Everton manager David Moyes believes Celtic’s financial strategy has paid off.
The 49-year-old spoke about the state of Scottish football in an exclusive interview with STV on Friday.
Prior to Fergus McCann’s buyout in 1994, the Celtic board was lambasted by fans and the media for taking a miserly 'biscuit tin' approach to finances, with little investment in the club, facilities or team.
Moyes said: "I think Celtic had a lot of criticism for maybe not spending as much as they could at times, things were tight and the supporters were angry because they were losing titles.
"In truth, then, have Celtic done their business correctly by spending what they can afford and giving the wages out they can afford – you have to say Celtic have done it right really."
In relation to the crisis at Rangers, the retired defender said he felt it would have a "detrimental effect to the whole way people look at Scotland."
He added: "People are saying how can a club of this stature, with their support, stadium and history put themselves in such a position?"
The former Celtic, Dunfermline and Preston North End player felt that the Scottish Football League made the "fair" decision in forcing newco Rangers start in Division Three.
Moyes, who has been in charge at Goodison Park for more than a decade, had praise for Celtic manager Neil Lennon, after his team lifted the Scottish Premier League trophy last year.
He also shared his thoughts on the tough task facing the Scottish national side in qualifying for the 2014 World Cup.
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