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Rangers have missed out on earning an extra £40million in revenue following their elimination from the Champions League, sources have told Football Insider.

The Glasgow giants were beaten 3-1 on aggregate by Dynamo Kyiv after the Ukrainian side secured a 2-0 second-leg victory in the third qualifying round at Hampden Park on 13 August.

Late strikes from substitutes Oleksandr Pikhalyonok and Nazar Voloshyn following Jefte’s controversial sending-off for the hosts means Rangers will now be playing in the Europa League this season.

The defeat also cost Philippe Clement’s side a guaranteed £3.7million cash injection, with Dynamo Kyiv or Red Bull Salzburg in line to receive that windfall if they lose their Champions League play-off tie.

But that is nowhere near as much as Rangers have missed out on after failing to reach the group stage of European football’s premier club competition.

Rangers miss out on windfall after Champions League exit

The Champions League is taking on a new format for the 2024/25 season, with the prize money on offer significantly inflated compared to previous years.

As per official Uefa documents released in March, group stage qualification is worth an immediate £16million to all the participants.

The number of clubs taking part is set to rise from 32 to 36, with the teams all competing in one single league competition and each side playing eight different opponents – four at home and four away.

Sources have told Football Insider Rangers can generate up to £1million in revenue from a Champions League home game, meaning they have potentially missed out on an extra £4million.

The prize money for each individual win in the group stage is set to be worth £1.8million, while a draw will secure teams £600,000.

As part of Uefa’s new value pillar payment system, Rangers could have been in line to earn a further £20million due to their 28th-place ranking in the governing body’s coefficient table.