Scandinavian football finance website Off The Pitch has just announced its findings after its Europe-wide annual review of the economic health of the sport.
They found that two Premiership clubs are in the top ten best-run clubs on the continent – and Celtic and Rangers didn’t come close.
Hibs came in at number six and St Mirren were just two places below them, with both clubs praised for adjusting to life without paying customers and living within their budget.
However, while Rangers and Celtic were way down the list two of their Euro conquerers
Danish side Brondby were No.1, followed by Brescia, Malmo - who beat Rangers home and away in the Champions League qualifiers - Atalanta and Club Brugge.
Norwegians Bodo/Glimt - who knocked Celtic out of the Europa Conference League - were in seventh place.
However, the next highest Premiership club was a long way down, with Celtic in 75th position.
Brondby were crowned “the most financially sustainable club in European football” by Off The Pitch, who measure them by applying EBITDA - earnings before interest, taxes, depreciation and amortisation (assets like players, who are worth less when coming into the final year of their contracts).
“2021 was overshadowed by Covid-19 but our index found smaller clubs to be vastly more successful in dealing with the financial challenges than the ones at the top of European football,” said an OTP spokesman.
“It was arguably the most difficult financial year ever in football. For some it became a great year but for most clubs it was a catastrophe.
“To create a level playing field, metrics are proportional, therefore mostly offsetting size deficiencies. Clubs who include transfer revenue in their turnover were excluded, as this would inflate EBIDTA margins.”
A total of 185 clubs were studied for the report and the complete Scottish standings are; Hibs (6) St Mirren (8)
Celtic (75), Aberdeen (92), Hearts (104), Ross County (105), Rangers (107), Kilmarnock (136), Motherwell (139), Dundee United (147).
When asked about St Johnstone, Dundee and Hamilton – the other clubs who appeared in Scottish football’s top flight last year - OTP replied: “Some do not figure due to lack of transparency in accounts.”
Incidentally, the club which finished at the bottom of the heap was League One strugglers Sheffield Wednesday.
