Martin O’Neill’s milestone 1,000th game in management against Stuttgart was supposed to be a night of celebration at Celtic Park.
Instead of celebrating a personal triumph, O’Neill had to watch Celtic get thumped at the hands of VfB Stuttgart, and it left the Hoops boss bemoaning a “ridiculous” financial gap between Scottish football and the rest of Europe.
O’Neill’s post-match assessment suggested that Celtic simply cannot compete with teams that boast £80m squad players.
However, a closer look at the Stuttgart transfer model on Be Soccer for 2025 suggests that the German side were not that far away from what Celtic can spend.
Stuttgart’s transfer spend compared to Celtic
While O’Neill pointed to the vast wealth of other clubs in Europe, Stuttgart operated at a massive £47.3 million (+€57m) transfer profit this season.
While they did spend roughly £49.4 million on new arrivals, that expenditure was entirely funded by the record-breaking £69m sale of Nick Woltemade to Newcastle United.
Why on earth are the board hoarding so much cash?!
- 2021: £19m
- 2022: £32m
- 2023: £72m
- 2024: £77m
- 2025: £77m
Stuttgart didn’t have a bottomless pit of cash; they relied on a player-trading model that Celtic fans have watched the board use to great effect over the years.
Celtic have spent upwards of around £21m on players since January and the season prior to that, Brendan Rodgers splashed out over £30m in the summer, which included the £11m the Bhoys spent on Arne Engels.
So the issue is not entirely down to money. Looking closely at how Stuttgart operate in the transfer market over previous seasons, it’s clear they invest the money they bring in straight back into their first-team.
- Summer 2024
- Players sold: €65m
- Players bought: €70m
- Summer 2025
- Players sold: €117m
- Players bought: €54m
Celtic’s recruitment let the club down in the Europa League, not money
By contrast, Celtic struggled to contain a Stuttgart side that was missing several key starters. The disparity in performance on the night wasn’t just about the size of the bank account; it was about the efficiency of the recruitment.
O’Neill’s comments may offer a convenient shield for a disappointing European exit, but Stuttgart’s success is built on savvy market moves—something Celtic must improve on if they are ever to become the European side that O’Neill claims they can be.
Plus if other teams like Bodo/Glimt, SC Braga and FC Midtjylland can compete in Europe with budgets similar or smaller to Celtic’s, why can’t the Glasgow giants?
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