premiership leaders were placed 18th in Deloitte's ranking with income totalling £61m but huge television deals in the Premier League and elsewhere have changed the state of play.
In that year the top-ranked club, Real Madrid, had revenues of £186.2m but by 2019 the number one was Barcelona with a staggering £741m.
Scotland's TV deal makes growing revenues more difficult, with the Ibrox club making 60 per cent of their revenue from matchday income.
Despite an 81 per cent revenue increase in the past two season, Rangers have made losses total losses of £70m over the past seven years.
That can partly be explained by wages tripling since 2016, with a wage-to-turnover ratio sitting at 73 per cent.
UEFA recommends this number be 70 per cent or below, though Rangers number is better than Celtic's at 77 per cent.
And the revenue gap to their title rivals has narrowed from £69m in 2018 to £11m in 2020.
And while post-tax losses stood at £17m in a Covid-affected campaign, this was dwarfed by the likes of Lyon (£33m), Milan (£176m) and Roma (£184m).
However, all of those clubs can boast revenues of around £200m.
As noted in their accounts, Rangers are reliant on funding from directors to sustain losses, with player sales combined with Champions League football expected to be needed to make a profit.
