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.
Barcelona must 'work hard' to achieve Champions League glory, says Flick
Hansi Flick tempered expectations of Barcelona's chances of silverware in his first season in charge ahead of facing Red Star Belgrade in the Champions League.
Flick has led Barca to 13 wins from 15 games in all competitions, scoring 50 goals in those games while conceding just 14 times.
Some standout matches have seen Barca thrash Clasico rivals Real Madrid 4-0 while also brushing aside Bayern Munich 4-1 in the Champions League in their last match in the competition.
While Flick understood the fans' excitement after those results, he urged his side to keep their feet on the ground with a long season still in front of them.
"We have to work hard. There are many teams who dream of the same thing, of winning (the Champions League)," Flick said.
"For the moment, we're going to focus on working hard and grinding out, so then we'll see what happens. We have to focus on our goal which is to keep improving.
"A team's form fluctuates a lot over a long season. The important thing is to focus on winning the next match. Sure, after the match against Bayern everything changed.
"But we are just starting. The important thing is how we finish the season. We could say that our goal is to be in the top eight."
Flick, however, insisted he was not surprised by his side's impressive start to the campaign despite enduring a trophyless season last term.
Barca are nine points clear at the top of LaLiga and 11th in the Champions League table ahead of facing Red Star, who are without a win from their three games so far.
"Before we came here we analysed the whole team, every player. We realised that there was very good quality overall," Flick said.
"Another thing to point out is that we wanted to improve how we defend and did small changes in the way we play. The players liked it and they are happy working on it.
"The players play a big role, they are helping us a lot.
"The start was already good on the pre-season in North American and the players are very happy, although there are still many things to improve."
And Barca will be confident of keeping their fine form going against a side that has lost 81% of their matches in the Champions League (P21 W2 D2 L17).
This is the first European meeting between the two sides since October 1996 in the Cup Winners’ Cup, a 1-1 draw with Giovanni cancelling out a Zoran Jovicic's opener for the Serbians.
PSV 4-0 Girona: Dutch side get first win of Champions League
PSV Eindhoven won their first match in the Champions League this season as they thrashed Girona 4-0 at the Philips Stadion on Tuesday.
Ryan Flamingo got the scoring under way after 16 minutes as he turned Malik Tillman's long throw home, despite replays showing that it should have been disallowed as Tillman's foot was over the byline before releasing the ball.
Tillman got himself on the scoresheet 17 minutes later with a fine finish after he arribed into the box unopposed.
Things went from bad to worth for Girona after half-time, with Arnau Martinez receiving a red card 10 minutes into the second half for a second bookable offence.
From then, it was all one-way traffic and PSV might feel aggrieved not to have won by a bigger margin given their glut of second-half chances.
Ismael Saibari was next to put the ball in the back of the net, although his effort was ruled out for a foul in the build-up following a VAR review.
Johan Bakayoko did get PSV's third with seven minutes to go, before a Ladislav Krejci own goal wrapped up the rout in the 88th minute. The result leaves Girona 26th in the table on three points, while PSV are 19th with five points.
Odegaard returns to full Arsenal training ahead of Inter tie
Arsenal captain Martin Odegaard has returned to full training after spending two months out of action with an ankle injury.
Odegaard has missed 12 matches for the Gunners in all competitions after damaging his ankle ligaments against Austria while on international duty with Norway in September.
The 25-year-old midfielder trained with Arsenal ahead of their trip to the San Siro to face Inter in the Champions League on Wednesday.
Mikel Arteta's side have, however, struggled in Odegaard's absence recently, failing to win any of their last three games in the Premier League.
In the seven games that Odegaard has missed in the top-flight, Arsenal's win percentage dropped from 66.7% to 42.9% after going unbeaten in their first three games.
The Gunners have also averaged 1.6 points per game without Odegaard, compared to 2.3 points won with the Norwegian in their ranks.
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