Celtic’s qualification to the Champions League group stage last season means the other 11 clubs in the Ladbrokes Premiership will each receive a £370,000 financial boost.

It’s the second year running that clubs in Scotland’s top division will bank a total of more than £4 million from European football’s governing body.

This year’s amount is more than double the £1.8 million dished out to clubs in 2016, and ten times the £400,000 shared out in 2015.

Celtic take on Bayern Munich in the 2017/18 UEFA Champions League group stage. Picture: SNS Group

Neil Doncaster, chief executive of the Scottish Professional Football League (SPFL), said: “This is welcome news for the clubs involved in last year’s Ladbrokes Premiership.

“As well as clear financial benefits for top flight clubs, Scottish clubs performing well in European competition increases the league’s profile, which is good for everyone.”

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Celtic have already banked €1.4 million in solidarity payments just from dropping out of the Champions League qualifiers, and stand to make a tidy sum by qualifying for the Europa League group stages.

Qualification for the group stages is worth €2.92 million to each club, with €570,000 per win and €190,000 per draw. On top of that, €84 million is divided into ‘coefficient shares’, each worth €71,430.

The lowest-ranked team will receive one share, with the highest-ranked team receiving €3.42 million, equal to 48 shares.

Celtic are positioned in the top 50 so are in a good position for a high share, whereas Rangers are 151st, with the coefficient based on a ten-year ranking.

In addition, €168 million is set to be “distributed according to the proportional value of each TV market represented by the clubs taking part in the UEFA Europa League (group stage onwards)”.

Celtic's Champions League run lands Scottish Premiership clubs Â£4m from UEFA