Celtic count the cost after losing a seat at top table

WHILE Celtic's early exit from the Champions League will not define whether Neil Lennon is a success in his first season as the club's manager, it comes at a heavy cost which will certainly have an effect on his work.

In the immediate aftermath of Wednesday night's 4-2 aggregate loss to Portuguese League runners-up Braga in the third qualifying round, Lennon and his players understandably sought to put a brave face on falling at their first hurdle in European football's elite tournament.

The drop into the Europa League, where Celtic will be seeded in today's play-off round draw, was being eagerly talked up with captain Scott Brown even venturing the opinion they could emulate Fulham's achievement last season and reach the final.

Celtic supporters would certainly relish the prospect of an appearance at Dublin's new Aviva Stadium which hosts the Europa League final next May, although they are likely to take a far more circumspect view than Brown of its likelihood.

Regardless of how far Celtic progress in the second-tier European competition on the pitch, however, they will be unable to secure the kind of potential revenue which slipped out of their reach as a consequence of their second successive failure to reach the group stage of the Champions League.

The contrast between the Champions League and Europa League in terms of both finance and prestige remains startling, despite Uefa's efforts to raise the profile and revenue streams of their lesser tournament.

This season's prize money has yet to be formally ratified by Uefa but is expected to be more or less unchanged from the 2009-10 campaign. That saw each club in the group stage guaranteed a payment of €7.1 million, around 6 million, before a ball was kicked. They were then able to earn another €800,000 (around 660,000) for a win and €400,000 (around 332,000) for a draw during the group stage.

The rewards in the Europa League were paltry in comparison. Participation in the group stage earned a guaranteed fee of €900,000 (around 750,000) with further payments of €120,000 (around 100,000) for a win and €60,000 (around 50,000) for a draw. Even a run all the way to the final, such as Fulham achieved, earned further income of €3.5 million (around 3 million) which still appears paltry by Champions League standards.

Matchday revenue and television income also boost a sustained run in the Europa League but there is no escaping the huge disparity between the tournaments.

During their last appearance in the Champions League group stage in 2008-09, for example, Celtic raked in a total of €12,768,000 (around 10.6 million) in Uefa prize money and television market share income. That was despite finishing bottom of their group behind Manchester United, Villarreal and Aalborg.

In missing out again this season, Celtic have also gifted their great rivals Rangers additional Champions League income of up to 3 million as the sole recipient of Scotland's share of the television market pool.

As he continues his efforts to strengthen his squad, Celtic manager Lennon is keenly aware that their absence from the Champions League may be a detrimental factor in persuading higher quality players to ply their trade in the SPL.

"Going out of the Champions League so early could have a negative effect on the whole outlook of things, the way people perceive the club and Scottish football," admitted Lennon. "So the Europa League is imperative now and we want to progress as far as we can in it. I hope the fact we are seeded will be an advantage but you never know with the draws we get."

Among the possible opponents for Celtic are some who might be regarded as providing easy passage into the group stage, such as Welsh side The New Saints. Lennon will hope fortune favours him with such a tie but is aware there are plenty of potential hazards who could emerge from the Nyon ballot today.

Turkish side Trabzonspor, PAOK of Greece, Swiss club Grasshoppers and Gent of Belgium are among the non-seeds who would be considered more than capable of providing Celtic with a stern examination. AIK Stockholm and HJK Helsinki, champions of Sweden and Finland respectively, are other Champions League drop-outs who could pose a threat.

Logistically, Celtic will hope to avoid trips to face the likes of Aktobe in Kazakhstan or Tavria Simferopol in Ukraine. Whatever hand he is dealt, however, Lennon will appreciate the need to avoid complete elimination from European football at this stage of the season.

For all the encouragement he justifiably took from passages of his team's play in the midfield and attacking areas in the 2-1 second leg win over Braga at Celtic Park on Wednesday night, their defence remains a serious cause for concern. A goalkeeper, left-back and central defender remain at the top of Lennon's shopping list, despite persistent speculation linking Celtic with a headline grabbing loan move for Manchester City striker Craig Bellamy. The Welshman, who spent five months at the club in 2005, would certainly fire the imagination of the club's support but financing any deal may well depend on whether Aiden McGeady's proposed 9.5 million move to Spartak Moscow goes through.

Improving his rearguard has to be Lennon's priority, however, ahead of the Europa League play-off fixtures on 19 and 26 August, although Monday night's 11pm deadline for registering his squad for the play-off tie may legislate against him. Celtic supporters may now reflect on whether their team would have fared better against Braga had German full-back Andreas Hinkel and McGeady been involved in the tie - Hinkel was not even registered as Celtic look to sell him in advance of his contract expiring next year. Celtic may yet cash in on both players but the riches on offer at European football's top table have passed them by for another year.