 Tuesday, March 29, 2005
Celtic Premiership move update
As regular readers will know, there is a play being made to move Celtic into the English Premiership in 2007, when the current TV deal in England ends.
The Premiership currently negotiates TV contracts on behalf of all member clubs, unlike TV deals in Italy and Spain, where clubs negotiate their own deals. As a result of this, the top clubs in England earn less TV money than the top clubs in Italy and Spain, even though the TV pot is much larger in England.
Although it has been commonly accepted that Malcolm Glazer would insist on Manchester United doing their own TV deal if he acquired the club, I had previously suggested that the current Manchester United board would do likewise.
Undercapitalising on major revenue streams such as TV income is the reason Manchester United are vulnerable to takeover at the moment. My logic was that knowing this, their board would act to close this window, leaving less money on the table for Glazer to exploit.
David Gill, the Manchester United Chief Executive, has now let it be known that the current board will not act in this manner, saying "The strength of the Premier League over the years has been the collective sale of TV rights."
"In this country, the team at the top generates roughly 2.5 times the money from central funds than the one that finishes bottom. In Italy and Spain the ratio is more like six to one.”
"In the short term we may make more money if the collective deal ended but we would question whether that would help the long-term health of the Premier League."
I could paraphrase this by saying ‘let’s give less money to our shareholders and give the money instead to Everton, Tottenham and Manchester City, as this will give the smaller clubs a better chance against us’.
And they tell me turkeys don’t vote for Christmas.
I find it impossible to believe that large Manchester United investors like Dermot Desmond and Cubic Expression will back this strategy.
Malcolm Glazer is yet to announce a takeover bid, principally because he does not have the cash. He needs to convince funders that there is a return available. I was told to expect the bid earlier this month, if it does not appear within the next few weeks it may never come.
If he gets the funding sorted, and I believe he will, expect the bid to be accepted. Once in control of the club the most almighty dash for cash will take place. Chelsea, Arsenal, Liverpool and Newcastle will follow Manchester United in seeking their own TV deals.
Malcolm Glazer will instruct his board to maximise his TV deal - not just bump it up a bit - maximise it. At this point Celtic moving to The Premiership will be considered.
I am sure that it will do us no harm that Dermot Desmond currently ‘drinks from both wells’.
When this decision is being made Wigan Athletic will have made their Premiership debut. Where do you think the money is?
Apologies to all for the continuing problems the Celtic Quick News comments facility is having. Please stick with us.
43 Comments:
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Paul,
Another very interesting article. I hate to be negative, but it seems as pure conjecture. We have no real idea how things are going to develop in England and as such should be focusing all of our efforts in maximising our potential in Scotland / Europe and looking at ways of building our markets ourside of the local area. There is huge markets in the US and Asia that we should be looking to increase our visibility in and to build our market base.
I think way too much time and energy is being placed on the "Golden Egg" of entry into the EPL and if that was not to materialise we will be left trailing the other lot.
No the SPL is not a huge market, but how can the like of PSV and Lyon continually do better in Europe than we do? We have to learn from the teams from the smaller markets who continue to do better than we do and to realise that if others can do it with reduced revenue then so can we.
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Computergeekjohn
PSV are slightly ahead of us at the moment, but not much. They are not a tier-one club, which I believe Celtic could be in a better league.
Lyon are getting their act together at the moment and may well make the breakthrough, however, despite what you will read elsewhere, the new French TV deal is the richest in world football, bigger than the Premiership.
Without this income Lyon would not have the money to attract the players they have.
The US currently offers potential which is limited to the Irish/Scottish diasporas. Mainstream North America and Asia will only be available to us if we get into a big domestic TV market.
I don’t believe that any club from the smaller leagues continually delivers. Either we accept that our place in life is roughly where we are right now and hope that we can create the one-off which Porto done last season, or we look at the potential that we have – one of the best supported teams in the world – and plan to realise it.
An interesting point on creating sustainable high standards from a small country, Porto are currently 5th in the Portuguese league (albeit on goal difference).
I believe Celtic are every bit as big a club as Juventus, we should aim for nothing short of this standard.
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Hi Paul, pretty new to this site, wish I'd found it years ago, brilliant. My question is this. You seem a pretty shrewd cookie, but I guess there are others who can read the signs as well as your good self. If there is something big imminent for the Tic would we not expect the share price to go up as other shrewd cookies buy shares in order to make a quick killing when the deal is done and the value of the Celtic shares rise?
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GarBhoy, Celtic are undercapitalised at the moment. They will need to raise funds through a share issue if they are to develop the club before any move. No-one, including me, expects the share price to rise in advance of the issue being announced.
If fresh investors are looking to buy into the club, it would suit them better if the share price was lower in advance of the share issue (as they would hold a greater percentage of the club for the same investment). Buying before the share issue is both speculative and counterproductive.
Having said all that, I would encourage all Celtic fans who can afford a speculative punt to become shareholders.
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Computergeekjohn,
In most of Asia, particularly Singapore, Hong Kong and Thailand, Star Sports is King. I believe this is part of the Murdoch Sky Empire. My point is that the Premiership is televised constantly. Most games are broadcast live and are constantly repeated. This gives even mediocre teams a high profile. To break into this market we need much greater exposure than the SPL can give. If/when we gain entry to the Premiership our exposure and income rises. We can then increase capacity to 75,000 which will be taken up with season ticket holders. Tomorrow Europe next week the World! Bring it on!
Seanbhoy
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Dam i do love this site.....
I cant beleive that the Man U Board would actually think of themselves this way but at the same point i think that it could be true that this is their way of thinking.
Due to the workings of past clubs ie Leeds, Bradford and such i can see what they may be trying to do and installing some sort of money base for the lower clubs. Although i dont think that other clubs will see it this way especially Arsenal due to the fact they are losing more money than any other club in Britain due to their staduim expansion putting them in debt to the tune of two hundred million or so(they will make this back after the staduim opens). Its fair to say that the larger epl clubs will be looking for a bigger cut of the cash when the new contract comes around and they will also be looking to improve competitiveness which ever way they can which may or may not include the old firm (see them as a joint package).
I have been thinking in the past few days that uefa and fifa have already paved the way for the old firm to make a tranfer to the epl due to the fact that in international football Isreal and Turkey play in the european section of the world cup qualifiers so if we were taken in by epl then i would not forsee any problems with the cross border rules applying due to the above teams(and other factors that i am sure would be exploited)....
To close i would like to think we are as big as most of the major clubs in europe and fan base wise i dont think we could be beaten but it still brings us back to the Spl and the fact its a pants setup with teams that cannot compete with the likes of lower clubs in other countrys such as holland, Dutch football has always been of a higher standard while attracting better players than the Spl and i cant see it changing in the near future UNLESS we go to Epl or form a Euro league......
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Paul,
I don't mean to be smart here but I genuinely don't understand why, if it's in the big clubs interest, Glazier doesn't save himself millions and move for Celtic instead of United? If the move to the Premiership is bound to happen, surely his profit margin in acquiring would be vastly superior to anything he could hope for from United?
I hope you're right about all this, but I just can't see it happening.
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Paul,
Would it be possible for you to do a small piece on how Irish bhoys (and other bhoys and ghirls abroad) could purchase shares in the club?
I have a few bob to spare and it's either Celtic shares or Guinness.
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Have to say I find Man U’s position very strange, something tells me this is another machination in the take-over saga. Recent comments from them seem to suggest a softening in their attitude to a take-over.
One thing that has not been mentioned is a reduction in the number of premiership teams, this is still I believe being pursued by FIFA due to a desire to fit in more international tournaments/fixtures and reputedly desired by the big teams due to the ever increasing number of games played each season. How would fitting Celtic into a smaller league affect things? No Wigan or West Brom to wipe out but Fulham or Southampton, not exactly giants I know but it would be much more controversial.
If for example celtic and rangers do get an invite, assuming it is not at a year’s notice, how are 2 teams disposed of? 3 down one up effectively? Does the league go back up to 22?
Most important of all what happens when rangers get relegated to the Nationwide? No more derbies? They’ll want back into Scotland to compete with the new big two Gretna and Inverness.
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stepjam, i am laughing my erse off at your comment above, dont get my hopes up!
once they are relegated we can bring back the glasgow cup.
Paul, Man U 's stance seems a very strange one. No doubt glazer will attack it with a wrecking ball if he manages to gain control. I dont think we should rule out in any way the groundswell against him among the support. Cubic expression may sell out or they may make a longer play by blocking his advances and playing to the gallery as it were. However i think they are money men and will take glazers shilling. This can only be good for the hoops.
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Paul,
Excuse me for stating the bleeding obvious but why are Man Utd the pivotal player in all of this?
If Chelsea or Arsenal have any sense they will demand the right to negotiate on their own and then the rest would have to follow suit, correct?
Chelsea need to realise their own potential, as do Arsenal, with the massive spending they have undertaken in recent years.
Am I being dumb and this is just a numbers game as Man Utd have far more "supporters / viewers"?
Would Celtic not be foolish to simply rest on the outcome of one deal?
I know that this is a massive game of poker but I'm getting twitchy about it as it sounds like we need an almighty alignment of stars!
Your words of wisdom re appreciated as always!
Hail Hail
Martybhoy
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There is pressure for an 18 team EPL from UEFA, FIFA etc. I take the opposite view from stepjam in that I think this would be good news for our EPL chances. In order for the drop in revenue from less games to be offset each individual game would have to generate more money. For example games involving Celtic would generate more money than games involving Fulham.
An 18 team EPL would also make for a more attractive EPL-2 which I believe would have to be set up for Celtic to the EPL.
Saying this, I can easily put up a logical argument for Celtic joining the EPL. Whether I actually believe it will happen is another thing.
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FrankieBhoy is there not more of chance of Celtic being invited to join the EPL-2 in your scenario. (1)This would be a sweetener for the teams dropped from the EPL (bigger TV deal with us involved)
(2) The not so big guns in the EPL would not have to fear us taking their place and (3)It would give us a path to the EPL on merit (by winning the EPL-2).
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Paul,
the detail you provide would seem to be informative but last week you said that Glazer would make his move in the next 3 days whereas this latest post suggests it may take weeks if at all.
Given that his takeover would seem to be pivotal in what happens down CP way it would seem that you are not as optimistic as before about imminent good news from CP.
Am I reading this wrong???
WB
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Can't argue with the points being made, but here's something else to consider. I have lived down here in England for over 20 years. when I first came down here I got sick of hearing about how the Scottish league was just a 2 team league. A true statement, but one that i didn't need reminding of every 5 minutes. What is being overlooked is that the EPL has now gone a long way to ending up in the same situation. Outside of Manchester United, Chelsea, or Arsenal, there isn't a single team right now capable of winning the EPL. It begs the question therefore, if moving to the EPL may only have benefits for a few years before the top teams look abroad at a European league. With the German league in such dire financial straits this might not seem as far fetched as it once might have been.
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God I remember why I stopped posting to this site now, it's an absolute 'mare to get the comments page up. Anyway back to all things which seem to be going pear shaped Paul. As Wee Barra correctly pointed out you did mention a few weeks back that Glazier would make his move within a few days, this obviously has not happened and it now looks unlikely it will ever happen. You've also said we'd have a 20m tranfer war chest in the summer Paul but have backed down slightly over that one as well. I've enjoyed visiting and reading your site Paul, if nothing else your reports are very well thought out, but that's exactly what I think they are Paul, all thought out. You now have two days to be either proved incredibly right or spectacularly wrong when the board release the Interim Accounts, for your reputation to escape unscathed I sincerely hope you're right although I have this nagging wee feeling you'll be proven wrong again on this one.
Paul
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A lot of excellent comments on this article. I tend to agree with frankiebhoy that an 18 team EPL would favour a Celtic involvement.
I'm also of the firm opinion that the future for Celtic is bleak unless they get out of the SPL to another fishbowl. Lets remember the minnows of the SPL took over the control of the league some 18 months ago limiting Celtic's voting rights and the share of TV revenues. This is the deathknell for expansion for our club. Playing in this league is contributing to apathy among the fans, lack of atmosphere at the games and over time maybe 30,000 attendances.
This outlook is why all efforts are being focussed on making a move.
It's not healthy for big fish to live in small pools for too long.
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What's happening with Blogger?
I think you will need an alternative Paul, maybe all the regular guys should chip in and put some money towards a better site.
I'm happy to do so, what about others?
Tony, Latvia
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test at 08.25
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Anon 7.07, In Paul67s defence he made the case that there would be available the option of using 20 million pounds. He's stated the facts as they are in the public domain so that is still the case. Whether it gets used is what various posters are discussing. Also in terms of the Glazer takeover of Man Utd, it has been delayed due to the illness (appendicitis) of his son Joel apparently who is the one doing all the running. With Man U out of Europe, Chelsea romping home in the league and restlessness among the fans he's probably getting more likely by the day to end up getting the club. Don't be too downhearted yet, something big is happening.
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When the current Scottish TV deal ends why don't Celtic take radical action? Tell the other clubs that we want to negotiate our own TV rights deal for domestic games or we won't allow the cameras into CP.If Rankers were to take a similar stand we would either get increased revenue or no live/highlights on TV.The TV money we receive is minimal therefore it will hardly be missed , can the smaller teams live without it? A couple of seasons ago the other SPL teams got together to vote against a TV deal and made the threat of kicking us out of the league. Let's see how they and the TV companies react to this type of poker. I know that copyright would need to be looked at and relevant bodies ie SFA, SPL and home clubs paid but it would be a small price if it gave us the option of opening up the American and Eastern markets.Celtic are too big a club to be happy with around a million plus per season from TV. A final point which has made the blood boil. The media were scathing of Hearts for daring to suggest that an inquiry be held around the circumstances ot That penalty. Now that it has become a matter of looking at both Celtic and Rankers it is OK , because as we all know we get very decision going and they never ger any. Rant over I am going out for a long walk in the rain to cool down.
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I believe owning our own TV rights to games in the SPL would only be a help in the very short term. Yes we'd have more money but the standard of opposition would drop further and attracting players would be even more difficult. I also doubt that there is that much of an audience for home league games against the likes of Dunfermline and therefore the extra income wouldn't be that significant.
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Of course with the European Courts taking an increasing interest in footy affairs maybe the best thing would be to scrap the national leagues and just have a British structure.
Of course, that calls into question the national teams, but would we really miss that? Certainly International matches are the bane of club managers. Can't see too many of them bewailing the loss.
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Apologies to everyone who was trying to post yesterday. Blogger hope to have the site working normally at some point tonight. There will be a few more bad days before the problem is fixed permanently, however, the solution is in sight.
Anon from 1.02 pm, I agree that Celtic are an excellent investment risk for someone with enough cash to exploit our potential.
Irish Anon, your bank or credit/debit card company will be able to help you buy shares in Celtic. You will need to open a share dealing account & you should look for one where you can buy and sell online.
Xavier, Man Utd fans will oppose Glazer, however, they do not hold enough shares. The more I hear from their current board the more I think that Glazer will be able to win them round soon after he takes control.
Martybhoy, Chelsea, Arsenal, Liverpool and Newcastle are all looking at their own TV deals. I expect Chelsea or Arsenal to take the lead if Man Utd do not.
Wee Barra, I just don’t know where it will go from here. I’ll have a better idea after Glazer reveals his intentions. I am certainly less optimistic that we will hear about a share issue this week.
BhoyinEngland, very true that there is no competition in England. It could also be said that one of the teams in your list of three has not won the league since 1955.
A European league does seem inevitable.
Paul (the other one). As for “spectacularly wrong” in two days lets wait and see. If there is no share issue, look out for the reason Celtic give for the seven week delay in issuing their results. If no reasons are offered I suggest that they have also been waiting in the Glazer offer.
Can you suggest any other reason they have delayed and knocked 20% off our share price into the bargain?
Canajunbhoy, totally agree that the status quo is not sustainable. Grow or wither.
Thanks for your enthusiastic support Tony. I have had many conversations with Martin (he who has kindly designed and hoses the front end for free) on blogger. Time to get a new comment system live would be a number of weeks. Blogger have actually made real progress in the last couple of weeks, yesterday’s problems were a result of making changes in a hurry. By the time anything would be live blogger will be sorted, promise.
Thanks thedominie for clarifying what I have been saying.
Tom64, I don’t go to see Scotland, but could I really handle supporting Rooney, Sol Campbell and Ashley Cole? Ugh, I feel an unfamiliar dose of nationalism coming on.
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Regarding a European League, just some thoughts.
1. Oil output is projected to peak circa 2012.
2. My uncle in Canada reports that they do not have an away support at games (ice hockey - same difference), due to the distances involved. So if you get your head around only going to home games then a European league would work. But then most Celtic fans tend only to go to home games.
3. Moving from SPL to EPL to EuroL. Are we not just swapping the size of the goldfish bowl?
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I can understand where Tom 64 is coming from, the Scottish National team, I would really miss them…………….not! Can anyone tell me when they last thought, 'that’s a team, we've got a chance of winning something here!' I'm not one for supporting the Republic or England or any other national team, its just that Scotland leave me stone cold sober, and have done ever since Ally McLeod was fired. Its been boring boring boring ever since. And the hypochrosy of the Press! Reading the post match reports you would think we had beaten italy, now if wee Bertie had got beat 2 nil would we have been reading the same reports? No, to be honest I would not miss any of that, given the option I'd vote for a British Team. Kevin, Blantyre.
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Several points to make regarding the above.
1.Tom 64 the celtic supporters would have if not the best darn hard to beat away support in any league. I can see more celtic supporters clamering for briefs too juventus away rather than caley thistle away. With the advent of cheap air travel the skys would be full of green and white every fortnight.
2. Regarding a british national team it will never happen and does not need to happen. There is precedent for this with cardiff, swansea and wales.
3. A lot of speculation about celtics financial situation appears to be based on what happens with the Glazier deal.
I for one am apprehensive about the coolmore mafia buying into celtic. These are men who would be in it for profit do we really want to see vast amounts of profit leaving celtic if and when we do leave scotlands boundaries?. These men could invest somewhere in the region of 20 million and reap the rewards for years to come money that could be put back to the playing squad. It would be my dream if shares were taken up by the supporters, people who would only cash in dividends when is neccesary. If celtic were in a more challenging and interesting league I for one would not hesitate to pay for that product.
4. Having lived in engerlund for some 27 years now (help) my preference for pastures new would certainly be a european league.
Do we really want the hordes and they are hordes of english hooligans turning up every fortnight on the streets of the eastend, certainly not me. I have witnessed these people at work they are organised and more and more worryingly veering to the right. Europe for me then.
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Several points to make regarding the above.
1.Tom 64 the celtic supporters would have if not the best darn hard to beat away support in any league. I can see more celtic supporters clamering for briefs too juventus away rather than caley thistle away. With the advent of cheap air travel the skys would be full of green and white every fortnight.
2. Regarding a british national team it will never happen and does not need to happen. There is precedent for this with cardiff, swansea and wales.
3. A lot of speculation about celtics financial situation appears to be based on what happens with the Glazier deal.
I for one am apprehensive about the coolmore mafia buying into celtic. These are men who would be in it for profit do we really want to see vast amounts of profit leaving celtic if and when we do leave scotlands boundaries?. These men could invest somewhere in the region of 20 million and reap the rewards for years to come money that could be put back to the playing squad. It would be my dream if shares were taken up by the supporters, people who would only cash in dividends when is neccesary. If celtic were in a more challenging and interesting league I for one would not hesitate to pay for that product.
4. Having lived in engerlund for some 27 years now (help) my preference for pastures new would certainly be a european league.
Do we really want the hordes and they are hordes of english hooligans turning up every fortnight on the streets of the eastend, certainly not me. I have witnessed these people at work they are organised and more and more worryingly veering to the right. Europe for me then.
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If I had a financial (and sporting) interest in one of the big teams in one of the big Eurpean leagues I'd prefer to retain the national league and then have a European competition as the icing on the cake.
I think having a Euro league would be killing the golden goose as these games would no longer be special but would become the norm. Personally I can't see the attraction of games involving mid-table teams towards the end of the season where there is no local rivalry or European qualification to strive for.
At the moment there are domestic games at the weekend and European games midweek, this seems to work fairly well for the TV companies.
I realise a Euro league is attractive to Celtic fans given that the SPL is a poor competition but I don't see the clamour from fans across Europe for such a format.
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I couldn't agree more FrankieBhoy.
We should be aiming for the EPL and an extended version of the Champions league (As mentioned last week by David Gill of Man Utd) would be welcome too as the main event.
We would win both ways, especially if we were in an EPL which had 4 teams in a revamped CL tournament.
With the money we would get from the EPL we would surley have the quality in the team to qualify for a 2nd group stage in the CL.
Tony, Latvia
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Guys , the only thing that attracts me to the EPL is the money , my ideal scenario would be staying in a more competitive and lucrative SPL and then playing champs league every year. As far as i am concerned CL is where its at. I have asked paul about doing an article on staying in the SPL and perhaps if our bid to get into the EPL falls through , he will do that.
Playing in an EPL2 and getting promotion to the EPL and then CL would appeal but to be honest i would really miss the CL , we are blessed to be there , esp now that MON's results have seen to it that our seeding is rapidly improving.
We have a seat at the top table. I dont think we should be giving it up lightly. EPL gold may not guarantee CL football for us.
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I think that it is obvious that there are risks associated with any proposed move to EPL.The thought of missing out on the CL for any great length of time is not appealing but if we want to try and move the club forward we need to increase the finances avaiable.
If you look at the Premiership table,the clubs at the top currently are the ones with the greatest financial clout.In fact look across most of the major leagues in Europe and generally the same thing is happening.
Therefore,if we believe that a move to the Premiership will increase our exposure and enable the money to come rolling in,you would like to think that competing for a place in the CL would not be beyond us with the money at our disposal.That said,nothing is ever certain but I think it is a risk worth taking.
Just a quick thought on the Man U board.Are they trying to convince the fans and shareholders down there that they are incompetent?
The comments regarding the collective TV deal were surprising but I have also read suggestions that they will now ask the fans to make up the shortfall by hiking season ticket prices to raise an extra £5 million a year!!! This is supposed to ward off any Glazer takeover despite the fact that one of the concerns from fans was that Glazer would do just that.
In essence they are saying that they won't maximise their TV deal and that as a result the fans will have to foot the bill.Imagine if our board were asking us to do the same in the same situation.Are these the first steps in convincing the fans that Glazer might not be such a bad option after all?
BankieBhoy
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International week always brings out the strangest topics on the Internet super highway and for all things Celtic that usually means the holy grail of the English Premier League.
The best league in the world proclaim Sky TV to anyone that will listen while they know along with all the rest of us that their product is dying and interest waning. This is due to the poor standard of the product on show. If like me you are lucky enough to have more than council telly then along with the EPL you can watch, La Liga, Le Championait and Serie A every week. The standard of the EPL compared to these leagues is well behind and this drop in standard in the Epl is beginning to tell on the European stage.
Every week Sky show’s you the Bolton’s, Southampton’s Fulham’s etc play the exact sameway, they all play with a fear, and quite right as outwith the top 4 (I’ll include Liverpool in the top 4) all the rest could be relegated could be dragged into the dog fight for their financial lives. This fear strangles teams and no manager will try and play differently, won’t take chances, won’t try something new. 4-5-1 seems to be the favoured formation now for these middle of the league stay in the EPL at all cost teams. Most of these teams wouldn’t split us and rangers in Scotland. Some would even struggle to get a Uefa cup place. But most believe the Sky hype Juninho’s comments today won’t do our image in England any good only our results in Europe have up the ante in our favour recently, that’s what has made us attractive to the money men looking to get richer.
Do I want Celtic to go to the EPL in one word yes, but im not kidding myself on that the standard will improve that much. Will playing in the EPL help us compete in Europe no, the money we make will the standard that we play mainly against won’t.
Kilo O’Neal
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The point Tom64 was making about Oil output Anon 9.39 is that by 2012 it will be very expensive and the only people who will be able to afford to travel to away games are those of us who bought up shares prior to tomorrow's announcement..........
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After trying all night, blogger is back!
Anon from 2.37
Celtic becoming a profit generating club is a subject I struggled with a bit here last year. The question is what we have to gain from it. If the benefit of becoming a commercial investment is passage to the EPL and becoming a tier-one club I am for it. After all, Chelsea are doing all right as a result of it, and Manchester Utd have not done too badly either.
Apprehension is good; I had a bit of it myself. After consideration I have come out strongly in favour.
Bankiebhoy, I agree with your assessment of how we would do in the EPL. We are a big story waiting to become huge.
The Man Utd board are the proverbial dead men walking. They have called it wrong several times, if I was not so busy doing proposals at this time of night I would knock-up a business plan myself to put them out of their misery :-)
Kilo, in the EPL we should become a more successful team than Juventus within six years. We should be competing with Real Madrid for the top drawer players.
Thanks for that explanation about oil Seanbhoy, I had been wondering.
2012 you say Tom, I wonder why Canajunhoy’s mortgage is due to finish!
I recently read ‘The Sceptical Environmentalist’, great read for anyone worrying about the environment or oil running out. “The stone age didn’t finish because they ran out of stones, the oil age will finish with lots of oil in the ground”.
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Paul,
the serious answer is 2011, coincidently one year before oil prices are going to become a significant burden, according to Tom64.
All I will say is "Tom dont give out any advice on backing horses".
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Morning Paul,fellow tims.
Bankiebhoy, on your point about the fans making up for the shortfall from TV money at Man U being unhappy.WE have been doing it for years.I don't know the exact figures for our TV deal(think it is approx 1.2 million pounds per year or some other derisory amount)but I know for a fact that the percentage of our income from TV in relation to Man U is almost laughable.Now apart from say 20 million at most coming from other sponsorships and European participation that would leave roughly 40 million or so coming straight from the pockets of us.If the Man U fans had to produce the same percantage of their clubs turnover as Celtic fans do their turnover would probably in the region of 400 million per year and not 150 million or so as was reported a couple of weeks ago.So at the moment, I would say they are an extremely lucky bunch of supporters.
Kilo, agree with your comments re the standard of football.Couple of months ago on this very site,there were umpteen articles on the poor fair being served up by Celtic,with lots of people harking back to Tommy Burns and Billy McNeill and so forth. Back to a time when we had about half of the money and about a tenth of the money,respectively, as we have now.
More money does not necessarily mean better football.Compare England with Spain,I am of the understanding The Premier League gets more money from TV than La Liga,and the football certainly bears no comparison.What we have(a good manager,and some damn good players)will make more difference to the way we are able to play football than any amount of money.Just ask Leeds.
Paul,I have veered away from comment on the move to the EPL for most of my contributions to your page, but here goes.
I don't think it will ever happen.
And I also hope and pray that it doesn't.We can point to Labour laws in the EC and powerful men holding shares and anything else we may care to think up to make us hope that it might.But it won't.The only way any of the clubs in England or the TV companies for that matter,would even dream of inviting us to join would be if the top 6 or 8 clubs in that league left to make up a European league.In which case, I would hope that ourselves and Rangers would be also joining such a setup.You did an excellent piece a few months ago regarding this very notion,with relegation and promotion from regional leagues to the the top tier of European competition.This I see as the only way for us to leave the SPL,because if we are allowed to do so,then everyone will be allowed to do so.From the Dutch to the Belgian,the Portuguese to the Austrian.I simply cannot see either UEFA or FIFA allowing this to happen purely because we could get more money for our club.And I also think we are overestimating the TV audiences that we think we would add to an already oversaturated market in England,where, really, that is all that matters to TV companies who control the rights at the moment.Now I know the response to this will be what about America and Asia and Australia and so forth.Well, they already see the Premier League at the moment,and I don't really see their interest being rammed up a few notches just because Celtic and Rangers join the league.Most people I know who proclaim an interest in Celtic will watch them if the broadcast is available,regardless of who they are playing.The only time the interest comes from people outside this sphere is when they are playing in the Champions League or the latter stages of the UEFA cup.If we were to play in the EPL I doubt if we would qualify for the UEFA cup and never mind the Champions League,which is where I want to see Celtic playing there football,exactly were we belong.
Not in some overhyped,overpriced crap competition just so we can earn a few extra dollars.
We are a Scottish team with a Scottish/Irish history and we should be bloody proud of it.We are not an English team,and I for one do not want to see us become one.I would much rather see us representing Scotland in a European League than going cap in hand to the English Leagues asking for more money.We already have more than all but five of the teams anyway,and all but 13 or so teams in Europe.Money is not always the answer.Bayern Munich have only appeared in the top of the money leagues when they have been earning it through advancement to the latter stages of the Champions League.I doubt they would have had any more money than us in the last five years if their European results had mirrored ours.The way to more riches is through fighting our way up the rankings in Europe,as we have done so in the last five years.Now that we will be in pot 2 of the draw for next year it up to us to A/ make sure we get into it in the first place, and B/ take full advantage of it when we do get there. Because that is when our club and it's supporters will get the kudos it so richly deserves. When we do it without the huge handouts from TV companies for deserting our league and homeland, but when the manager, the players and the supporters do it for Celtic.
Celtic, the Scottish Champions
Hail Hail,
Kano
-
Kano - Couldn't agree more. Steady improvement within Europe is the key. For a few seasons we hadn't gotten a point away from home. But we kept trying, and this season we achieved that.
Continued improvement will lead to higher TV revenue, improved Sponsorship opportunities (Even though I'm partly against this and would rather see no sponsor on the shirts), Foreign players will also see that we are a major force which will make signings easier / less costly.
We are currently about the 13th richest team in Europe, yet or ranking is 19th or so. We are currently under performing in this respect. I think this points to overpaying for the playing staff that we have. This needs to be addressed.
Oops - kinda wandered off the topic of the EPL. I'll leave you with this ... If we join the EPL and things go down hill do we then join the La Liga??? I'd prefer a European League as laid out in Paul67 plan several months ago.
-
Kano and Phob. Talk of Celtic going to La Liga or Dutch clubs playing in Belgium etc is missing the point and not comparing like with like. Remember, Celtic would be staying within the same political jurisdiction. Internationally, Scotland, Wales and N. Ireland are given special dispensation to compete. If FIFA and UEFA so wished they could insist on a GB or UK national side and with it would come a GB or UK league. From a political point of view Scotland, Wales and N. Ireland don't exist as countries - they are regions of the UK. This is why you won't see a Scottish, Welsh or NI team in the Olympics. A merging of the EPL and SPL into a GB league would be a solution where every Scottish club would find it own level but internationally would mean the demise of Scotland, Wales & England. NI would join with the ROI and the FAI and IFA would merge. George Best would then get to see an all Ireland team in his lifetime as he stated last week.
-
Phob
It's more accurate to say we are the 13th biggest revenue earners in European football. Be interesting to see where we lie in terms of player salary costs.
If Scotland, Wales & NI were qualifying for tournaments there may be calls for them to be disbanded but at the moment they're harmless enough.
-
31 March 2005
Celtic plc
INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2004
HIGHLIGHTS OF THE RESULTS
* Group turnover increased by 8.3% to £38.98m.
* Operating expenses reduced by 5.7% to £30.84m.
* Profit from operations of £8.15m (2003: £3.30m).
* Profit before taxation of £2.04m (2003: Loss of £2.86m).
* Period end debt of £17.38m (2003: £18.17m).
* Lead the Bank of Scotland Premierleague and continued participation in
the Tennents Scottish Cup.
For further information contact:
Brian Quinn, Celtic plc Tel: 0141 551 4235
Peter Lawwell, Celtic plc Tel: 0141 551 4235
Alex Barr, Big Partnership Tel: 0141 333 9585
Celtic plc
CHAIRMAN'S STATEMENT
Celtic plc recorded an excellent financial performance in the half-year ending
31 December 2004. However, elimination from European competition in December and
the fact that we will play fewer domestic home games in the second half of the
year, will lead to football revenues in the second half being lower than in the
first half.
Group turnover for the half-year rose by 8%, compared to the same period last
year. All areas of activity showed improvement except for the merchandise and
stadium divisions. In merchandising the general weakness in retail sales and
compressed margins in sales of football apparel significantly affected
performance. There was also a slow down in sales of replica kit ahead of the
switch to NIKE as Kit Sponsor in July 2005 - a contract which we expect to bring
substantial benefits to the Company over the next five years. The reduction in
stadium division turnover reflected the outsourcing of concourse catering at the
start of the season but did not result in a reduction in contribution to profit.
Ticket sales and multi media revenues rose by 14% and 30% respectively, largely
as a result of participation in the UEFA Champions' League and the increase in
season ticket pricing implemented earlier in the year. There was also an
additional domestic league game compared to the corresponding period a year ago.
Multimedia income benefitted by approximately £2.4m from Celtic being Scotland's
only representative in the UEFA Champions' League Group Stage.
Operating expenses were well controlled, falling by around 6%. The reduction in
the costs of merchandise sales, and lower player bonuses in respect of the UEFA
Champions' League competition, were the main contributors to the reduction in
operating expenses.
As a result of these favourable developments in both revenues and costs, a
profit from operations of £8.1m was recorded in the six months to 31 December
2004, compared with £3.3m a year ago; and a pre-tax profit of £2.0m was made,
compared with a loss of £2.9m last year. Outstanding debt of £17.4m at 31
December 2004 showed a modest improvement over the £18.2m recorded at the end of
2003.
Celtic's participation in the UEFA Champions' League was, in the vernacular, a
story of two halves. The games against Barcelona, AC Milan and Shakhtar Donetsk
from Ukraine proved to be a severe challenge during the first half of the Group
Stage. However, draws against AC Milan and Barcelona, and a victory over
Shakhtar Donetsk, kept the prospect of continued participation in European
competition going to the final game of the section; and we failed to go forward
by only one point.
As the year ended Celtic led the Bank of Scotland Premierleague by three points.
We remain in first place and have progressed to the semi-final of the Tennents
Scottish Cup. Our level of success in both competitions will have an important
impact on financial performance in the second half of the Company's year,
particularly since direct football revenues will be lower than those recorded
last year as a result of there being two fewer domestic competitive home games
than last year and no further benefit from European football. The playing squad
has expanded slightly following the acquisition of two experienced
internationals and the departure of one player. The contracts of two other key
players have been extended. As a result of this activity, the ratio of our
labour costs to turnover is bound to deteriorate in the second half of the year
and may exceed 60% for the year as a whole. However, we aim to show some
improvement in this ratio after the current year as the Club seeks to bring
costs back towards a level commensurate with sustainable revenues.
Trading of players and the development of younger players are integral parts of
our longer-term measures to control costs. We plan to upgrade our scouting
activities, expanding their geographic coverage. Appraisal of sites to enhance
our training facilities, which currently fall short of what we need and what is
appropriate for a club of Celtic's standing, is well advanced. We expect to be
able to announce our preferred choice of location before the end of the season,
as promised in last year's Annual Report.
At the Annual General Meeting in October 2004 the Board confirmed that the
merits of a dividend reinvestment scheme would be examined. That has been done
and we intend to circulate proposals to shareholders later in the financial
year.
30 March 2005
Brian Quinn CBE
INDEPENDENT REVIEW REPORT
INDEPENDENT REVIEW REPORT TO CELTIC plc
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 31 December 2004, which comprises the Group Profit and Loss
Account, Group Balance Sheet, Group Cash Flow Statement and the related notes.
We have read the other information contained in the interim report and
considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
Directors' Responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review Work Performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of Group management and applying
analytical procedures to the financial information and underlying financial data
and based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom Auditing Standards and therefore
provides a lower level of assurance than an audit. Accordingly we do not express
an audit opinion on the financial information.
Review Conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 December 2004.
PKF
Registered Auditors
Glasgow, UK
30 March 2005
Celtic plc
GROUP PROFIT AND LOSS ACCOUNT
6 months to 6 months to 6months 6months 12
31 December 31 December to to months
2004
2004 31 December 31 to 30
2004 December June 2004
2003
Unaudited Unaudited Unaudited Unaudited Audited
Operations Player Total Total Total
excluding Trading
player
trading
£000 £000 £000 £000 £000
Notes
TURNOVER -
GROUP AND
SHARE OF
JOINT 39,226 - 39,226 36,008 69,020
VENTURE
LESS SHARE
OF (245) - (245) - -
JOINT -------- -------- --------- -------- --------
VENTURE
GROUP 3 38,981 - 38,981 36,008 69,020
TURNOVER
OPERATING
EXPENSES (30,835) - (30,835) (32,706) (64,150)
-------- -------- --------- -------- --------
PROFIT FROM
OPERATIONS 8,146 - 8,146 3,302 4,870
AMORTISATION
OF - (5,229) (5,229) (5,434) (10,770)
INTANGIBLE
FIXED -------- -------- --------- -------- --------
ASSETS
EXCEPTIONAL
OPERATING - - - - (390)
EXPENSES
-------- -------- --------- -------- --------
OPERATING
PROFIT /
(LOSS) 8,146 (5,229) 2,917 (2,132) (6,290)
SHARE OF
OPERATING
LOSS
IN JOINT (262) - (262) - -
VENTURE -------- -------- --------- -------- --------
TOTAL
OPERATING
PROFIT /
(LOSS) 7,884 (5,229) 2,655 (2,132) (6,290)
(LOSS) /
PROFIT ON
DISPOSAL OF 4 - (47) (47) (119) 306
INTANGIBLE
FIXED
ASSESTS
LOSS ON
DISPOSAL OF
TANGIBLE
FIXED - - - (150)
ASSETS -------- -------- --------- -------- --------
PROFIT /
(LOSS) 7,884 (5,276) 2,608 (6,134)
BEFORE
INTEREST AND
TAXATION (2,251)
-------- --------
-------- --------
NET INTEREST
PAYABLE (570) (604) (1,337)
--------- -------- --------
PROFIT /
(LOSS) ON
ORDINARY
ACTIVITIES
BEFORE
TAXATION 2,038 (2,855) (7,471)
TAX CHARGE
ON
ORDINARY 5 - - -
ACTIVITIES --------- -------- --------
PROFIT /
(LOSS) FOR
THE 2,038 (2,855) (7,471)
PERIOD
DIVIDENDS -
Non Equity 6 - - (1,455)
--------- -------- --------
RETAINED
PROFIT /
(LOSS) FOR
THE 2,038 (2,855) (8,926)
PERIOD ========= ======== ========
EARNINGS /
(LOSS) PER
ORDINARY 7 4.27p (11.70p) (29.15p)
SHARE ========= ======== ========
DILUTED
EARNINGS /
(LOSS) PER
SHARE 7 2.28p (11.70p) (29.15p)
========= ======== ========
All amounts relate to continuing operations.
There were no gains or losses recognised in any of the above results other than
the loss for the period.
Celtic plc
GROUP BALANCE SHEET
31 31 30 June
December December
2004 2003 2004
Unaudited Unaudited Audited
Notes £000 £000 £000
FIXED ASSETS
Tangible assets 49,251 48,542 48,428
Intangible assets 8 8,757 15,869 12,032
----------- ----------- -----------
58,008 64,411 60,460
CURRENT ASSETS
Stocks 2,404 2,242 1,763
Debtors 8,146 6,048 5,317
Cash at bank and in hand 797 6,270 371
----------- ----------- -----------
11,347 14,560 7,451
CREDITORS (13,858) (13,058) (15,610)
Amounts falling due within one
year
Income deferred less than one year (9,804) (10,449) (10,908)
----------- ----------- -----------
NET CURRENT LIABILITIES (12,315) (8,947) (19,067)
----------- ----------- -----------
TOTAL ASSETS LESS CURRENT 45,693 55,464 41,393
LIABILITIES
CREDITORS 9 (18,000) (24,000) (16,000)
Amounts falling due after more than
one year
Provisions for liabilities and
charges 10 (262) - -
----------- ----------- -----------
NET ASSETS 27,431 31,464 25,393
=========== =========== ===========
CAPITAL AND RESERVES
Called up share capital (includes
non-equity) 11 29,405 29,405 29,405
Other reserve 21,222 21,222 21,222
Profit and loss account (23,196) (19,163) (25,234)
----------- ----------- -----------
SHAREHOLDERS' FUNDS 27,431 31,464 25,393
=========== =========== ===========
Approved by the Board on 30 March 2005
Celtic plc
GROUP CASH FLOW STATEMENT
6 months 6 months 12 months
to to to
31 31 30 June
December December
2004 2003 2004
Unaudited Unaudited Audited
£000 £000 £000
RECONCILIATION OF OPERATING
PROFIT / (LOSS) TO NET CASH
INFLOW / (OUTFLOW) FROM
OPERATING ACTIVITIES
Operating profit / (loss) 2,655 (2,132) (6,290)
Depreciation 788 702 1,371
Amortisation 5,229 5,434 10,770
(Increase) / decrease in
stocks (641) (183) 296
Increase in debtors (2,927) (1,371) (333)
Increase in creditors 240 1,571 2,921
------------- ----------- -----------
--------------- ----------- -----------
Net cash inflow from
operating activities 5,344 4,021 8,735
=============== =========== ===========
============= =========== ===========
CASH FLOW STATEMENT
Net cash inflow from
operating activities 5,344 4,021 8,735
Returns on investments and
servicing of finance (3,668) (1,160) (1,893)
Capital expenditure and
financial investment (3,248) (3,252) (4,865)
------------- ----------- -----------
--------------- ----------- -----------
Cash (outflow) / inflow
before use of liquid
resources and financing (1,572) (391) 1,977
Financing 1,998 5,908 (2,359)
------------- ----------- -----------
Increase / (decrease) in
cash 426 5,517 (382)
============= =========== ===========
RECONCILIATION OF NET CASH FLOW
TO MOVEMENT IN NET DEBT
Increase / (decrease) in
cash in the period 426 5,517 (382)
Cash (inflow) / outflow
from movement in debt (1,998) (5,908) 2,359
------------- ----------- -----------
Movement in net debt in
the period (1,572) (391) 1,977
Net debt at 1 July (15,805) (17,782) (17,782)
------------- ----------- -----------
Net debt at period end (17,377) (18,173) (15,805)
============= =========== ===========
Celtic plc
NOTES TO THE FINANCIAL STATEMENTS
1. The results for the year ended 30 June 2004 are extracted from the
accounts filed with the Registrar of Companies, which contained an unqualified
audit report.
2. The interim results for the 6 months to 31 December 2004, which
comprise the Group Profit and Loss Account, Group Balance Sheet, Group Cash Flow
Statement and the related notes, have been prepared on the same basis and using
the same accounting policies as those used in the preparation of the last full
year's accounts to 30 June 2004.
3. TURNOVER
6 months to 6 months to 12 months
31 December 31 December to 30 June
2004 2003 2004
Unaudited Unaudited Audited
£000 £000 £000
Turnover comprised:
Professional football 19,147 16,782 34,728
Multimedia & communications 11,303 8,691 16,062
Merchandising 6,499 8,283 13,425
Stadium enterprises 1,274 1,586 3,449
Youth development 758 666 1,356
----------- ----------- -----------
38,981 36,008 69,020
=========== =========== ===========
Number of home games 16 15
32
=========== =========== ===========
4. NET LOSS ON SALE OF INTANGIBLE FIXED ASSETS
A loss on sale of £47,000 is reported in the current period following the
termination of Bobby Petta's registration with Celtic. The loss for the same
period last year reflected the transfer of Mark Fotheringham's registration to
Dundee Football Club and that of Steve Guppy to Leicester City Football Club (16
January 2004).
5. After taking account of unutilised tax losses brought forward, together
with the projected performance for the next six months, no provision for
taxation is required.
6. As in previous years no provision has been made in respect of the 6%
dividend of £544,000 that is payable on the Preference Shares on 31 August 2005
nor for the 4% dividend of £901,000 that is payable on the Convertible Preferred
Ordinary Shares on 31 August 2005 in respect of the year ending 30 June 2005.
7. Earnings / (loss) per share has been calculated by dividing the earnings
/ (loss) for the period by the weighted average number of Ordinary Shares in
issue 30,797,810 (2003: 30,616,563), after taking account of one half of the net
dividends in note 6 above. Diluted earnings / (loss) per share has been
calculated by dividing the earnings / (loss) for the period by the weighted
average number of Ordinary Shares, Preference Shares and Convertible Preferred
Ordinary Shares in issue, assuming conversion at the balance sheet date, and the
full exercise of outstanding share purchase options in accordance with FRS14. In
2003 no account was taken of potential conversion or share purchase options, as
these potential ordinary shares were not considered to be dilutive under the
definitions of the applicable accounting standards.
Celtic plc
NOTES TO THE FINANCIAL STATEMENTS
8. INTANGIBLE ASSETS
6 months to 6 months to 12 months
31 December 2004 31 December 2003 to 30 June
2004
Unaudited Unaudited Audited
Cost £000 £000 £000
At 1 July 48,561 52,250 52,250
Additions 1,990 959 2,458
Disposals (6,464) (6,136) (6,147)
------------- ----------- -----------
At period end 44,087 47,073 48,561
============= =========== ===========
Amortisation
At 1 July 36,529 31,737 31,737
Charge for the period 5,229 5,434 10,770
Disposals (6,428) (5,967) (5,978)
------------- ----------- -----------
At period end 35,330 31,204 36,529
============= =========== ===========
Net Book Value at period
end 8,757 15,869 12,032
============= =========== ===========
9. CREDITORS - AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Creditors due after more than one year reflect long-term bank loans of £18.0m
(2003: £24.0m) drawn down at the end of the period as part of the Company's bank
facility. The Company's bank facility of £36.0m comprises an overdraft facility
of £12.0m, which remains unutilised at 31 December 2004, and term loans of
£24.0m of which £7.3m is repayable in equal quarterly instalments from October
2009 until April 2019, and £16.7m is repayable in July 2019. The Company has the
option to repay the loans earlier than these dates without penalty. Including
cash on deposit and the £12.0m of unutilised overdraft facility, the Company had
available liquid resources of £18.6m (2003: £17.8m) as at the balance sheet
date.
10. PROVISIONS FOR LIABILITIES AND CHARGES
On 1 July 2004, Celtic F.C. Limited entered into a joint venture with Setanta
Sport (PPV) Limited creating a dedicated Celtic TV channel, Celtic TV. Under the
terms of the joint venture, Celtic F.C. Limited is not required to fund any of
the losses incurred by the joint venture company. However, despite there being
no legal requirement to fund losses, a provision has been incorporated in the
balance sheet representing Celtic F.C. Limited's 50% share of the net
liabilities in the joint venture company as specified by FRS9.
Celtic plc
NOTES TO THE FINANCIAL STATEMENTS
11. SHARE CAPITAL
Authorised Allotted, called up and fully paid
31 December 31 December
2004 2003 2004 2004 2003 2003
Group and
Company No 000 No 000 No 000 £000 No 000 £000
Equity
Ordinary
shares of 1p
each 36,699 36,394 30,949 309 30,644 306
Deferred
shares of 1p
each 100,244 82,220 100,244 1,002 82,220 822
Non-equity
Convertible
preferred
ordinary
shares of £1
each 20,000 20,000 18,012 18,012 18,012 18,012
Convertible
cumulative
preference
shares of
60p 19,301 19,606 16,801 10,082 17,106 10,265
each
-------- ------- ------- -------- -------- ------
176,244 158,220 166,006 29,405 147,982 29,405
======== ======= ======= ======== ======== ======
During the six month period to 31 December 2004 302,494 Convertible Cumulative
Preference Shares of 60p each were converted into 302,494 Ordinary Shares of 1p
each and 17,847,146 Deferred Shares of 1p each in accordance with Article 4C(1)
of the Company's Articles of Association. The above split of share capital
between equity and non-equity is disclosed in accordance with FRS4.
12. TRANSFER FEES PAYABLE/RECEIVABLE
Under the terms of certain contracts in respect of the transfer of player
registrations, additional amounts will be payable/receivable by the Company if
specific future conditions are met. As at 31 December 2004 amounts in respect of
such contracts could result in an amount payable of £621,000 of which £571,000
could arise within one year, and amounts receivable of £800,000 of which
£460,000 could arise within one year.
13 POST BALANCE SHEET EVENTS
On 7 January 2005 Celtic extended the contract of John Hartson until at least
May 2007 and on 28 January 2005 Celtic acquired the registration of Stephane
Henchoz from Liverpool FC until the end of the current football season. On 31
January 2005 the loan registration of Craig Bellamy was obtained from Newcastle
United FC until the end of the current football season and that of Henri Camara
was transferred to Southampton FC. On 1 February 2005 Dianbobo Balde extended
his contract with Celtic until 31 May 2009 subject to certain conditions.
Celtic plc
Directors
Brian Quinn CBE (Chairman)*
Peter T Lawwell (Chief Executive)
Eric J Riley (Financial)
Tom E Allison *
Dermot F Desmond*
Eric Hagman CBE*
Brian J McBride*
Secretary
Robert M Howat
Directors of The Celtic Football and Athletic
Company Limited
Peter T Lawwell
Eric J Riley
Kevin Sweeney*
John S Keane*
Michael A McDonald*
* Independent Non-Executive Director
Secretary
Robert M Howat
Football Manager
Martin O'Neill MBE OBE
-
DavieL (can't log-in!!)
Paul,
results in - on the face of it they are very good - operating profit up to £8.15m from a loss of £2.86m 2003. Before tax the profit is £2.04m. More importantly outstanding debt is £17.4m - a very modest figure given our likely balance sheet. Brian Quinn also announces that they will make public the location of the new training ground before the end of the season. More debate later no doubt once we've had a chance to digest - link to the results is below :-
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=977698&source=RNS
DavieL
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