Michael Nicholson says Celtic board take responsibility for Euro failure
Celtic chief executive Michael Nicholson says the club's board "take responsibility" for not qualifying for the Champions League this season.
He also admitted they did not achieve everything they wanted to during the summer transfer window.
Nicholson's comments came as Celtic released their annual accounts which showed an increase in revenue, profit and money in the bank.
The club's revenue rose by 15-percent to £143.6million with money in the bank rising slightly to £77.3million.
A post-tax profit of £33.9million was posted with £31.5million being brought in by player sales.
The Parkhead side also spent £42.6million on transfers and agent fees during the year
That figure is more than double the previous year and became "the highest single-season investment in the club's history, including twice breaking the club transfer record."
The board have come under heavy criticism from their own fanbase for a perceived lack of 'progress', following the club's underwhelming transfer window and elimination from the Champions League to Kairat Almaty.
A 1000-word club statement explaining recent recruitment was met with widespread ridicule and prompted an open letter from fan groups demanding answers for "repeated failures in transfer dealings".
Those groups later released their own statement saying their concerns have "still to be addressed" despite the open letter "representing tens of thousands of Celtic fans".
They cited a survey with 38,832 respondents and claimed there is an "overwhelming consensus" to back the following strategy.
The strategy called for the removal of Michael Nicholson, CEO, Chris McKay, CFO, Peter Lawwell, chairman.
Supporters escalated their protest in Sunday's 2-1 win at Kilmarnock, with over half of the travelling fans waiting until the 12th minute to enter the stadium.
Celtic are top of the Premiership after five matches, ahead of Hearts on goal difference.
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