The club's annual report for 2018-2019 revealed the club made an £11.9million annual profit despite a revenue drop of nearly 18 per cent.

Celtic have a substantial £38.9million on the bank and were helped with player sales of £17.7million.

In addition, the report confirmed that the Parkhead side received £8.8million in compensation for the management team's move to Leicester City.

Celtic received a huge amount of money for Kieran Tierney and Brendan Rodgers. Picture: SNS

Rodgers left Celtic for the Premier League in February in what was a surprising move due to the timing with the club on course to complete a treble treble.

The Northern Irishman currently has the Foxes in third place in the Premier League, above Chelsea, Arsenal and Manchester United.

The report did not include the sale of Kieran Tierney to Arsenal this summer.

However, it noted post balance sheet events, detailing the players who arrived and left the club in the transfer window.

It indicates that Celtic were paid £25million from Arsenal for the services of Tierney.

Celtic confirm the huge fees received from Brendan Rodgers and Kieran Tierney's moves to the Premier League