Celtic: Chairman Peter Lawwell shares fan frustration over transfers, citing ‘unavailability of targets’

Celtic’s board shares fans’ frustration over the “less than anticipated activity in the recent transfer window”, says chairman Peter Lawwell.

Celtic’s half-yearly financial report to the end of 2023 revealed an increase in revenue and £67.3m in the bank.

While “resources were available” in the January window, Lawwell cited the “unavailability of identified targets”.

The chairman added: “This was disappointing to us all and never the intention.”

Celtic signed German winger Nicholas Kuhn from Rapid Vienna for around £3m and Republic of Ireland striker Adam Idah on loan from Norwich City.

“The January transfer window is notoriously difficult as clubs are very reluctant to let their best players go at such a crucial time of the season, just as we are,” said Lawwell.

“It is notable that transfer activity in England was the lowest it has been for over 10 years, excluding the impact of Covid-19. A number of reasons have been cited for this including the absence of suitable players and new Uefa regulations, which impose spending caps.”

Lawwell pointed out Celtic “resisted strong interest in our players from other clubs” and had committed £23.9m in player investment, including extending the contracts of Cameron Carter-Vickers, Liel Abada, Matt O’Riley, Anthony Ralston and Reo Hatate, from June to the end of the January transfer window.

Celtic’s interim report showed a £2.6m profit from transfers, an increase of £800,000 from the same period in 2022 – mainly related to the sale of centre-half Carl Starfelt to Celta Vigo – while player acquisitions cost £12.9m – £7.2m more than 12 months previously.

Lawwell pointed to a revenue increase of 11% to £85.2m as Celtic benefited from Champions League qualification in two consecutive seasons.

“A significant portion of this revenue increase was reinvested into football wages and salaries,” he said.

There was also a £1.9m increase in profit from trading to £32m, although profit before taxation was down £3.7m to £30.3m, while the cash balance was down £5m to £67.3m from the end of the last financial year.

“A significant proportion of this cash is committed to the creation of a new training centre at the Barrowfield site, the finalisation of the Lennoxtown developments and future stadium expenditure,” Lawwell said.

Celtic’s chairman lamented the League Cup second-round defeat by Kilmarnock and finishing bottom of their Champions League group.

“We took consolation from a number of good performances which will serve our squad well, but our objective is to keep improving and competing in Europe,” he added, while stressing the desire to retain the league title and Scottish Cup.