Celtic agree to pay £2 million compensation for Mowbray

West Brom have given Celtic permission to speak to manager Tony Mowbray about the vacant Parkhead position after agreeing a compensation package.

Celtic have been searching for a new manager following the resignation of manager Gordon Strachan at the end of the season.

Negotiations over the payment of compensation had dragged on, and it was rumoured earlier this morning, that Celtic were back in for Owen Coyle.

But it seems now that Tony Mowbray is set to be named as the new Celtic manager, unless something major turns up.

A statement on West Brom’s official Web site read, "Celtic have been given permission to approach Albion manager Tony Mowbray after the clubs agreed in principle to a £2million compensation package.

"The package was announced today by Albion chairman Jeremy Peace following talks with Celtic and Mowbray. Celtic would also pay an additional compensation figure for the services of Albion assistant manager Mark Venus and first-team coach Peter Grant.”

Peace said, "We do not want to lose Tony because he has been an integral part of a long-term project at the club, which the vast majority of our fans have bought into.

"But Tony expressed his desire to talk to Celtic, and now that the compensation figure in his contract has been met to our satisfaction, that process can take place.

"If Tony decides to join Celtic he would leave with our good wishes, and we would then immediately put into action the task of appointing a new manager who can take the club forward.”

Celtic chairman John Reid said, ”We can confirm that we have reached an agreement in principle with West Bromwich Albion Football Club and have been given permission to speak to Tony Mowbray and his backroom staff. 

"These are complex but important negotiations, and we can assure our supporters that we continue to aim to get the right man for the job in the right way.”

We would like to hear from Celtic fans on this latest news. Is Mowbray worth £2 million or has Celtic paid over the odds? Who would you rather have had as manager, if not Mowbray?