Celtic are struggling to compete with English Championship clubs in the transfer window, chief executive Michael Nicholson has admitted in leaked meeting minutes.
The stunning revelation came during a Q&A session with the Association of Irish Celtic Supporters Clubs, where Nicholson, chairman Brian Wilson and manager Martin O'Neill faced questions over the club's slow recruitment.
Despite a double-winning campaign, O'Neill told the board his squad was in "major need of signings", according to the minutes. Nicholson responded by highlighting the financial gulf that has left Celtic unable to match even second-tier English clubs.
"Nicholson advised of the difficulty in dealing with agents, competing with the Premier League and even the Championship," the minutes read.
The Celtic hierarchy have sanctioned a long-term strategy focused on youth development, acknowledging the impossibility of luring established stars to Glasgow on wages comparable to those on offer in England.
One senior signing and a frustrated fanbase
Colombian striker Camilo Duran remains the club's only summer acquisition, the first proven forward recruited since Kyogo Furuhashi left for Rennes 18 months ago. The protracted search for a reliable goalscorer exacerbated tensions with ex-manager Brendan Rodgers and stoked supporter unrest last season.
Alex Oxlade-Chamberlain has since returned on a short-term deal, but no agreement has been reached for Kelechi Iheanacho, whose late goals proved vital in the run-in. O'Neill stressed the need to identify younger, hungry players who would see Champions League football as a career stepping stone rather than prioritise salary.
Sutton calls for £50m overhaul
Former Celtic striker Chris Sutton believes a spend exceeding £50m is necessary to retain the Scottish Premiership title and compete in Europe.
"Martin worked wonders last season, but the squad needs a rebuild," Sutton told Sky Sports. "If Reo Hatate, Daizen Maeda and Arne Engels leave, who replaces them? Celtic might have to spend £50m or more."
What happens next?
Celtic host Middlesbrough in a pre-season friendly on Saturday, with supporters' groups calling for a boycott to signal their frustration. The Scottish Premiership title defence begins at home to Dundee on August 3, live on Sky Sports, but a restless fanbase wants to see tangible ambition before the Champions League qualifiers.