RANGERS are 90 minutes from discovering their European fate this season with a spot in either the Champions League or Europa League group stage dependent on the result against PSV Eindhoven next week.

The Ibrox club know for certain they'll play at least six more European fixtures this season on top of the second-leg against Eindhoven next Wednesday.

But the result of the match will decide which team advances in Europe's elite competition and which drops into the Europa League.

While European football is guaranteed either way, there are also the draw of big-name clashes as well as financial implications that come on the back of the crucial fixture.

But how will playing in the Champions League instead of the Europa League, or vice-versa, impact the money Rangers will receive? 

Well, when it comes to UEFA competitions there are five main income streams to consider; participation payments, the coefficient share, TV money, matchday income and prize money.

If we look at participation payments first, there is a significant difference in the monies received by clubs in the Champions League compared with the Europa League.

Clubs in the Champions League group stage will be paid a guaranteed €15.64m (£13.2).

However, clubs in the Europa League groups will receive a similar payment but at a reduced fee of €3.63m (£3m).

Already that would be around a £10m swing in fortunes hinging on the result against PSV.

The coefficient share is slightly more complicated and is a payment to clubs based on their ten-year co-efficient ranking - which for Rangers is lower than their current season rank.

In this season's UEFA co-efficient rankings Rangers are 15th following the incredible run to the Europa League final, but the club sit 66th in the ten-year table due to not competing in Europe for five of those years incorporated.

It means Rangers will receive a payment in order of where their ten-year ranking places compared with the other clubs in the group stage.

Should Rangers advance in the Champions League then a payment between £960,000 and £3.8m would be received. The reason for a lack of definitive figures is due to clubs still competing for spots in the tournament with teams both above and below Rangers in the table possible of qualifying.

For example, Qarabag are below Rangers meaning the Ibrox would receive more money due to being higher ranked, however, if Viktoria Plzen go through then Rangers would receive less due to Plzen being 48th in the ten-year table.

If we apply the same criteria for calculations to the Europa League co-efficient share then Rangers could be paid between £1.7m and £2.6m depending on the clubs qualifying.

Another major factor in European revenue is TV money paid to clubs competing. UEFA calculate this through the market pool which states the money is to be distributed among the clubs based on the size of their television market.

What we know is that Scotland is included in the market pool for the whole UK, with BT Sport holding exclusive rights to the matches.

The Premiership share is based on Scotland’s population relative to the other UK nations, which is expected to be around 10 per cent of the money received by English Premier League sides.

The Champions League money allocated to the English teams last season was calculated at around €68m (£57m), so just under £6m would go to Scotland’s top two.

Of that money, 50 per cent would be divided between Rangers and Celtic – 55 per cent for the champions and 45 per cent for the runners-up.

The other half would be based on how many matches each side plays in the competition – so if both sides are eliminated after six matches they’d get an equal share.

Should Rangers drop into the Europa League then the Champions League money TV money would be paid to Celtic only. Rangers would then receive payment instead from the Europa League market pool - with current calculations based on Hearts not qualifying. 

Taking this into account, Rangers could then expect around £2.4m in TV money if they were in the Europa League group stage instead. Should Hearts make the group stage then the money would be divided in the same fashion as Champions League TV cash with Rangers receiving a higher share.

Matchday income is the fourth way of making money through European nights with the atmosphere at Ibrox well renowned. A conservative estimate of £1.5m for a European night in the Europa League would generate £4.5m total while higher prices for tickets and hospitality for their home matches in the elite tournament could push sales through the £2m a game barrier - or higher.

Prize money, of course, is also up for grabs in both competitions with clubs rewarded for wins and draws in the group stage.

In the Champions League a win is worth €2.8m (£2.36m) and a draw seeing clubs paid €930k (£783k). For the Europa League, the payments are lower at €630k (£530k) for a win and €210k (£176k) for a draw.

Incentive-based bonuses for qualification into the knock-out rounds is also available with a huge €9.6m (£8.08m) paid to clubs qualifying for the Champions League round of 16.

In the Europa League clubs receive €1.2m (£1m) for making it out of the groups.

For Rangers, while it would come as a disappointment to miss out on achieving the group stage in the Champions League, they would receive a €5m payment if they lose in the play-offs and drop into the Europa League group stage.

Taking all of this into account, we've calculated the income for Rangers in the Champions League and Europa League based on participation fee, coefficient share, TV money and matchday income.

The figures for the Europa League also include the parachute payment from the Champions League play-off - but neither totals include prize money for possible group stage wins or further qualification.

Champions League guaranteed total

Starting fee: £13.2m

Coefficient share: £960k-£3.8m

TV money: £2.7m

Matchday income: £6m

Total: £22.9-25.7m

Europa League guaranteed total

Starting fee: £3m

Champions League exit fee: £4.2m

Coefficient share: £1.7-£2.6m

TV money: £2.4m

Matchday income: £4.5m

Total: £15.8-£16.7m

Total difference between Champions League and Europa League

Champions League: £21.4-24.2m

Europa League: £14.3-£15.2m

Difference: £7.1-9m