Scottish football will fall into "a downward spiral" according to the PricewaterhouseCoopers' 21st Financial Review of Scottish Premier League, reports euFootball.BIZ The 12 top-flight Scottish clubs made a collective loss of £22 million during the 2008/09 season, compared to a profit of £23 million during the previous 12 months.

Rangers' tale of financial hardship is reflected across the Scottish Premier League and the club's annual turnover is only £39.7 million in 2009 - less than the bottom placed club in the English Premier League which will receive approximately £50 million from television alone.

David Glen, author of the report, said: "In a nutshell, the SPL cannot compete financially (with England and Europe]. It is simply unable to match the transfer fees or wage demands of the top talent needed to be competitive on an international platform and, with it currently unable to generate a sufficient audience to attract the major media contracts enjoyed in other leagues, opportunities for investment are slipping away.

"The lack of, and uncertainty over, levels of income simply do not create a sound platform for investors or banks. Worryingly, unless action is taken now, it could be an increasingly downward spiral for the SPL."