The meagre financial rewards Celtic and Rangers have made from Europe so far - and the money they could make in the Europa League

As well as missing out on the prestige of welcoming the biggest and best to Parkhead it has been well documented that Celtic also missed out on the financial rewards of the Champions League.

Celtic and Rangers will both be hoping for a run in the Europa League. Picture: SNS

Peter Lawwell would have seen the club's coffers swelled by €15.25million for simply reaching the group stages. On top of that, for every win the club would have received €2.7million and €900,000 per draw.

Celtic would have also earned money via their coefficient ranking as well as the TV market pool.

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However, for the second year running they have joined Rangers in the play-off stages of the Europa League.

Steven Gerrard's side have once again made their way from the first qualifying round of the continent's secondary competition.

By winning their first, second and third round ties the club have earned €780,000.

Due to dropping out of the Champions League qualifying without reaching the play-off stage, Celtic have been awarded €1.14million for participating in the first three qualifying rounds.

Celtic will face AIK of Sweden and Rangers face off against Poland's Legia Warsaw in the Europa League play-off ties, the first-leg played this week.

If they fall at this stage they will receive an extra €300,000.

Reaching the group stages are paramount. Both in terms of Scottish football's coefficient and for the country's two biggest teams to be playing on the international stage.

It will also see the clubs receive decent financial awards - but meagre in comparison to Europe's elite competition.

The clubs would get a share of the TV market pool as well as reward for their individual coefficient - the bigger the coefficient is the more they will receive.

The money that is set in stone for reaching the group stages and beyond:

• €2.92million - starting fee

• €570,000 - per win

• €190,000 - per draw

• €1m - group winners (runners-up €500,000)

• €500,000 - qualification for the round of 32

• €1.1m - round of 16

• €1.5m - quarter-finals

• €2.4m - semi-final

• €4.5m - final

• Additional €4m - winners