all quiet on the transfer front

The off-season has come and gone and despite a plethora of rumours, tabloid kite -flying and reliable stories of impending transfer activity from the bloke down the pub, Celtic's list of new signings is beginningless.

There were hopes that this lack of activity in the market was merely a ruse to trip up the hacks: just as they were beginning to think we weren't signing anybody and were sharpening their crayons to put the boot in, the Great Martino would whip back the cover and there would be three of four shiny new players being paraded at Parkhead. These hopes were finally dashed when Brian Quinn revealed the perplexing fact that despite a lucrative European campaign last season, the club had, in fact, lost money. Consequently, the debt figure has risen by around a million and a half quid and, as a result, OFM will only have a fighting fund to employ new recruits if he manages to ship out some of the expensive playing commodities currently doing little more to justify their exorbitant salaries than taking up a peg in the dressing room while getting changed for training.

Last season's European campaign has rightly gone down in the annals as one of the most remarkable ever, but there can be few among us, least of all the manager surely, who were fooled by the club getting to the UEFA Cup final into believing that believing that this was a team that could go on improving without being strengthened in certain areas. What became clear as the season progressed and the rigours of a protracted European run necessitated a surrogate squad rotation system for domestic matches was that while the pool of players at the manager's disposal had some quantity about it (some 33 different players were used at one time or another) there was a distinct lack of quality outwith O'Neill's favourite first team picks.

Indeed, with one or two players now coming to the veteran stage in their careers, the first team itself could be doing with an infusion of new blood, preferably better players than those they are replacing. The youngsters we have seen in recent weeks undoubtedly have potential, but they are nowhere near ready to go into the fray against the kind of teams Celtic had to face in the UEFa Cup last season.

There's also life after Larsson to ponder - but if you don't mind we'll put that off as long as possible.

Undoubtedly, the best time to strengthen and consolidate is when you are at the top. The irony is that the fiscal climate in which football operates these days precludes us doing that. With the Death Star about to implode it's little wonder that there are so many fans taking the carpe diem approach. Celtic's strategy of prudence will hopefully mean that this is an opportunity postponed rather than discarded for ever.

He has never been one to look too far ahead - at least not in interviews for public consumption - but OFM is now faced with the prospect of having to rebuild the team. In general it is fair to say that Celtic as a football club have made immense progress, especially in Europe, under his managership. How he is expected to maintain this progress - never mind establish a succession - while being offered no money from the board would appear to be a Herculean task. Yet, no amount of jiggling with the figures can disguise the fact that, whatever way up you hold the balance sheet, even in good years, the club is losing money. It's impossible to rationalise spending millions of pounds on players in that context.

Still, here is the next dilemma facing the Plc: as we go to print the second leg of the MTK Hungaria tie has still to be played, but qualification for the first group stage of the Champions League is assured. How do we find the wherewithal to mount a challenge that will enable Celtic to do better than last time and qualify for the second group phase?

Personally, when reflecting on the UEFA Cup final I found Henrik Larsson's attitude towards the defeat by Porto the most heartening. He wasn't content just to make up the numbers and put on a show. He won't be happy, either, just to stroll through the first group phase this autumn in order to pick up the cheque for the TV money.

Needless to say the board have begun to address the money question by turning in the first instance to their favourite source of revenue - the fans - and hitting us hard in the pocket once again. A three game package is about to relieve you of £75 of your disposal income, representing a %50 increase on the price of your last three game package a mere two years ago.

Will this money be used to strengthen the team then? Don't hold your breath. It could well be that OFM can rally the players for one last big push this season, but it's becoming increasingly obvious that they'll be hard pressed to emulate what they did last time out.

This will be their swansong, then we'll find out whether OFM will stick around to build another Hoops team worthy of our support and whether the board's financial strategy and promise of jam tomorrow will give him sufficient funds to so the job properly.

Until then, all we can do is get right behind the Bhoys when they once again take on Johnny Foreigner on those magnificent floodlit Parkhead nights. Cue the music..."