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Celtic now expects earnings for the year ended 30 June 2023 will be significantly higher than previous expectations, which were formed before the conclusion of the season and prior to certain player disposals.

That was the announcement that the club made to the London Stock Exchange just two weeks ago, following star winger Jota’s big-money move to Al-Ittihad a few days prior. This - coupled with the reported £30 million war chest that Brendan Rodgers has reportedly been promised following his return as manager - had the proverbial tongues wagging about the prospect of more established names coming through the door as transfer acquisitions due to profits entering the club.

Two weeks have passed and – as of yet – there has not been any significant investment in the playing squad. Of course, Celtic do look set to announce the South Korean duo of Kwon Hyeok-kyu and Yang Hyun-jun from Gangwon FC and Busan IPark, respectively, but these deals pale in comparison to the ambitious and more high-profile signings that many quarters were hoping the club would pursue.

Indeed, many had expected a lot more business to have been completed by now. At the time of writing, Celtic have only completed three deals in the form of Odin Thiago Holm from Valerenga, Marco Tilio from Melbourne City and the confirmed permanent signing of Tomoki Iwata from Yokohama F. Marinos, following the conclusion of his initial loan spell at the club. Apart from Iwata – who is 26 years old – all of these signings (including the incoming Kwon and Yang) feel like projects.

READ MORE: Why Celtic should look at Kwon Hyeok-kyu's bold comments positively

On the face of things, there is no problem with these kinds of deals, as they directly fit into the transfer strategy that the club is trying to stick to. This is in regard to buying talented players cheap before selling them on for a healthy profit once they have developed at the club to a sellable standard. Players in the past, such as Virgil van Dijk, Victor Wanyama and Kristoffer Ajer can all be put into the category of success stories using this model.

However, many expected the club to move the needle a little bit more in terms of executing expensive and prominent signings in this transfer window and with good reason. Celtic are just over a month away from finding out who they will face in the forthcoming Champions League group stage, with the league campaign beginning in just a few weeks at home to Ross County.

Rodgers’ return to Parkhead was paired with a defiant message that he was here to try and make Celtic a bigger force on the continental stage. Following his appointment, he said: "I’d like to think we can do something in Europe. It’s well documented over the years when the club hasn’t qualified (for the Champions League) or hasn’t had a great record in terms of European football, so even though that’s a challenge in terms of the resources other clubs in Europe have, it’s a great challenge for us. We’ve got Champions League football this season and we hope to have European football after Christmas, that’s a great challenge for us all."

In order to fulfil this target, you would expect the club to make some statement signings before they make their bow in this year’s competition. It is well-documented that the left wing position needs some reinforcements due to the departure of the aforementioned Jota. There are also concerns in numerous other areas of the pitch, especially in the defensive and goalkeeping positions. Of course, there have been multiple players linked for these positions, but none have come to fruition as of yet in terms of a bigger financial outlay.

READ MORE: Brendan Rodgers bemoans 'cheap' Celtic goals conceded

Time is of the essence here for Celtic as the season gets closer to commencing for the club. With other sides far busier than Celtic in terms of substantial first-team incomings, you would not be wrong in suggesting that there is a nervousness starting to creep into the psyche of some of those following the club.

It is not a feeling that does not have merit, as these habitual traits have stung the club and its followers in the past. Celtic are in a position of strength, though, having won five out of the last six domestic trophies on offer in Scotland. With sellable assets all over the park, the club now need to add to those already in the squad with some established players who also fit the transfer model too.

The Champions League is an unforgiving competition – Rodgers himself will tell you that from experience. Surely he would not have called off a year’s sabbatical to come back to Celtic without significant backing from the board and the scouting department? The prospect of that is hard to believe, but unfortunately not impossible – given past developments.

Regardless of the ins and outs regarding Rodgers and his return to the club, Celtic and their hierarchy need to open the purse strings and back their manager in this window. If not, then they face potential humiliation at the hands of Europe’s elite once again. Celtic have an elite-level manager at the helm, so it is time to behave like an elite-level club and back him properly.