Rangers have been declared as having the most valuable squad in the Scottish Premiership.
According to the popular football database, Transfermarkt, Rangers are valued at £155 million, which is £32 million more than their closest rivals, Celtic.
This comes after a record investment of £41.8 million this summer, with a net spend of £26.7 million.
The database, which tracks statistics and player values, calculated that the Ibrox club's squad value has increased by 4.6 per cent.
Rangers now have seven of the ten most valuable players in the division.
Emmanuel Fernandez is the most valuable player in the league, with a market value of £16 million.
Youssef Chermiti and Nico Raskin are tied in second place, each valued at £15 million.
Min-su Kim, Badredine Bouanani, Kevin Kelsy, and Olwethu Makhanya also feature in the top ten.
Makhanya, who has been in excellent form this season, is ranked as the biggest mover, with his value rising from £2 million to £8 million, a £6 million increase.
However, Rangers also have the most downgrades, with Fernandez, Jose Cifuentes, Raskin, and Ben Godfrey all decreasing in value by £2 million.
Ross McCrorie, Vanja Dragojevic, and Bouanani have also seen reductions in their value.
Despite making a profit with their transfer dealings in the summer, Celtic supporters have expressed dissatisfaction over what they perceive as insufficient investment in the squad.
This is reflected in the findings, with Celtic's squad valued at £123 million, £32 million less than Rangers.
Read more
Ian Murray sacked by Greenock Morton as interim management team confirmed North Macedonia star warns Scotland as both teams target end to scoring droughts
Celtic's overall squad value did see a 4.1 per cent increase, due to upgrades to new arrivals.
This, however, was not enough to surpass Rangers in terms of squad value.
Celtic's most valuable player is Benjamin Nygren, who remains at £14 million.
Kasper Høgh is next, valued at £12 million following his move from Bodo/Glimt.
Mika Baur also received an upgrade to reflect his call-up to the Germany squad and the market for him in the Bundesliga.
Elsewhere in the league, Hearts are third in terms of squad value, with a total of £25.4 million.
They also received the second biggest percentage rise (15.5 per cent) in squad value.
Hibernian, who are fourth, received the largest percentage drop (10 per cent).
St Mirren's squad value had the biggest percentage rise of 18.6 per cent.
The database attributes this to the club's more data-led approach to recruitment this summer.
In terms of individual players, Hearts' Claudio Braga is the most valuable non-Old Firm player at £6 million, followed by Tawanda Maswanhise.
Hibernian's Miguel Chaiwa and Josh Mulligan are both valued at £3 million.
The database's findings further highlight the financial disparity between the Old Firm clubs and the rest of the league.
However, it also provides insight into the value of individual players and the impact of summer transfer activity.
