Kenny Dalglish reckons the financial impact of losing the Europa League Final will hit home at Rangers in the coming days.
The Ibrox side suffered a heartbreaking penalty shoot-out defeat to Eintracht Frankfurt last week and with it were denied automatic entry into next season's Champions League group stage.
Giovanni van Bronckhorst's team will get a second chance via the qualifiers but Dalglish believes the club will have craved the financial certainty that would been secured with a win in Seville.
Rangers earned over £17million in prize money in their run to the final - a figure that will rise further with TV money - but a place in the Champions League would have guaranteed a further £30m.
And Dalglish insists that makes navigating the summer transfer market that bit more difficult for the Ibrox board.
He wrote in The Sunday Post : "The bigger picture of this particular defeat will emerge and hit home in the coming days.
"That’s when the Ibrox hierarchy will reflect on where this defeat leaves them financially.
"If they had beaten Eintracht they were straight into the Champions League and the pot of money, in excess of £30 million, would have been waiting.
"Such chunky funds would have given the club certainty and they would have been sitting down with Giovanni this week aware of the budget he has and the type of players they were going for.
"But they do not have that luxury just now.
"They may have to wait until the last week in August before they know if they have that Champions League treasure chest or not.
"It’s far from ideal, but that’s football. You must deal with the circumstances you find yourself in. There is nothing to be gained by feeling sorry for yourself.
"Across the city, by winning the SPFL Premiership, Celtic gained automatic entry into the Champions League and that guaranteed financial windfall.
"That has given Celtic certainty of what they are able to do in the coming weeks.
"Having that sort of clarity should be beneficial to Ange Postecoglou and his recruitment department.
"They know what they have to spend and they know when they are talking to agents and signing targets they are doing so in the knowledge they are in Europe’s No. 1 club competition.
"That kind of stability and certainty is so helpful. But, of course, it doesn’t guarantee success.
"So, Rangers must get to work and they need to do it as soon as possible."
