The plan to almost double the SPFL’s distributable income comes after Deloitte’s Sports Business Group was commissioned by the member clubs - Aberdeen, Dundee, Dundee United, Heart of Midlothian and Hibernian - to undertake a “critical and transparent” review of the SPFL in 2021.

As a follow up to the report, an innovation and strategy group within the SPFL, was tasked by the board to explore strategic actionable steps on how the findings in the review could be achieved. The group has now developed a five-year strategic action plan to implement the recommendations.

The over-arching purpose is a realignment of the SPFL from a largely administrative function to a more robust and dynamic commercial structure.

The strategic priorities are to maximise broadcast income and grow commercial partnerships and revenues. This will include securing more commercially attractive deals with broadcasters and increasing the value of overseas rights which would see more matches being sold.

Improving the image, brand and profile of the SPFL is also a priority with the ambition to position the league both domestically and internationally as the “most dramatic, passionate and exciting” in Europe and to strengthen co-operation between clubs and the league.

On behalf of the five clubs, Ron Gordon – chairman of Hibernian FC, said: “We’re very excited about this strategic action plan which sets a new tone and direction for the SPFL and the game in Scotland.

“The proposed strategic building blocks are designed to grow our clubs, the SPFL, and the men’s and women’s game at every level.

“A more substantial and comprehensive broadcast partnership, a focused and robust commercial structure and team, an investment and commitment to the growth of the women’s game, and the development of our young men’s players are all critical to reaching our aspirational goal of £50 million in revenues.

“Football is Scotland’s passion - we have a dynamic and exciting league with historic clubs and passionate fans. The image and brand of the SPFL should reflect and celebrate the many positives that our clubs and league provide our communities across the country.

“I want to thank Aberdeen, Dundee, Dundee United, Hearts and Hibs for their investment in the review, along with Celtic and Rangers for their participation and contributions in curating and refining the actionable recommendations of the study.

“Our thanks also go to the SPFL Board and Executive for their openness, receptivity and leadership in exploring and driving new ideas and opportunities to help advance, promote and grow our clubs, the league and our game.”