Celtic have £22.5million in the bank despite their revenues tumbling due to the pandemic, according to the club’s newly-published accounts.

The Glasgow giants have announced a drop in turnover and profits as Scottish football continues to be gripped by the coronavirus.

For the year ending 30 June 2020, Celtic confirmed that group revenue had dropped by 15.8 per cent from the previous year to £70.2million and profit before taxation was just £100,000 compared to last year’s £11.3m.

The Hoops lost about £430,000-a-week in 2019-20 from day-to-day operations although these losses were offset by player sales.

Analysis of the Celtic accounts from Football Insider has showed the club have a relatively strong liquidity position with £22.4m of cash and borrowings of less than half that sum.

That leaves the club well placed to strengthen Neil Lennon’s squad in the January window should reinforcements be required for the historic 10-in-a-row tilt.

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The board have been criticised in recent years for a lack of ambition in the transfer market.

But they spent significantly more money on buying new players in 2019-20 at £20.7m, compared to just £6.2m the year before.

Nevertheless, Celtic also made more money from player sales with £24.2m coming into the club, compared to £17.7m the previous year.

Key to turning a profit in the transfer market was the club-record sale of Kieran Tierney to Arsenal in a deal worth £25m in total.

The lack of Champions League football also hit the club hard, with revenues in 2017-18 nearly £30m higher at £101.6m.

In other news, Celtic are in line for £1.5million payout after forward transfer agreed.