By Alex Stevens

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Celtic will hand a £10million warchest to their new manager in the summer transfer window, according to Peter Lawwell.

There have been calls for the newly-crowned Scottish champions to spend £20million on new players in a bid to reach the Champions League group stages.

But Parkhead chief executive Lawwell insisted the club will not spend beyond their means and take on debt.

Lawwell gave some insight into Celtic’s summer plans as he addressed the issue of how much Ronny Deila’s successor will have available to bring in new players.

“We’d love to go to the new manager and say we have a £40million warchest or a £50m warchest and to buy the best and go for it,” Lawwell told the Scottish Sun. “But we play in Scotland, we don’t have that. The reality is we don’t have an alternative to what we’re doing. For me that’s an exciting project for the right manager, the right guy.

“This is Celtic. It’s an iconic club, one of the biggest in the world. Even today we’re highly regarded as one of the best-run clubs in Europe.

“There is an excitement here which should be an attraction for somebody to come, get a hold of it and take us back into the Champions League.

“We get criticised for our strategy but I just don’t see any alternative. Everything we take out we put back in. But that’s it.”

Lawwell is adamant that Celtic won’t speculate to accumulate, and the argument that greater investment could produce greater dividends gets short shrift.

“It might,” Lawwell added to the Scottish Sun. “But if we take the club into £20m worth of debt, and it doesn’t happen, where does that leave us?

“For a Scottish club to owe that kind of money leads to trouble. You don’t have to look very far to see the consequences of people trying things which ‘might’ happen.

“That is something we will not do. But it’s not like we don’t spend money – our average is  £10m a year on transfers.

“We can be flexible but we’re not going to take on debt which could ultimately be very dangerous.”

Roy Keane is the new bookmakers’ favourite to be the new manager, ahead of the likes of Brendan Rodgers, Paul Lambert and David Moyes.

In other Celtic news, the Scottish club have watched a £10million-rated English centre-back eight times as they eye up a summer bid.