Despite their annual revenue falling by 17 per cent to £83.4million, the Scottish champions reached the top 70 of the annual rankings of the richest football teams.

Rivals Rangers found a place in the top 120, according to the Daily Record, with their annual revenue of £53.2million, an increase from £32.6million.

Both are well ahead of Scottish Premiership rivals with Aberdeen and Hearts posting revenue figures of £15.9million and £15.1million respectively.

Celtic and Rangers are amongst the top 120 richest clubs in the world. Picture: SNS

Using "clubs’ ability to generate revenue from matchday (including ticket and corporate hospitality sales), broadcast rights (including distributions from participation in domestic leagues, cups and UEFA club competitions) and commercial sources (e.g. sponsorship, merchandising, stadium tours and other commercial operations)", Deloitte showcase the teams best at generating money.

Barcelona topped the rich list for the first time, becoming the first team with break the €800million barrier, Deloitte noting the "impact of UEFA club competitions on revenue is evident once again".

No team outwith Europe's big five leagues was able to break into the top 20.

Revenue challenges

The results highlight the financial dominance the Old Firm have over Scottish rivals. Picture: SNS

Deloitte laid out the challenges which face clubs going forward as they try to improve their revenue streams.

"With the emphasis now even more on clubs to generate revenue from their own sources, their challenge is to do so at a time where the future landscape looks more unpredictable than ever," said Dan Jones, global leader for sports business.

"Not only is the UEFA club competition format beyond 2024 unclear, so are the diverse needs of fans, most notably Generation Z (fans aged 16-24). The demands of sponsors seeking to demonstrate real value and the evolving digital environment in which we are all living means the challenges for clubs to respond and sustain their revenue growth is unprecedented.

"It is our view that underpinning the future growth of football clubs is an in-depth understanding of who their fans are.

"Those businesses that are thriving in the current environment clearly understand, and can therefore anticipate and meet, the needs of their customer. Football clubs, by their nature, have to date focused on investment in players who give them the best chance of delivering sporting success on-pitch and physical assets off-pitch to either support the playing squad or provide a suitable environment for fans to watch games.

"To maintain the growth in on-pitch investment in the rapidly changing environment means things are going to need to change.

"Global fans now engage with content whilst matchgoing fans want to engage with their club in a way that provides them with easy, seamless access to everything the club can deliver. The challenge to clubs is how they can meet those differing, but very specific needs"

Celtic trump Rangers by more than £30m in Deloitte rich list as Old Firm's financial dominance of Scottish football highlighted