PETER LAWWELL says claims of some Celtic fans that the club is sitting on a fortune is based on 'fantasy'.

Following the Hoops' Champions League play-off exit midweek, hundreds of fans demonstrated outside Parkhead chief executive and his board over their supposed lack of investment in the squad.

In recent seasons stars like Gary Hooper, Victor Wanyama and most recently Fraser Forster have been sold to Barclays Premier League clubs for big profits, while being replaced with players for a more modest amount.

But Lawwell yesterday issued a wake-up call to supporters who believe the SPFL Premiership champions are refusing to splash million of pounds on new players.

He said: "I think the accusations and the push for spend, spend, spend is just too simple, too superficial and you need to be cleverer especially in Scottish football environment.

"It is tough and there are real challenges. In terms of investment our policy, our commitment is that very penny that comes into the club will be reinvested, it will go back into the club. I do not think we can be clearer than that,

"There is no pile of of cash sitting there that we could look at, watch, feel and touch. It doesn't exist. It is fantasy. We have a wee bit of cash reserve, which gives us stability, and we have money we can invest on the right players.

"We can do it at the right time and we have a track record of doing that."

He added: "We could buy a £4m, £5m or £6m player who is value.

"But the consequences of that are he would want the £50k to £70k a week he would get elsewhere.

"That screws up your wage structure when you already have great players here who would make a case (for the same).

"In the context of Scottish football, a £50k a week player would actually be more than Aberdeen, Dundee United or any other Premiership club's wage bill by himself."