The sacking of Gio van Bronckhorst and Michael Beale have put two big "dents" in Rangers profits.

That is the view of former Hibs star Tam McManus - as the pundit declared that Scottish Premiership rivals Celtic are now able to make mistakes in the transfer market thanks to their spending power over the Light Blues. Rangers released their annual accounts that showed the club had made a £252,000 operating profit as he set the Ibrox goals for the future.

The figure is down £5.5million on last year with costs of operating expenditure rising from £97million last year to £108million this time around. In contrast, Celtic announced a record-breaking pre-tax profit of £40.7million in the latest set of financial results in September off the back of winning a clean sweep of domestic honours last term. And McManus reckons that the managerial turnover in the last two seasons has handed the Hoops a major advantage.

McManus told PLZ: "Celtic can afford to make mistakes. Rangers can't, and that is the big difference for me. You talk about Celtic and how much they have in the bank, and Celtic can afford to sign a couple that don't work out.

"At Rangers every signing has got to hit the ground running - and that is why you saw so much scrutiny this summer. It's big money for Rangers, they haven't spent that money in a long time.

"£4million, £5million and if you don't start well you are written off. Celtic can afford to sign £2-3million squad players, because inevitably they will find a gem like (Jeremie) Frimpong.

"The two managerial changes will have ate up big time into that. I think paying of Giovanni van Bronckhorst and his staff then Michael near enough straight away has put a big dent in their profits. They have got to try and get it right but Celtic are in market now where they can afford to make mistakes."