Volkswacht Bodensee - Celtic count the cost of Champions League flop

Having gone out to unheralded Kazakh side Kairat Almaty in last year's play-offs, Celtic suffered an even greater humiliation on Tuesday, squandering a four-goal aggregate lead against Austrian champions LASK to lose 5-1 on the night and 5-4 overall.

Their failure to reach the league phase will cost them an estimated £40 million ($55 million), even with the consolation of competing in the second-tier Europa League.

O'Neill, who in his second full-time spell at the historic club, had guided them to the title on the final day of the season with a dramatic win over rivals Hearts, said missing out was costly in every respect.

"The qualification for the Champions League is major, it's major in every aspect," said the 74-year-old Northern Irishman.

"Financially, for prestige, but we have to pick ourselves up. That's my responsibility again to do that.

"I think I said last week that if you could qualify for the Champions League there would be players wanting to come on that basis.

"That's not going to be the case."

O'Neill, who won the European Cup twice as a player with Nottingham Forest, admitted the squad needed strengthening as the performance had underlined their weaknesses.

"We know that we are a million miles from the finished article," said O'Neill, who in his first spell took Celtic to the 2003 UEFA Cup final.

"That's absolutely true. I think we thought that anyway."

- 'Suck it up' -

O'Neill, who missed the start of the domestic season because he underwent a procedure in hospital for a "couple of ailments rolled into one", was more diplomatic in his analysis than club captain Callum McGregor.

The 33-year-old midfielder, who has spent his entire career at Celtic aside from a loan spell early on at English side Notts County, did not hold back.

"We got what we deserved," he told Amazon Prime.

"We were passive all night. We looked scared to go and win the game.

"I didn't think we were that good in the first leg either. We scored at good times and got away with it.

"We have to suck it up. We apologise to our supporters and the club because there's no way we should lose that game."

Although O'Neill said he assumed full "responsibility" for the cataclysmic performance, McGregor believed the blame lay elsewhere.

"It's as much on the players as everyone else. You can't look for excuses elsewhere," he said.

"You'll now see what people are made of. When you play like that you can't have any excuses whatsoever.

"When you go 1-0 up in the game and it still doesn't settle you, that is on us."

McGregor said the character of the players would be tested now.

"You fall at a big hurdle and these questions are going to be asked. You can't lose by that margin then look for excuses elsewhere," he said.

"You have to bounce back, you have to show a reaction and that's what Celtic are all about."

The players' first opportunity to rebound comes on Saturday when the Premiership table-toppers -- they have six points after two matches -- host Falkirk, who have just one point.

W.Huber--VB