Rangers projected to lose £10m from behind closed doors as £20m Europa League bonanza revealed

Rangers made more than £20million from their Europa League campaign last season.

Rangers saw a surge in revenue from the Europa League. Picture: SNS

The Ibrox side reached the last-16 despite having started in the first qualifying round of the tournament.

Steven Gerrard’s men played 18 games in all throughout qualification, the group stage and knockout rounds.

According to analysis from football finance blogger Swiss Ramble, the campaign was worth £20.7million, an increase of more than £6million from the previous year when the team reached the group stage from the first qualification round.

The estimate consists of prize money from Uefa, the starting fee, their chunk of the TV pool and including such income generators as gate receipts which increased 12 per cent on last season.

On a less positive note, Swiss Ramble predicts Rangers could see a £10million revenue loss due to games being played behind closed doors.

The analyst notes that in the last two years the club has grown revenue by 81 per cent with match-day up by 55 per cent.

There has been little progress on the supporters returning to grounds front with SPFL chief executive Neil Doncaster revealing over the weekend that the organisation have had "no response” from the Scottish Government after it was contacted by the Joint Response Group (JRG).

Rangers posted a pre-tax loss of £17.8million with a significant increase in operating expenses, likely due to investment in the team with the wage bill increasing by nearly £9million.

The club’s loss could have been lessened or wiped out if the club sold one of their key players after rejecting offers, something manager Steven Gerrard was pleased with.