Former Celtic star Charlie Nicholas is pained by the situation at Parkhead as he accuses the board of getting "everything wrong" with their update to fans.
The Parkhead club released their half-yearly financial figures on Monday, announcing a loss of close to £6million for the year up to December 31.
That was followed by an update on the proposed review into manager Neil Lennon, which had been promised in late 2020.
However Celtic chairman Ian Bankier simply said that no rash decisions would be taken, without giving supporters an indication of how the managerial situation will look next season.
With his old club languishing 18 points behind Rangers in the Premiership, Nicholas has predicted fan fury when it comes to season ticket renewal time.
He wrote in his Daily Express column: "Celtic's response to their latest financial results reads like the board are trying to pat themselves on the back by claiming they have done quite well through this pandemic.
"The club's six-monthly figures leaves them with major losses on and off the park and with very little credit amongst their fan base.
"They also failed to address any of the major issues at the club, such as the manager's situation or plans for the future.
"The fans will be furious that the club have failed to reveal anything from their so-called review.
"They will soon be asked to come up with the money for season ticket renewals.
"They will dig deep, maybe not to the same levels as this season, but they will back their club.
"But where is the hope? The board seem to be handling everything wrong and the whole situation has become a sad case.
"Amongst the highlights stated by the club was the fact that the team are second in the league - they were basically suggesting it could have been worse and that Celtic could have been third!
"It pains me greatly how they have collapsed so dramatically."
