CELTIC have been named as one of the 50 richest football clubs in the world, a list topped by Real Madrid who become the first club to generate more than £655m in revenue.

Deloitte Football Money would not specify where exactly the Scottish champions position was but revealed it was between 40 and 50 with Rangers “just outside the top 70.”

Celtic revealed in their last accounts a record revenue of £101.6m from the 2017/18 season, with 29 per cent of this been made up with qualification and then performances in the Champions League group stage.

But while European success will always have a significant effect, both positively and negatively, on revenue, a more competitive league and an improved television deal will help Celtic and the other Premiership sides.

The report, now in its 22nd year, stated: “The club’s future financial performance will fluctuate significantly depending on participation in UEFA’s flagship competition. However, the impact of failing to qualify for this season’s Champions League may be mitigated somewhat by the club’s recent record shirt sponsorship (Dafabet) and technical kit (New Balance) agreements.

“In future years the club stands to benefit from a renewed sense of optimism in Scottish football, with a highly competitive season including the resurgence of Old Firm rivals Rangers and the league securing a record broadcast rights agreement commencing in 2020/21.”

The Global Sports Salaries Survey, which was published last November, reported that Brendan Rodgers’ side paid an average yearly wage of £865,614, nearly £400,000 more than rivals Rangers (£466,556), who were second on the list. Aberdeen trailed even further behind in third, paying £138,667.

However, Celtic for all their financial success are on another planet compared to football’s super rich.

Real Madrid return to top spot for a record twelfth time, and the first time since 2014/15, with Barcelona second. They boasted revenue of £661.16 euros.

The English Premier League, as expected, then dominates with Manchester United third and Manchester City, Arsenal, Chelsea, Liverpool and Tottenham all in the top ten.

The report said: “Of the €8.3bn combined revenue for the top 20 Money League clubs, broadcast remains the largest individual income stream, comprising 43% of total revenue.

“However, a noticeable trend in this year’s edition has been the growth in commercial revenue for clubs at the top of the Money League, which now represents 40% of total revenue. Matchday revenue remains unchanged at 17%."