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Brendan Rodgers wanted to sign a striker and a winger on deadline day, but only succeeded with the signing of Sebastian Tounekti from Hammarby.
Kasper Dolberg rejected Celtic, and with Adam Idah leaving to join Swansea, Rodgers is now in talks with Kelechi Iheanacho from Seville.
Celtic lost Nicolas Kuhn earlier in the window, and the lack of reinforcements to address the attack has been laid bare in their shock defeat to Kairat Almaty in the Champions League and recent 0-0 draw with Rangers.
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Sutton has called it “the most remarkable window of all time,” claiming “Celtic have come out of it weaker.”
“The feeling now is utter deflation,” Sutton says.
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Rangers have started with four successive draws under Russell Martin, but Hearts, under new investment from Brighton owner Tony Bloom, are currently matching Celtic at the top of the table.
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Football Insider Verdict
Celtic’s late surge to conclude their transfer business has failed to pay off, with Dolberg’s rejection a major blow to Rodgers.
With Idah leaving, Rodgers must rely on the unproven trio of Johnny Kenny, Shin Yamada and Callum Osmand up-front.
The Nigerian has struggled for form since leaving Leicester, so a move to Celtic as the number one striker could reignite his career.
Rodgers would need the 28-year-old to step up, with the Europa League campaign starting later this month.
If Iheanacho can regain top form, then Celtic could have their proven striker, only after failed negotiations for other targets.