Celtic's squad value dropped significantly over the summer, reflecting what was a disappointing summer transfer window for the club. The Bhoys were hoping to take a step forward over the summer, with Martin O'Neill warning that much more quality and depth would be needed after doing the league and cup double.
But while some recruitment was done in the form of 10 new signings, much of which included a flurry of cheap and loan signings in the final day before the UEFA registration window, Celtic failed to deliver in the summer window.
The Bhoys did not replace star man Arne Engels, who left on a £22million deal to West Ham, and they are paying the price, with the midfield looking all too weak in bigger games.
Elsewhere, the Hoops did not add the depth they needed at left-back, only adding an 18-year-old on loan from Chelsea who cannot currently play in Europe.
Celtic have added some quality in the likes of Camilo Duran, Kasper Hogh, Mika Baur and Haissem Hassan, but apart from those signings, the rest are largely unproven or young loan signings.
That's despite the departure of three quality players in Engels, Daizen Maeda and Reo Hatate, who all left for England.
But what impact has all that on Celtic's squad value? According to Transfermarkt, the Bhoys' current squad worth is £105.25million, which is down £33.72million from last season's value of £138.97million.
That is likely owing to the departure of Engels, who wasn't replaced, reducing the squad value by around £20million, while Hatate wasn't really replaced, either, and his value brought another £6million or thereabouts off the total value of the squad.
Celtic posted losses last season, blaming the lack of Champions League football and squad investment, but it will be interesting to see what next year's accounts say of this season, given there have been more outgoings than incomings, and there has been no loss of Champions League football because there wasn't any last season, either.
What could skew that is investment from Celtic in January, which is likely, given they surely know they need a new midfielder and will likely spend to get one.
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