Old Firm need Premier League investment

Rangers manager Walter Smith admits the Old Firm could only ever hope to compete with the top clubs in Europe if they were able to attract foreign investment in the same way Manchester City have.

But the Ibrox boss is well aware only teams who ply their trade in the Barclays Premier League are likely to attract investors with major spending power.

Both Celtic and Rangers have expressed an interest in joining English football’s top-flight in the past but such a move is no closer to becoming a reality.

“Manchester United, Liverpool, Arsenal and Chelsea have been at the top of the biggest league in the world and they are the teams who have had the most to spend,” Smith said.

“Manchester City are catching up with them in terms of spending power, whether they will catch up with them on the field is another argument.

“Rangers and Celtic would certainly need someone of that kind of level if they were ever hoping to compete, they would need an investor.”