‌The common Celtic fan complaint that the board are hoarding money they could be spending is given added weight when you look at the numbers. ‌New research from the CIES Football Observatory has ranked clubs worldwide on the financial results of their transfer operations over the last year (two transfer windows) and last five years (ten transfer windows). ‌The figures include transfer add ons and sell ons, with Rangers coming in at 35th on the global list with a net spend of -£22.6m. Of course, the caveat is the far bigger fees these clubs tend to command when selling players. Overall, Celtic have made 83 fee paying transfers both in and out over five years.

Source: Express February 11, 2026 19:03 UTC