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Rangers and Celtic receive transfer boost after UEFA's latest announcement

Rangers and Celtic are in line for a cash boost after UEFA increased the prize money received in the Champions League.

The Bhoys last reached the group stage of Europe’s premier competition during the 2017/2018 campaign. Meanwhile, the Gers haven’t played in the tournament in over a decade.

Celtic will enter at the second qualifying round and Rangers will make their way in the following round.

Recent figures have revealed that clubs who reach the group stages, via the league or qualifying rounds, will receive £14m. An extra £2.5m will be received for each win, whilst an £800k will be given for a draw.

The prize money dished out has increased by 3%, from £1.67bn to £1.75bn.

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TBR View: Increased prize money can boost transfer funds for Celtic and Rangers

The increased prize money by UEFA can help boost the transfer funds for both Celtic and Rangers should they reach the Champions League.

Coronavirus has left a sizable hole in the finances of both the Glasgow giants.

Steven Gerrard’s side announced a £15.9m loss back in November last year. It was revealed the club would receive £23.2m in funding to offset problems caused by the pandemic.

Celtic haven’t enjoyed a much better last 18-months, losing £6m and seeing their revenue drop 24%.

Both clubs are going to have to approach the transfer market in a smart manner. However, the recent UEFA announcement has made the Champions League far more important.

Playing amongst Europe’s elite is an important factor in attracting players, however, so is funding such moves.

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