By Chick Young BBC Scotland football correspondent

They were trying to look on the brighter side of life. But, in all honesty, Celtic fans watching events in their beloved Spain were flatter than a deflated beach ball.

Villarreal turned out to be a bridge too far for the team in their campaign to conquer Europe.

But, for my money, a Celtic team buoyed - or should that be bhoyed? - by Alan Thompson, John Hartson and Chris Sutton would have turned over the Spaniards. Then again, if my granny smoked a pipe, she might have been my grandad.

Thompson was a victim of his own folly in the yellow-card incident at Celtic Park, but the absence of Sutton through injury was cruel.

And, in the end, it turned out to be the classic after-the-Lord-Mayor's-Show performance in the wake of the glory of Barcelona.

Celtic missed Thompson and Sutton against Villarreal

For the time being, you won't find too many Celtic fans crying in their beer.

The possibility of adding to their championship win by completing a league and cup double does help to drown your sorrows. But stirring times lie ahead.

They are already taking names for Henrik Larsson's farewell night, the "for sale" sign is up on his modest but-and-ben and other players, like Johan Mjallby and Joos Valgaeren, look as if they are ready for an old folks' home.

And that road to Gothenburg, which seemed to turn up a cul de sac, might after all turn out to be a crossroads.

Brian Quinn, chairman of the plc board, lit the fuse on the eve of the Villarreal tie by declaring that he would be sellotaping closed the biscuit tin: that the club would not allow Martin O'Neill millions to frolic in the summer transfer market.

That tends not to make you popular, especially when, 24 hours later, your Uefa Cup campaign crashes and burns.

It was underlined in Spain that Celtic are short in depth - that, when you take away their big-time players, they do not have what it takes to compete with Europe's cream.

Players like Stephen Pearson may be outstanding prospects, but he is still an apprentice at his trade.

The champions remain gloriously equipped to deal with anything that the SPL can muster against them and, even at this distance, look sure-fire favourites to retain the title by the spring of 2005...but the Champions' League? That is the big boys' playground.

Celtic boss Martin O'Neill is looking for six new players

But what can Quinn and his bean counters do? It would be insane for Celtic, who are dancing on financial quicksand as much as any other club in this country, to go down the Rangers road.

Celtic are millions in debt. But compared to their greatest rivals - who have not made much of a job of being rivals this season now that you mention it - they are the picture of prudence.

Some money must be released or Martin O'Neill has no chance.

But don't forget the new deals for Sutton and Thompson - and I forecast Hartson will put pen to paper in a similar fashion shortly - have already cost them big dough.

Celtic have to get a grip on their debt before anything else. And it remains an utter disgrace that a club of their stature has no training ground worth the name.

Villarreal have pitches, both synthetic and lush grass, which would be the envy of most clubs in Europe and here is a side watched on a regular basis by three men and dog.

No-one shamed the Hoops in Europe.

In fact, they gave everyone who has any vested interest in Scottish football a run for our money in both the Champions' League and the Uefa Cup. And, with a double potentially in the bank, it is hardly a domestic crisis either.

But it is only the beach balls that are burst. It would be insanity to follow suit with the bank.