Danny Stewart: Rangers and Celtic are bucking Brexit as Euro runs see cash flowing in

European subsidies may soon be disappearing.

But several of Scottish football’s biggest names are now better off, thanks to cash from the continent.

Rangers manager Steven Gerrard, goalkeeper Allan McGregor and midfielder Steven Davis have all put pen to paper on new deals in the last fortnight.

The first named has committed to the Govan club until 2024, his two players have signed up until 2021.

It is a similar story across Glasgow, where Celtic midfielder Nir Bitton has just joined Callum McGregor and James Forrest in extending their stays.

Lucrative when considered individually, the deals add up to a serious financial commitment on the part of the clubs.

It is one they have been able to make, thanks in no small part to the revenue they have generated through their respective adventures in Europe this season.

Neil Lennon’s Celtic have banked an eye-popping €9,958,620 (around £8.5 million), more than half of which was earned in the Europa League.

Drawn in Group E with Lazio, Rennes and Cluj, they startled fans across Europe by winning their section with a game to spare.

The form of Rangers, who have also made the competition’s last 32, has been equally gratifying. They are now unbeaten in 14 home European games under Steven Gerrard’s charge.

Indeed, had it not been for Borna Barisic’s last-minute own goal against Young Boys of Berne, they would have won a group which also included Porto and Feyenoord.

As it was, they qualified as runners up. Of the €6,124,290 (£5.2m) they have made in Europe this season, 75% of their revenue has come from the group-stage games.

That is not counting the increase in the value of Alfredo Morelos.

The 14 goals the Colombian has scored on Rangers’ run is the biggest haul for a single player in European competition before Christmas – a fact that has brought his name to international prominence.

While the manager has insisted he will not be sold in the January transfer window, Newcastle United, Aston Villa, Crystal Palace, Everton, Leicester City and, especially, West Ham United are all said to be monitoring his situation with a view to testing Rangers’ resolve.

In the longer term, even with his latest disciplinary slip, it is not unrealistic to imagine he could command a fee at the sort of £40m level mentioned by outgoing chairman, Dave King.

It is a significant figure – the equivalent to the Ibrox club’s staff bill.

For context, Celtic shell out some £60m in wages, while Manchester United top the English Premier League table on £296m.

The fact the Red Devils currently sit 20 points off league leaders Liverpool – despite the fact their traditional rivals spend £36m less – eloquently makes the point that money isn’t everything.

At the same time, the broader impact of Europe’s contribution to the feel-good factor in Scottish football in 2020 is impossible to miss.

The Europa League isn’t the Champions League, it is true.

But the prospect of the Europa League ties – Celtic against Copenhagen, Rangers versus Braga – are a gift to the Old Firm’s supporters and money men alike.