Rangers count cost of failure

McLeish may be forced to sell

Rangers are running the risk of becoming also-rans in Scotland if Celtic continue to out-perform them on the European stage.

That is the stark warning to the Ibrox club from leading football analyst David Glen, on the day BBC Scotland revealed that Rangers knocked back a £10m bid from Blackburn Rovers for Barry Ferguson.

Celtic had earlier posted losses of £11m after tax for last year, despite a run in the Uefa Cup that took them to the final in Seville.

Rangers were knocked out of the same competition at the first hurdle and Glen expects them to post yearly losses of up to £15m.

The cycle could repeat itself with Celtic all but assured of collecting £10m from the lucrative Champions League group stages, while Rangers are struggling after being held 1-1 at home by FC Copenhagen.

Without a run in Europe, that debt would be likely to increase unless they cut the squad again. David Glen

The consequences of such a scenario for the Ibrox club, whose debts are estimated as some £40m greater than their city rivals, would be far reaching, according to Glen.

"If Celtic continue to have successful runs in Europe and Rangers do not then a gap between the two is bound to develop," said Glen.

"Rangers would then have to make more drastic cuts to their squad."

Glen was adamant that Rangers' second leg at the end of the month was a crucial fixture for the Ibrox club.

"Rangers' debts were last posted at £52m and might be up to £60m now," he said.

"I think the game in two weeks' time is a very significant one for them.

Ferguson (right) is Rangers' most valuable player

"It will certainly influence whether players like Mikel Arteta will stay or not."

Celtic are certainly in a much healthier financial position, with debts under the £18m mark.

But Glen insisted it was unlikely the Parkhead club would start spending huge amounts on new players.

He said: "Getting into the Champions League brings in roughly the same amount as going all the way in the Uefa Cup.

"Celtic look to be heading there once again and that means they will probably break even as a result.

"But there are already noises coming out of Celtic that they need to sell before they buy, so I can't see a spending spree."

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