Celtic left with £77m cash after bumper profit in year end accounts

Lawwell hailed a “memorable” year “both on and off the pitch”, during which Celtic won the league and League Cup, reached the Champions League last 16, but lost the Scottish Cup final.

He suggested the “gains were largely reinvested into the squad, aligned to the club’s commitment to sustained on-field success”. And he pointed to the transfer record being breached twice amid a £42.6m investment in players.

That takes Celtic’s total spend on players and agent fees over the previous three years to £77.5m, Lawwell added.

Those figures do not include any money spent on 11 signings this summer, among them Benjamin Nygren, Kieran Tierney, Michel-Ange Balikwisha and Sebastian Tounekti.

But Lawwell said the club “recognise and share the frustration and disappointment” of fans about how their summer recruitment went.

“The board shares the ambition of our supporters to see the strongest possible team on the pitch,” he said.

“We will continue to balance short-term performance with long-term financial stability, and we must factor in the long-term implications of decisions made today.

“This strategy is vital to Celtic and has been pivotal to our success over 20 years.”