Rangers’ Europa League Dream Still Alive – And Worth Nearly €25m
As Rangers prepare to face Athletic Club in the quarter-finals of the UEFA Europa League, much of the pre-match chatter has focused on how this tie could represent their final two games of the competition this season. But for a club steeped in European tradition and powered by some of the most passionate supporters on the continent, that kind of talk feels a little too defeatist. Especially when you consider the club’s modern track record in Europe—a record that defies the limitations of budget, league profile, and expectations.
This isn’t a side clinging to hope. It’s a side that’s built a foundation on belief. Thursday nights under the lights at Ibrox have become synonymous with drama, noise, passion, and—most crucially—results.
Europe and Rangers: A Renewed Love Affair
Since returning to the top table of European football, Rangers have steadily rebuilt their European reputation. The club’s run to the Europa League Final in 2022 wasn’t some underdog fairytale—it was the product of years of planning, smart recruitment, a galvanised support base, and a tactical identity suited for European nights.
The memories from that campaign are still fresh in the minds of fans. Wins over Borussia Dortmund, Red Star Belgrade, Braga, and RB Leipzig weren’t just impressive—they were defining. They showed that Rangers could go toe-to-toe with clubs boasting far greater financial muscle and come out on top.
That 2022 final against Eintracht Frankfurt may have ended in heartbreak, but it reignited something powerful at Ibrox. It reminded Europe—and perhaps even Rangers themselves—of the club’s rightful place in continental competition.
This Season: A Quietly Brilliant Campaign
Fast forward to 2025, and Rangers are once again flying the flag for Scottish football in Europe. After navigating the revamped league phase with four wins and two draws, the Light Blues finished eighth overall, securing a spot in the last 16.
That stage brought a formidable challenge in the form of Turkish giants Fenerbahce. But Rangers, showing the same resilience and tactical maturity they’ve become known for in Europe, secured a stunning 3-1 win away in Turkey. Although they faltered in the return leg at Ibrox, losing 2-0, they managed to hold their nerve in a penalty shootout—thanks in no small part to Jack Butland’s heroics between the sticks.
It was a moment of magic and steel—exactly what Rangers have delivered time and again in recent Europa League campaigns. And now, a new challenge looms in the shape of La Liga’s Athletic Club, a side with their own proud history and identity.
Athletic Club: A Tough But Beatable Foe
There’s no sugarcoating the challenge. Athletic Club, based in Bilbao, are a unique force in European football. Their Basque-only recruitment policy has produced one of the most cohesive and internally-developed squads in world football. Players like Iñaki Williams, Oihan Sancet, and Nico Williams have given them pace, flair, and attacking bite, while their defensive organisation under Ernesto Valverde has made them a nightmare to break down.
But this is European knockout football—and Rangers thrive on it.
Ibrox will be electric on Thursday night. And if Rangers can draw on the kind of atmosphere that overwhelmed the likes of Leipzig and Dortmund in years past, there’s no reason they can’t claim a first-leg advantage before heading to the San Mamés for the second leg in Bilbao.
The Financial Picture: Over €20 Million Banked Already
Off the pitch, Rangers’ European campaign has already proven massively lucrative—providing a financial injection that could shape future seasons.
UEFA divides its prize money across three key brackets: the equal participation fee, the performance bonuses, and the two-tiered value pillar, which reflects TV market value and coefficient rankings.
Here’s a detailed breakdown of what Rangers have earned so far:
- Equal Participation Fee – €4.31 million
€4.14 million upfront
€170,000 balance payment
- Two-Tiered Value Pillar – €7.28 million
European pot (Scotland’s media contribution + 5-year coefficient): €5.58 million
Non-European pot (10-year UEFA coefficient): €1.7 million
This reward reflects both Rangers’ consistent presence in Europe and Scotland’s improved coefficient standings, helped in no small part by Rangers’ own exploits over the past five years.
- Performance Bonuses – €9.125 million
Wins in league phase: 4 wins at €450k = €1.8 million
Draws: 2 draws at €150k = €300k
Top eight finish in league phase: €2.175 million
Qualification for Last 16: €1.75 million
Top eight finish bonus: €600k
Qualification for Quarter-Finals: €2.5 million
Total Earned So Far: €20.715 million
That is an enormous amount of money, particularly for a club outside the so-called “big five” leagues. It gives the Rangers board flexibility in the transfer market, reinforces the club’s financial health, and supports their ongoing investments in infrastructure and youth development.
What’s Still at Stake: €4.2 Million More
The next step is clear: beat Athletic Club over two legs and progress to the semi-finals. That alone would bring in €4.2 million—taking Rangers’ total UEFA revenue for the season to €24.915 million.
And that’s before factoring in matchday revenue, TV money, and the commercial boost that comes with such high-profile exposure. For a club that’s had to operate under strict financial discipline in recent years, these European runs are more than just glory—they’re essential.
The Semi-Final Possibilities: United or Lyon Await
Should Rangers get past Athletic Club, they’ll face the winner of Manchester United vs Lyon—a clash that sets up the possibility of another blockbuster European tie.
Imagine a Europa League semi-final at Ibrox against Manchester United—a classic British rivalry, with all the media attention and atmosphere that would bring. Or a rematch with Lyon, a side Rangers famously beat in 2007 and again in the 2021 Europa League group stages. Either tie would be another chance to show that Rangers belong on this stage.
Legacy, Belief, and the Bigger Picture
What Rangers have accomplished in Europe over the past five seasons is extraordinary. They’ve outperformed their budget, surpassed expectations, and given their supporters nights that will be spoken about for generations.
More than that, they’ve helped elevate the status of Scottish football, which has long been underestimated in European circles. Every coefficient point, every big scalp, every knockout round—Rangers are leading the way, and their efforts have directly contributed to Scotland receiving two Champions League spots in 2025/26.
For fans, for players, for the boardroom—this is a campaign that matters on every level.
Final Word: It’s Not Over Yet
So no, these aren’t just “potentially” Rangers’ final two games in the Europa League this season. They’re potentially the next two in what could be another historic run to a European final.
There’s belief, there’s momentum, and there’s a sense of unfinished business from Seville.
As the club motto says: “Ready.”
And if Rangers are indeed ready, then Europe better be, too.
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