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An October 1, 2026 report put Rangers’ squad value at £155 million and Celtic’s at £123 million, a reported £32 million gap, and named Olwethu Makhanya as the biggest individual riser. Those figures are the report’s account of Transfermarkt valuations—not confirmed transfer fees or club accounts—and the report does not state the valuation cut-off date. An accessible Transfermarkt snapshot retrieved October 3 instead lists Celtic ahead in euros, so the two snapshots should not be treated as a like-for-like current ranking.
What the October report says
Yahoo Sports, carrying Herald Scotland reporting, said Rangers had the Scottish Premiership’s most valuable squad after the summer transfer window. It reported Rangers at £155 million and Celtic at £123 million, with squad values rising 4.6% and 4.1%, respectively. The reported gap is £32 million. The story also attributed £41.8 million in summer investment and a £26.7 million net spend to Rangers; these are report figures, not independently verified club-account totals or confirmed sums of transfer fees. Yahoo Sports / Herald Scotland, October 1, 2026.
The report said Rangers had seven of the league’s ten highest-valued players. It listed Emmanuel Fernandez at £16 million, with Youssef Chermiti and Nico Raskin at £15 million each. Those individual values are reported estimates, not what the clubs necessarily paid or could receive in a transfer.
Who received the biggest upgrade?
Olwethu Makhanya
The report named Rangers defender Olwethu Makhanya as the biggest individual riser, with his reported value moving from £2 million to £8 million—a £6 million increase. The story also said Celtic’s Mika Baur received an upgrade, but did not identify him as the largest mover.
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Values that fell
The same report listed £2 million decreases for several Rangers players, including Fernandez, Jose Cifuentes, Raskin and Ben Godfrey. Fernandez therefore appears among players whose valuations fell even though the report listed him at £16 million; the article does not provide enough detail to reconcile the apparent timing or basis of those figures. A player’s listed value can move between snapshots, so a headline value and a change should be read with their valuation dates in view.
How Celtic and other Scottish clubs featured
For Celtic, the report listed Benjamin Nygren at £14 million and Kasper Høgh at £12 million. It also said Hearts’ squad value was £25.4 million, up 15.5%, and that Hibernian ranked fourth after a 10% decrease. St Mirren was credited with the league’s largest percentage increase, 18.6%. These are figures from the October report, not verified present-day values.
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Why a Transfermarkt snapshot can show a different ranking
The accessible Transfermarkt Scottish Premiership club-value page retrieved October 3, 2026, shows Celtic at €131.30 million and Rangers at €124.30 million, putting Celtic ahead in that snapshot. Transfermarkt Scottish Premiership club values. This does not, by itself, prove the October 1 report was wrong: the report does not give its precise valuation cut-off, and its totals are in pounds while the accessible page displays euros. The pages may reflect different valuation dates or snapshots; the available information does not establish the reason for the difference.
Transfermarkt also described a separate update on May 20, 2026, in which values for 156 Scottish Premiership players were adjusted. That update gave Fernandez the largest rise, up €9 million to €18 million. It is earlier and separate from the October report, so it cannot verify the October figures. Transfermarkt Scottish Premiership player values.
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What the figures do—and do not—tell you
These values are database estimates, not audited accounts, transfer fees, or a direct measure of a team’s quality on the pitch. The cited pages do not establish that estimated squad values predict match results. For a meaningful Rangers–Celtic comparison, check that both totals use the same valuation date, currency, competition, squad-inclusion rules and measure. Also keep whole-squad totals separate from individual-player values, and percentage changes separate from absolute changes.
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