Peter Lawwell has said the Celtic board ‘share the frustrations’ of supporters after a quiet January transfer window, but as the club’s interim financial report revealed that revenue had risen to £85.2m, he insisted they are committed to investing in the team.

The report revealed an improvement in revenue of around 11 percent year on year, aided by qualification to the Champions League and the profit made through player trading, and although Celtic’s cash reserves fell slightly overall due to money being ringfenced for infrastructure projects such as the redevelopment of the Barrowfield training facility, they still enjoy a healthy balance of £67.3m.

The amount of money that Celtic have available to them has provoked questions from fans over why there hasn’t been greater expenditure on the playing squad, with manager Brendan Rodgers’ pleas for ‘quality’ in the winter transfer window going unheeded.

But Lawwell says that was ‘never the intention’ of the Celtic board, and that the club remain committed to supporting their manager financially as much as they possibly can.

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Lawwell said: “The Board recognises the inherent inefficiencies of holding excess cash, and, in conjunction with other cash commitments, the importance of investing in strengthening the team to deliver football success. The Board shares the frustrations of the supporters regarding the less than anticipated activity in the recent transfer window.

“Since the opening of the transfer window in June 2023, and up to the end of the winter transfer window which closed on 1st February 2024, we have committed £23.9m in player investment. Within this we renewed and extended the contracts of Cameron Carter-Vickers, Liel Abada, Matt O'Riley, Anthony Ralston and Reo Hatate.

“The Board's commitment is to strengthen and improve the playing squad in every transfer window and although resources were available, we were unable to further add to the squad due to the unavailability of identified targets. This was disappointing to us all, and never the intention.

“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. Indeed, we resisted strong interest in our players from other clubs.”

Celtic manager Rodgers also addressed the financial situation at the club, reiterating his stance from the end of the transfer window that it is now up to him to persuade those above him to not only spend more money, but to invest it in a different way.

“They [the figures] show that the club is really well run from a business perspective and strategically brilliant,” Rodgers said.

“Money in the bank, secure, everything.

“My job is to convince us from a footballing strategic perspective to improve. I think ownership and how the club operate from a business perspective though, I don’t think anyone can argue with that. I think the club is safe in terms of that aspect.

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“What we have to probably look at and ask the question is how we can improve. That’s the key question, how can we be better? How can we improve the football and the football side, and that’s what I’m here to do.

“I’m not an accountant, I’m not the chief executive, I’m not a lawyer. Michael (Nicholson), Chris (McKay), Dermot (Desmond) and these guys run the club and the business side unbelievably well and have done for many years.

“I came back here to see if I could influence the football strategy and look to make the football the very best that we can.

“[The way you spend your money] is always key. I think having a philosophy, having a market, knowing the players that you want that can fit into that philosophy, then you’re halfway there.

“Then, it’s just about finding them.”