This is a bit mad – How Celtic could still sign Louis Munteanu

And the deeper you look into the financial maze behind CFR Cluj, the more complicated this potential transfer becomes. On the surface, Cluj owner Ioan Neluțu Varga has been bullish. “Louis Munteanu will only leave if someone pays €18 million (£15.5m),” he told the Romanian press with the confidence of a man in control. But recent investigative reporting from Cluj24 paints a far murkier picture of the man pulling the strings behind the Transylvanian club — and raises serious questions about whether Cluj can actually afford not to sell.

Let’s start with the basics. Munteanu, 23, is a striker in form. With 25 goals last season and a Europa League opener goal already under his belt, he’s arguably one of the hottest properties in Eastern Europe. Celtic reportedly tested the waters with an offer of just under £7 million — a serious bid for a player in Romania, but nowhere near Varga’s valuation apparently.

Dan Petrescu, Cluj’s experienced manager, called Munteanu “almost irreplaceable” and said replacing him would be “like winning the lottery.” That kind of talk tells you everything about Munteanu’s influence on the pitch. But off the pitch, another lottery — financial rather than footballing — might be forcing Cluj into a corner. 

According to Cluj24, Varga is embroiled in a multi-year legal battle with German financier Abris Lelbach, who allegedly loaned Varga — as a private individual — more than €40 million beginning in 2015. Lelbach is now seeking repayment of €22.2 million in Romanian courts, a debt that’s allegedly been hanging over Varga like a shadow.

According to the report this isn’t speculative. Court proceedings have been documented in Cluj and moved to Bistrița. Lelbach initially engaged with the press before cutting off communication, and Varga has refused to answer any questions. What did he guarantee the loan with? Was there political involvement? Were promises of privileged access to natural resources made? The report claims those questions have been asked but have received no answers.

And here’s the strange thing – the official documentation shows that Varga only became an official administrator of CFR Cluj in June 2024, despite being widely considered the club’s financial backbone for years. So, who really owns what? And what are the implications if Lelbach presses harder for repayment?

Financial records show that CFR Cluj is not in rude health. Last year, the club posted losses of 24 million lei (around £4.1 million) against a turnover of 33.1 million lei. Commercial risk is high. Combine that with a €22.2 million personal lawsuit hanging over Varga, and it’s not hard to see why even a “low” bid like Celtic’s might suddenly look appealing — especially if cash flow becomes a short-term issue. 

Publicly, Cluj are holding firm. Privately, it may not be so simple. With Munteanu’s stock rising and his value arguably peaking, turning down £6.9 million might seem brave. But in the context of legal pressure, unpaid loans, and financial instability, it may also be considered reckless.

Another key factor complicating any potential sale is Fiorentina’s reported 50% sell-on clause in Munteanu’s deal. The Italian club, who previously held the striker’s registration, would be entitled to half of any transfer fee Cluj receive — meaning a £6.9 million sale would net Cluj just under £3.5 million. That financial reality may explain why Ioan Varga is digging his heels in over the €18 million (£15.5m) price tag; with such a hefty slice going to Fiorentina, Cluj may need to maximise the fee just to make a meaningful profit — especially in light of the owner’s apparently looming €22 million personal debt.

And this isn’t just about Celtic. French clubs Lille and Nice are reportedly circling. If a bidding war doesn’t break out, Cluj may find themselves hoping one does — not because they want to sell, but because they need to.

Munteanu, for his part, is staying composed. “I feel very good here,” he said. “I am a happy player.” But he also admitted: “When it will be necessary for me to go, we will see.” That necessity may not come from him — it may come from a court order, a loan repayment deadline, or simply the weight of a crumbling financial pyramid.

Celtic may well return with a second bid. If they do, the decision for Cluj won’t be just about replacing goals — it’ll be about plugging deeper holes. And while £15.5 million might still be the public price, the private urgency behind the scenes may mean the real figure required to prise Munteanu away is much, much lower.

Football to many of us football is played out on the pitch. But as CFR Cluj are discovering, it’s also a game occasionally played in boardrooms and courtrooms — and right now, Louis Munteanu might be the most valuable bargaining chip CFR Cluj have.

Celtic in the Eighties by David Potter

Thank you to everyone who has already pre-ordered the late David Potter’s last ever Celtic book, Celtic in the Eighties, which will be published on the fifth day of September by Celtic Star Books. The link to pre-order your copy is below…