CELTIC’S Champions League campaign ended before it began with a dismal performance in Kazakhstan on Tuesday night and a penalty shootout defeat to lowly Kairat Almaty.

The financial implications of the exit are significant. Eight games in the Europa League will mean significant income, but quite simply, the biggest stage means the biggest rewards. Celtic would have trousered around £40 million from the Champions League group stage, including gate receipts, broadcasting revenue, hospitality and merchandise sales. The Europa League won’t come close to replicating that.

Champions League nights and the passion they engender always spark increased kit purchases and online store traffic, not to mention the global exposure that helps attract sponsorship deals. Some argue that this money might not have been spent immediately so there’s no point getting annoyed over it,  but it still represents a massive loss of opportunity and momentum. The Europa League is a diminished platform for the club to showcase its brand internationally and the demotion is particularly galling given the increased opportunities for progression to the knock-out stages offered by the revamped Champions League format.

Champions League football is not just about money. It is about keeping Celtic competitive on a bigger stage, giving young fans a reason to buy into the club and generating energy around the team. Missing out has consequences both on the pitch and off it.

Over two goalless legs, Brendan Rodgers’ team had more of the ball but rarely found a way through and when it came down to spot kicks, they fell woefully short. Adam Idah, Luke McCowan and Daizen Maeda all missed. Kairat’s young goalkeeper Temirlan Anarbekov, who saved three penalties, was the hero, securing his team’s first ever place in the Champions League group stage.

The tie itself was frustrating for Celtic. The first half was cagey, with both sides struggling to create clear-cut chances. Celtic saw plenty of the ball but were repeatedly slowed by a heavy and uneven pitch. Rodgers later admitted that the surface made flowing football almost impossible. “It is not an excuse,” he said, “but it certainly did not help our rhythm or confidence on the ball.”

In difficult conditions Celtic need to grab what little presented itself – and they didn’t. McCowan’s curling effort just went wide, while Maeda blasted over in a late one-on-one. Idah also had a header from close range cleared off the line, and a late chance from a corner was flicked over by the towering Kazakh defence. Yet, every opportunity seemed to be met with a nervousness that ultimately cost them as it spilled over into the shootout.

Supporters made their feelings known. Fans had travelled thousands of miles to Almaty, hoping to see the Hoops return to Europe’s elite stage. Many left disappointed and chants of “Sack the board” rang out in the stadium after the final penalty was saved. Social media was ablaze with criticism of the club’s preparation, squad depth and transfer policy. The sense of frustration was palpable – supporters felt the team had the quality to progress against a spirited by hugely limited Almaty, but failed to deliver when it mattered most.

In the wake of the defeat, the bolting of the stable door begins. Belgian winger Michel Ange Balikwisha is expected to sign this week for around £4.5 million. The 22-year-old is known for his pace and directness, qualities that could help Celtic break down tight defences in domestic and European competition this season. A deal is also close for left back Marcelo Saracchi from Boca Juniors on a season long loan, offering cover and competition for a still sluggish Kieran Tierney. Had those deals been completed earlier, could Celtic have avoided this heartbreak?

The timing of the Glasgow Derby adds further pressure. Celtic remain unbeaten and top of the Premiership, but Rangers – even a Rangers in this amount of chaos – are always up for the derby and will sense an opportunity to unsettle their rattled rivals. Rodgers must balance preparing his squad for a high-stakes domestic clash with addressing the disappointment and frustration of that Champions League exit.

Ultimately, this was a night of missed opportunity. Celtic were capable of progressing but lacked composure in key moments. Kairat, disciplined and resilient, took their chance and will now enjoy the financial and sporting rewards of group stage football.

For Celtic, the challenge is clear: recover quickly, make the most of new signings and ensure that domestic and future European campaigns are approached with the focus and efficiency that fans expect.

But as much as I hate to say it, the chances are that we will find ourselves in this position again.

Celtic supporters will hope that the lessons from Almaty resonate. They want their club to spend and think like a Champions League side. With the expected arrivals of Balikwisha and Saracchi and the Glasgow derby looming, the Hoops must respond to disappointment with determination, turning another European sickener into a renewed push for success both at home and on the Europa stage.