Martin O’Neill’s milestone 1,000th match in management against Stuttgart was meant to be an evening of celebration at Celtic Park.
Instead of marking a personal achievement, O’Neill had to witness Celtic get dismantled by VfB Stuttgart, leaving the Hoops boss lamenting a “ridiculous” financial gap between Scottish football and the rest of Europe.
O’Neill’s post-match evaluation suggested that Celtic simply cannot match teams that feature £80m squad players.
However, a closer examination of the Stuttgart transfer model on Be Soccer for 2025 indicates that the German side were not that far removed from what Celtic can afford.
Stuttgart’s transfer expenditure compared to Celtic
While O’Neill highlighted the enormous wealth of other clubs in Europe, Stuttgart recorded a substantial £47.3 million (+€57m) transfer profit this season.
Although they spent roughly £49.4 million on new signings, that outlay was fully financed by the record-breaking £69m sale of Nick Woltemade to Newcastle United.
Stuttgart didn’t have unlimited funds; they relied on a player-trading strategy that Celtic supporters have seen the board utilise effectively over the years.
Celtic have invested around £21m on players since January, and in the previous season, Brendan Rodgers splurged over £30m in the summer, including the £11m spent on Arne Engels.
So the problem is not entirely down to finances. Examining how Stuttgart manage transfers over past seasons, it’s evident they channel the money they generate directly back into the first-team.
Summer 2024
Players sold: €65m
Players acquired: €70m
Summer 2025
Players sold: €117m
Players acquired: €54m
Celtic’s recruitment let the club down in the Europa League, not money
By contrast, Celtic struggled to cope with a Stuttgart side missing several key players. The gap in performance on the night wasn’t merely about financial resources; it was about the effectiveness of the recruitment.
O’Neill’s remarks may provide a convenient cover for a disappointing European exit, but Stuttgart’s achievements are built on astute market decisions—something Celtic need to enhance if they are ever to become the European force that O’Neill claims they can be.
Moreover, if clubs like Bodo/Glimt, SC Braga, and FC Midtjylland can compete in Europe with budgets similar to or smaller than Celtic’s, why can’t the Glasgow giants?