CELTIC are among the 60 highest revenue generating football clubs in the world, but remain hugely reliant on Champions League participation to raise cash. That is one of the conclusions drawn by a new report from accounting firm Deloitte.

While the money list only gives a detailed analysis of the continent's top 20 clubs, Celtic marginally improved their revenue to £52m in 2015/16, an increase of 2% (£0.9m).

While a further increase is likely in the next set of figures, due to their involvement in this season's Champions League, the report concludes that inclusion in the continent's top showcase is still vital to Celtic in revenue terms.

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"Any failure to secure a UEFA Champions League group stage place would negatively affect the clubs revenue generating ability, with revenue distributions from the competition making up a significant proportion of their revenue in previous seasons," the authors wrote.

Celtic's revenue is still dwarfed by the other main players in the European game, with Manchester United regaining top spot in the Money League for the first time since 2003/04 with record revenue of €689m (£515.3m) and Barcelona and Real Madrid completing the top three.

Manchester City climb to fifth for the first time while Leicester City make their maiden appearance in the top 20 after their Premier League league-winning season.