£250k Celtic boost for Scunthorpe United coffers through clause in Gary Hooper deal
SCUNTHORPE United have been handed a £250,000 cash windfall as a result of a clause in the deal which took Gary Hooper to Celtic two years ago.
But the money, which comes as a result of the Bhoys' progression beyond the group stages of the Champions League, seems almost certain to go towards reducing the Iron's losses rather than allowing manager Brian Laws to strengthen his squad in January.
Hooper joined Celtic in the summer of 2010 – after scoring 43 goals in 82 league games for the Iron – and has been a central figure in helping the Scottish Premier League champions reach the last 16 in Europe for the first time since 2008.
Iron general manager David Beeby today confirmed the club had received a further payment from the Glasgow giants, but said an agreement with the Bhoys prevented the sum from being made public.
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The Telegraph though understands that figure is a quarter of a million pounds.
"We have received a payment, though I can't confirm what that payment is," he said.
"We're under an obligation within the agreement not to reveal any of the details."
As well as getting the opportunity to play at the Nou Camp, the home of Barcelona, Hooper netted vital goals in his side's two matches against Spartak Moscow to help Celtic finish as runners-up to the Catalan giants – one of which came in the clash which sealed their qualification last week.
They had earned around £11 million as a result of their exploits up to and including the group stages, with a further £2.5 million awarded for reaching the last 16.
Scunthorpe could still make further money on Hooper as they have a sell-on clause on the striker, who has been linked with moves to the likes of Southampton, Liverpool and Newcastle by national media during the first half of the current campaign.
If that happened in January, it is hoped Laws would be allowed a proportion to strengthen a Scunthorpe squad languishing second bottom in League One on the back of another season of struggle.
But having announced a record operating loss of £1.9million during the last financial year and predicted further big losses in the next set of accounts, the current cash boost appears to have been quickly swallowed up
"It's money really which has already been accounted for," Beeby said.
"Last year we made a big loss, this year we're due to make another loss and extra money coming in reduces that loss.
"We've had some budget figures from the Football League in terms of benchmarking it and where we fit in with other clubs.
"According to that data, we have the 12th highest wage bill in League One, so we feel we've got a competitive budget as we stand.
"Obviously, in terms of on the pitch, results haven't been good and we'll continue to back Brian where possible, but we've got to do it within our means."