Desmond preaches caution

Celtic’s majority shareholder Dermot Desmond believes his policy of tightening the purse strings has been proved correct in light of the financial crisis sweeping the game.

Dundee recently followed the same route as Motherwell when they became the second Bank of Scotland Premier League club to go into administration after revealing debts of around £20m (€28.4m).

The only addition Celtic manager Martin O’Neill was allowed to make over the summer was the loan-signing of Michael Gray from Sunderland.

But Desmond is adamant that being prudent with their spending is the only way forward for the Parkhead club.

He told the Celtic View: “Our ideas might not always be compatible with some supporters who would prefer us to go out and spend money and run up more debt but it is absolutely vital that we are responsible and we are independent.

“Even if we had qualified for the last 16 of the Champions League we would still have been operating at a loss for the year. We will lose money this year no matter what happens.

“The difference is that now we have a plan, our debt is manageable and our aims are achievable. The financial costs of the club are under control but it is important that we remain responsible.

“We have a bright and dynamic new executive director, Peter Lawwell, we have a committed and strategic-minded board who want the best for the club and to my mind it all augurs well for the future of the club.

“Everyone has set their sights on building Celtic around Martin O’Neill.”

The chances of O’Neill being given cash to spend when the transfer window re-opens in January is limited but Desmond insists he will be willing to let the Hoops boss state his case for strengthening his squad.

Desmond added: “Martin is aware of our financial philosophy and agrees with the way we want to run the club. We would listen to anything he had to say on the matter and then make a decision.

“Everything would depend on the case Martin made for investing funds into the team.”

Meanwhile, O’Neill will be missing Bobo Balde and Momo Sylla for games in the new year after the pair were invited to represent Guinea at the Africans Nations Cup.