Celtic has received a staggering £23 million in contingent transfer fees.

Celtic released their FULL annual report on Monday. The report goes into granular detail about the club’s finances in the past year.

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One thing we picked up on straight away in the document was the potential of income and expenditure for players who have been bought and sold.

Celtic has the potential to PAYOUT a maximum of £7.1m in add-ons for 38 players transferred in.

658k in appearance fees, 5.8m in achievement bonuses and £665k registered at a future pre determined date, which is fees agreed for players still outstanding, most likely paid in instalments.

However, the club has the potential to receive £23m in add-ons for 20 players transferred out. £9.3m in potential appearance fees and 13.6m in achievement fees.

This is likely for players like Frimpong, Edouard, Ajer, Tierney, Juranovic and Giakoumakis to name a few.

Ryan Christie’s deal with Bournemouth was structured in such a way that Celtic would receive a bonus if they got promoted and also another achievement bonus if they managed to avoid relegation from the top flight, both of which were realised.

A transfer fee is always the headline grabber, but it’s interesting to look under the bonnet of these deals. Obviously that figure is best case scenario, and will be unlikely to be realised, but a chunk of that will trickle Celtic’s way throughout these players contracts.

So it’s always worthwhile to see our former bhoys doing well at their new clubs.