This excerpt from today's financial release is instructive:
"Our profit on disposal of intangible assets of £16.5m, in comparison to a profit of £5.2m last year, largely reflects the transfers of Gary Hooper, Victor Wanyama and Kelvin Wilson. Together with ongoing investment in our Academy, the identification and creation of Champions League quality players remains fundamental to Celtic. Following the end of the period, during the 2014 January transfer window, further investment was made, securing the signing of the highly rated players Holmbert Fridjonsson, Stefan Johansen and Leigh Griffiths. "
So we replaced the best striker and midfielder in the SPL and on of our top defenders with a young kid, a good prospect and a reclamation project. The financial results and minimal debt are great, but we need some serious reinforcements to make a real run in Europe this summer.