Celtic will bank £37m after Edouard sale completed - Kieran Maguire
Celtic have £22million in cash reserves and that is about to be boosted to £37m from the imminent Odsonne Edouard sale.
That is according to finance guru and Football Insider columnist Kieran Maguire, speaking exclusively after the Sun reported on 11th June that Leicester City have struck a £15m deal for the striker.
Celtic recorded revenues of £70m for the last financial year while Rangers turned over £59m.
Maguire claims that £11m gap could be set to close if the Hoops do not invest the money from Edouard’s exit on new signings.
He told Football Insider correspondent Adam Williams: “Celtic had significant cash reserves in their most recent accounts, £22m to be exact.
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“Their business model has always been to sell one player for an eight-figure fee a year. So this sale would appear to be part of their general approach.
“This money has to be reinvested, clearly. They’ve also got Scott Brown coming off the wage bill, so there is flexibility in theory.
“If they don’t spend the money, they are facing the potential double whammy of Rangers winning the league and getting to the Champions League group stages.
“That could mean for the first time in a long, long time that Rangers will be generating more revenue than Celtic. The gap has shrunk significantly in recent years.”
Edouard signed from Paris Saint-Germain for £9m in 2018.
He has scored 83 times in 168 Celtic appearances.