Rangers have made over £7million from the Europa League so far this season, and that total is only set to rise.

Steven Gerrard 's side qualified for the last 16 with a 1-0 win over Braga on Wednesday, and Celtic's loss to Copenhagen means they're the only Scottish side still in the competition.

The European run has provided a welcome cash boost, with prize money alone totally €8.5m, or £7.25m.

The 64 clubs that qualify for the group stage are given €2.92m each, split into a down payment of €2.75m, and a balance payment of €170,000.

Thereafter they receive €570,000 for each win and €190,000 for a draw.

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Group runners-up also receive €500,000 in prize money, with the same amount paid for qualification for the last 32.

Rangers have also secured themselves a €1.1m bonus by making it to the last 16 of the competition and there could be further riches on offer.

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Making it to the quarter-finals is worth €1.5m, the semi-finals bring €2.4m and each finalist receives €4.5m, with the winner receiving an additional €4m.

This season there is also a 10-year coefficient ranking, whereby €84m has been divided into ‘coefficient shares’, each worth €71,430. The lowest-ranked team will receive one share, with one share added for each rank.

That will bring the Ibrox club €714,300 for a total of just over €8.5m.

That's not the only financial windfall though, as Celtic 's elimination will also provide a boost in revenue.

The television market pool of €168m is divided among the clubs based on the value of each TV market, with half going to clubs from every nation which reached the group stage according to their market share.

But the other half, around €13.4m for the last 16, is split equally among the participating clubs from each nation - again ranked by market share.

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Rangers and Celtic would have had to split the revenue 50-50 for the last 16, but with the Hoops going out Rangers will now receive all of the Scottish share of the €13.4m on offer.

In addition, they're also guaranteed at least one extra home game and the gate money that will come with it.