CELTIC splashed £38million in strengthening their first-team squad in the last financial year.
And the Parkhead club returned to profit after making £6million while they still have £30million in the bank.
The figures are revealed in the annual results which cover the year up to the end of June 2022. Revenue from participation in the lucrative Champions League – where Ange Postecoglou’s side are grouped with Real Madrid, RB Leipzig and Shaktar Donetsk – is NOT included.
FULL BACKING…Ange Postecoglou has the support of the Celtic boasrd and the fans.
The club can expect to bring in something in the region of £35-£40million after returning to Europe’s elite stage after an absence of five years.
Manager Postecoglou has been backed by the Hoops hierarchy as he has continued his revamp of the playing resources and a joint sum of around £12.5million was spent in the summer to tie down Filipe Jota, from Benfica, and Spurs defender Cameron Carter-Vickers on permanent deals after their impressive season-long loan stints in the title-winning year.
Left-back Alexandro Bernabei was brought in from Argentinian top-flight outfit Lanus at a fee reported in the region of £3.75million in June while J-League trio Daizen Maeda, Reo Hatate and Yosuke Ideguchi all cost fees when they signed a the turn of the year.
Matt O’Riley was brought in from English third-tier outfit MK Dons for a bargain £1.5million at the same time and the new Danish Under-21 midfielder has seen his value soar in nine months.
PARADISE…Filipe Jota soaks up the atmosphere after his superb goal in the 4-0 derby day triumph.
Chairman Ian Bankier states full stadiums after the pandemic and record player sales helped the club overcome last year’s loss of £11.5million.
The departures of Odsonne Edouard, to Crystal Palace, and Kristoffer Ajer, to Brentford, helped bring in an extra £29million.
Bankier, who will leave his role on January 1 2023, said in a statement: “The biggest influence on the financial and sporting fortunes of the club is our ability to participate in European competition.
“As covered by [chief executive]Michael Nicholson in his report, the Champions League format will change in 2024. This will provide further opportunities and enhanced media rights.
“We continue to balance the benefits of investing in experienced players alongside younger talent with a view to developing all players’ performances on the pitch and trading when conditions are right.
“The successful execution of this model is a challenge but is vitally important for clubs such as Celtic.”