Desmond rules out spending spree to rebuild battered Celtic

CELTIC’S majority shareholder Dermot Desmond yesterday all-but ruled out the possibility of Martin O’Neill rebuilding his demoralised squad with major signings this summer.

Despite making more than £10million from their epic journey to the UEFA Cup final last season, the Desmond insisted that they will still need to be "prudent" in the transfer market.

O'Neill believes that he needs to bring in a number of quality players after ending the season trophyless and with many of his current squad in the twilight of their careers.

But the business tycoon hinted that O'Neill would have to sell before announcing any major arrivals.

"If there's money available he'll get it," said Desmond. "If there's no money available he won't get it.

"We will do all our sums at the end of the day and it depends on what we hold, sell and what happens.

"That's the market call. They are on holiday at the present time and when they return from holiday we will look at that.

"There has to be a balance. It's easy for people to spend other people's money and spend money that's not there.

"We must be prudent because again we are just trustees of the club and we've got to ensure that it's financially stable, the measures are long lasting and not temporary."

This news is certain to frustrate the ambitious boss, but Desmond does not expect him to leave Parkhead as a result.

O'Neill signed a rolling contract this season and although the Celtic chief believes that he is not "indispensable" he has told him that he wants him to stay for a long time.

"The security of having someone like Martin at the football club is the fact that he loves the club and he wants to be part of its development," Mr. Desmond told Real Radio.

"As long as Martin wants that I'm very happy, but the day that his contract runs out and he doesn't feel that then I would be disappointed.

"He's huge, but Martin would say he's not indispensable nor is anybody for that matter. But he's proved so much in the last couple of years and he is a visionary for the club.

"I would want to retain him, motivate him and want to have him at the helm for a long time."

However Mr Desmond said that further strides in Europe would enable the Celtic boss to have more more money to spend in the future.