Soccer: Jordan opts for Celtic

Formula One motor racing tycoon Eddie Jordan has ploughed £1m into Celtic.

It was suggested over the weekend that the Irish millionaire was looking to plough money into Manchester United, but his friend and Celtic's majority shareholder Dermot Desmond has convinced him to back the Glasgow giants.

The Bhoys have sold £22.5m of the £25 million new shares, giving manager Martin O'Neill a cash boost for new players.

Chairman Brian Quinn said: "The board was confident that the imaginative and innovative security offered would prove attractive to investors and so is especially pleased to welcome those new investors, who, as successful businessman have made a significant investment.

"Eddie Jordan, Denis O'Brien, Thomas G Lynch and Pearse Flynn join board member Dermot Desmond and our manager Martin O'Neill in demonstrating long-term commitment and confidence in Celtic."

Desmond holds a £10m stake in Celtic, while Lynch and O'Neill both have a strong position with a £2m investment and O'Brien and Flynn now have a £1m holding in the Scottish champions.

The success of the share scheme will also strengthen O'Neill's transfer chest as he looks to build on last season's domestic treble success.

The news comes on the same day that his former club Leicester City confirmed they had rejected Celtic's £3.5m bid for defender Matt Elliott.

It means O'Neill is desperately running out of time to bring in new faces before this Thursday's Champions League transfer deadline.

The Parkhead boss has so far signed only French defender Bobo Balde during the summer while Alan Stubbs, Ramon Vega and Eyal Berkovic have all left and Celtic are short on numbers ahead of their vital qualifying clash with Ajax.

O'Neill has been linked a whole host of players since moving into the Parkhead hot-seat, including Coventry striker John Hartson.

But the backing from the Hoops fans and the investors has strengthened the Irishman's purse and he could yet increase his efforts to capture his top targets before the weekend.