Celtic have announced record annual profits of more than £40million ahead of their latest Champions League campaign.
The club made a profit of £40.7m last season and had £72.3m in the bank “net of bank borrowings” on June 30 this year.
Group revenue was up by more than a third to £120m and the club reported a gain in the transfer market of £14.4m.
The figures were published just after their pre-match media conference in Rotterdam ahead of their Group E opener against Feyenoord.
In a statement, chairman Peter Lawwell stated that factors in a £32m increase in revenue included Champions League football – after the Europa League campaign the previous year – plus a tour of Australia and record retail figures.
He added: “The £34.6m increase in profit before tax resulted from the significant revenue increase outlined above along with a £14.4m gain on sale of player registrations, predominantly from the sales of Jota, (Josip) Juranovic and (Giorgos) Giakoumakis.
“In addition, we recorded £13.5m of other income that came from a combination of compensation received following the departure of Ange Postecoglou and a business interruption insurance recovery in relation to Covid-19, with the two items mentioned being one off in nature and typically non-recurring.”
Lawwell stated that the cash reserves were used to fund the summer transfer plans for the last two seasons, with fees “typically paid in instalments”.
The former Celtic chief executive added: “This sum also contains the cash required to fund the significant investment that the club is planning to make in developing our Barrowfield training facility.
“It is important to highlight that, given the increasing gap between the sums able to be earned between the Champions League and the Europa League, it is vital that we retain a cash buffer in reserve.
“History tells us that we will not always qualify for the Champions League and the benefit of holding cash reserves affords us the optionality of managing through seasons where we participate in the Europa League with the ability to retain our squad as opposed to selling key players to bridge the income shortfall between both competitions.
“The financial sustainability rules are also a key feature of UEFA licencing and we need to be cognisant of running our club accordingly.”
Lawwell stated that a £13m transfer spend took their total outlay to £51.4m over two years and that a further £15m had been invested since the end of June.
Celtic signed seven players on permanent deals this summer – Kwon Hyeok-kyu, Marco Tilio, Yang Hyun-jun, Odin Thiago Holm, Maik Nawrocki, Gustaf Lagerbielke and Luis Palma – and brought in Paulo Bernardo and Nat Phillips on loan.
'Super simple' – Lille president rules out January exit for Jonathan David
Lille president Olivier Letang has categorically ruled out a January exit for forward Jonathan David amid links with a number of European clubs.
David is out of contract at the end of the season and has been touted as a target for the likes of Bayern Munich, Juventus and Barcelona.
Speaking this week, the Canada international named Barcelona as his "dream" club but suggested he would prefer not to leave Lille mid-season.
And in an interview with After Foot RMC, Letang confirmed no bids have yet been tabled ahead of the January window.
"We are not going to sell him in January, and we have not received any offer for him," he said.
"Jonathan's situation is super simple. We are very happy to have him with us.
"Last season he had one more year left on his contract. We were trying to qualify for the Champions League.
"You have a guy who scores 20 to 25 goals a season. We had no obligation to sell him."
David is into his fifth season with Lille and has scored 97 goals in 202 games for the Ligue 1 side in all competitions while assisting a further 18.
Seven of those goals have arrived in 11 appearances this term, including in Champions League games against Real Madrid, Atletico Madrid and Juventus.
The 24-year-old's best league season with Lille saw him score 24 goals in 2022-23, while he has netted 19, 15 and 13 in the other full campaigns.
Lille chief Letang reiterated that David has been offered a new deal to stay on at Stade Pierre-Mauroy, but selling him has never been an option.
"He is a player who scores between 20 and 25 goals and helps us qualify for the Champions League," he said.
"Plus, Jonathan loves Lille, which is his club. Our position was very clear from the beginning – we think of the athlete.
"Obviously, he already has an offer that is in his hands, the ball is in his court."
Guardiola suggests Man City's recent form played part in signing new contract
Pep Guardiola suggested Manchester City's run of four successive defeats was part of the reason for his contract extension.
The 53-year-old recently signed a two-year deal, which will run out in 2027, ending months of speculation about his future after his contract had been due to run out at the end of the campaign.
Following a 2-1 defeat to Brighton before the international break, Guardiola's side have lost each of their last four matches in all competitions for the first time in his managerial career.
"I felt I could not leave now. Maybe the four defeats was why," he told the club's website.
"I think we deserve, after four defeats in a row, to bounce back and try to turn the situation. I think we deserve to be here. I am not arrogant to say, but it's the truth."
Guardiola has led Manchester City to 18 major trophies during his nine-year stint at the club and posted a 72% win ratio.
He added that he was determined to help the club get back to a state where they are "more stable and more consistent".
"We have to recover that because right now we don't have it and that's the target we have to do," he said.
City chairman Khaldoon Al Mubarak added: "Like every City fan, I am delighted that Pep's journey with Manchester City will continue, allowing his dedication, passion and innovative thinking to continue to shape the landscape of the game.
"His hunger for improvement and success remains insatiable and the direct beneficiaries of that will continue to be our players and coaching staff, the culture of our club, and the English game at large."
Leicester's Fatawu ruled out for rest of season with ACL injury
Leicester City manager Steve Cooper confirmed Abdul Fatawu will miss the rest of the season.
The 20-year-old sustained an anterior cruciate ligament injury (ACL) while playing for Ghana against Angola during the international break.
Fatawu has featured in all 11 of Leicester's Premier League matches so far this season and has registered two assists.
No Leicester player has attempted (61) or completed (29) more dribbles than him, while his 30 crosses is also a team-high in the top-flight this season.
"It's not good, it's a serious injury," said Cooper ahead of their match against Chelsea on Saturday.
"It's a real blow, first and foremost for him, being a young player and having an injury as serious as what an ACL is.
"Albeit, it can be quite common in sport, and in particular football, but it's still a serious injury.
"For it to happen at a young age is a blow for him and a blow for us as well.
"He's obviously a big talent and a young player, as exciting as he can be at his age, with lots to learn.
"It's only a pause, and we will make sure, as difficult as it is at the moment for him, that he comes back being a stronger player and person, which, with the mentality and character that he has, I think will be the case."
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