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Celtic fans displayed banners at a recent game against Livingston Celtic's attempts to explain their transfer window business have been described as "a PR disaster" and an attempt to "defend the indefensible". Not the reaction the club would have been looking for when they released a lengthy statement late on Saturday saying that "throwing money" around is "not a sustainable route to success". The missive - the club's first public communique about recruitment since the window closed last Monday - was designed to quell supporter unrest. In it, Celtic insisted they take their ' views "extremely seriously", understand "the concerns and frustrations" and are "always willing to learn lessons". But instead, it appears to have only further angered fans as well as attracting derision from pundits. Celtic defend not 'throwing money' around on deals Irate fans & upset boss - how did Celtic get here? Rodgers says Celtic fans 'will love' striker Iheanacho Celtic have signed 12 players since the end of last season, but Sebastian Tounekti, Michel-Ange Balikwisha and Kelechi Iheanacho only arrived after the club's Champions League hopes were ended by Kazakhstan's Kairat Almaty. Many fans feel players such as Kyogo Furuhashi, Adam Idah, Nicolas Kuhn have not been adequately replaced despite the significant profit generated by their sales. "The statement is an absolute PR disaster, " former Scotland midfielder Michael Stewart said on Sportsound. "Talk about not being able to read the room. .. "Of course, they were under pressure and felt like they had to speak but they'd have been better just being quiet than coming out with that. "At no juncture in that statement did the Celtic board actually say, 'you know what, it's not been as good as we hoped'. "That statement could've been one word - 'sorry'. " In it, Celtic stressed their healthy cash reserves are "not relevant" when it comes to complying with Uefa's financial regulations, which was one of the factors they citing as being behind their struggle to sign players. They said "inaccurate or misleading information" had led to fans demanding clarity However, former Scotland forward James Mc Fadden says financial complications do not excuse the late nature of Celtic's high-profile transfer activity. "It's not about spending, it's the timing, " he told Sportsound. "Getting the players in before you've let players go is the ideal, but certainly before you play in a Champions League qualifier. "The model's been amazing for Celtic over a number of years but this transfer window's not been good enough, nor the last one. " Celtic chairman Peter Lawwell, chief executive officer Michael Nicholson, and chief financial officer Christophe Mc Kay have come in for criticism Arthur: Condescending drivel. I hope the support treat it with the contempt it deserves. David: So they'd rather have £100m in the bank and pay £10m in tax every year. Two strikers gone, one free transfer gamble in. It's an utter joke, Celtic are becoming a laughing stock when it comes to transfer dealings. Money is kept to pay the rich shareholders, while the team stagnates or goes backwards. Colin: That is a disgusting statement. I won't be spending another penny until there is change within the board. Ruairidh: The statement is unbelievable. There is no accountability. It places blame where there - for once - is none due. It hides behind easily disproved arguments and fallacies, while treating those fans who raise concerns with contempt. Most galling of all, there is not even the smallest acknowledgement of a mistake. The club know best and want everyone to shut up and keep paying your money. Futileventure: Celtic might be a bit more successful in the transfer market home and abroad if they stopped low-balling every club they make contact with. JC: Quite simply awful. How can the board believe it is progressing when it denies a manager the resources to make the appropriate progress. The board is failing the club. David: The statement does not address the fact we have not replaced our main striker and right winger in the January or summer window. We should have used the money coming in from sales to buy two £10m players. I simply can't believe they could not do this. Their recruitment process is amateurish. Why can't they explain who is involved and what is the process as that is the main issue? Brian: Smoke-screen stuff this. Do they think the supporters are going to accept this poor excuse for incompetence and mismanagement. The loyal supporters and their cash are being taken for granted. .. putting up ticket money, merchandising and match-day revenue but all we see is more profit on the balance sheet alongside the player trading profit. Andrew: I guess that's alright then. Thanks for putting that to bed, Celtic. There I was thinking you hadn't bothered but turns out you had actually tried. Really sorry about the "factors outwith the club's control" - though I'm sure other clubs face these same factors too. Just one of these things, eh? Visit our Celtic page for all the latest news, analysis and fan views Get Celtic news notifications in the BBC Sport app Rampant England seal biggest winning margin in ODI history - reaction Piastri told to let Norris past as Verstappen wins Irish Open final round: Mc Ilroy and Lagergren in play-off at K Club - updates A psychological thriller directed by Christopher Nolan Why was this French film so controversial? 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