Speaking after the unveiling of the statue in honour of Jimmy Johnstone, Celtic's greatest ever player the Chairman repeated the mantra of his predecessor Brian Quinn in relation to the Financial markets within which we can operate.
"We are still prepared to spend money but we can't spend the money that Manchester United or Barcelona have got," said Reid
"We don't have the £70m income from television that they have every year and quite frankly, I think our fans understand that," said Reid.
Dr Reid then took time out to pay compliment to the fans who are realistic in their expectation of what the Club can achieve based on its low relative income
"They have been extremely understanding of that, they know that we still retain our ambition domestically and in Europe.
"It was disappointing this year, I think we deserved to still be in Europe but we didn't have the luck.
"There is no good complaining, you get on with it and we do the best we can with the resources we have got and we keep our ambitions."
On the subject of home grown talent Dr Reid was quick to pay tribute to the players who have made the step up from youth academy to first team and to those who are currently taking their first steps towards senior level football.
"It is a good thing to grow your own player and there is no doubt that that has been encouraged by the financial circumstances.
"We have players that come out of the Celtic academy like Shaun Maloney, Aiden McGeady, Paul Caddis and Paul McGowan, all of them about the size of Jimmy Johnstone incidentally.
"There must be a barrier - if you are above five foot two then you are not getting through.
"We are never going back to the days when we have 11 home-grown players, because we have to compete at the highest level, not only domestically but also in Europe.
"But growing your own players is becoming a good thing to do as well as a financial imperative."
Yours in Celtic
Clydebuilt