My expectation of a year-end bank balance that was over £80m was quashed, largely due to spending on the redevelopment of the Barrowfield training complex, an item which will hit again this year. We did, however, reach new heights of £77.2m, up £5m on 2023.
That aside, the eye-catching item in Celtic’s preliminary accounts to the year ending 30 June 2024, is that operating expenses (before player trading and exceptional items), was £17m more than our income was two years ago.
What does that mean? We don’t have the breakdown yet, this will come with the audited accounts, but we are spending £105m on wages for Brendan and Callum, a few hundred others, and in running the village which is Celtic Park.
All of that cash won another treble, it earned Champions League qualification, which begets more money, it platformed Matt O’Riley, who earned us yet more money in signing for Brighton (in this financial year).
By any measure, this is a virtuous circle. But spending £17m on operational costs more than you earned two years earlier is a significant risk. You and I both know what happens when the music stops, and a football club has multi-year player contracts to fulfil.
We were in a position to take this gamble because of the bank balance and the way we have been managed over so many years. We can cope with a hit to income without spiralling into vicious circle.
My get feeling on this, is that £105m operational expenses is higher than is comfortable. Operationally, we need to get so many things right to get over the line while running so hot.
This is the realpolitik of long-term sustainable success in football across the world. You can sign a great player, like Matt O’Riley, and lose him for the season, six minutes into his debut, or Ross County can come from behind and beat you 3-2, to dismantle your commercial viability.
We pay people to worry about this and to get it right. On this measure, we are the example others across the world aspire to.
An early exit from the League Cup contributed to a £1.5 drop in football and stadium income. Merchandising managed to add £1m, despite the drop-off in sales of Ange jumpers. The big bump came from multimedia and commercial activities, up £5m to £44.5m.
Much of that over the last two seasons has been Champions League money. However, it has been said before but is worth restating, our commercial team consistently bring in money our competitors fail to match. Deal with Adidas and Dafabet, as well as handful of other sponsorships, underpin Celtic’s ability to plan with certainty.
Football income can vary from season to season, but the commercial deals allow us to make medium-term decisions. Last week Adrian Filby, our commercial director, who has been responsible for the commercial and merchandising income streams since 2008, left to take up a similar role at Aston Villa.
The good thing about commercial deals is that their cyclical nature allows time to bed in new heads. Still, a lot of experience left the building last week. Newco’s James Bisgrove signed their Sydney Tournament contract for a fraction of what Celtic’s Adrian Filby held out for. The millions of pounds difference in those contracts is the value of experience.
Chief executive, Michael Nicholson, noted, “There is no room for complacency. We cannot stand still and we are determined to improve. In support of our strategic objectives of dominating domestic football and competing in the Champions League”.
Yesterday we noted that Dave King was talking about Newco dominating Scottish football. One man’s fantasy is another’s every-day reality.
Chairman Peter Lawwell reminded us that at the turn of the millennium, Celtic had won 80 major trophies in 112 years, and that we have since added 38 in 24 years. Peter didn’t use the word “dominate” in describing Celtic this century, but there can be no better description. This is Celtic’s century, we operate at an exceptional level, enjoy it!
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Aston Villa game on TNT
Villa 2 up
3 up
Clement sacked!
Sorry, false twitter feed.
Spend the effing money
Give the best players higher wages to keep them
Em. Why are operating costs up ?
Ps.
Pay tax when it becomes due. Be run on ethics. Not on boondoggle spending
Who would win a fight between..Villa look decent…and Young Boys are muck.
We know nowt about Slovan – not helpful
“jackiemac on 17th September 2024 7:40 pm
We know nowt about Slovan – not helpful”
When you say `we`, who do you mean?
On results like this we must acknowledge the work of Peter Lawwell
Peter thank you
67ECW
Go get thum Kammy!
https://x.com/elonmusk/status/1835597356361818269
Lots of empty seat in Milan – SS will want to know why
1-0 Milan
Gerry
They’re in Puerto Rico 🇵🇷
evening, all.
once more
1-2 in Milan, VVD with the second
T
Is Liverpool game being televised?
It’s on Prime
Or Paramount+
Milan a disgrace after 1st three mins.
Madrid game.Rudiger goes down in the box screaming ,penalty.Replay shows guy nowhere near him.Panel agree.VAR look at it for 3 minutes,every angle,no contact,then send the Ref to look.Another minute,no penalty.Farcical.Watching Milan playing out from the back,Liam Scales looks positively rapid.Wasters.
Jackiemac,
“We know nowt about Slovan”
Phew,that”We” doing more lifting than the Rangers crane.
Tomorrow night we will play the toughest match of our last 10 months.
All the garbage about this being an easy game against a team who beat the danish slovenian Cypriot and Macedonian champions this. Season already. A team leading their domestic league again. A team who will be energised to the hilt in their first ever CL game.
Anyone suggesting this won’t need 100% from Celtic to win knows nothing about football.
Burnley78
Thankfully we have a professional, motivated manager who will have done his homework
And a captain who will lead the team on the park
And a squad of players who know how to get the the job done
Thankfully we are at home where we will have 60,000ish maniacs screaming us on
Whilst it won’t be easy
We have the right manager, with the right captain, the right squad and am sure they will be well briefed and ready to go
Also, the ref is likely not a hun *Caveat, but who knows lol*
We will have a better idea of where we are as a club at 10pm tomorrow
Did anyone watch the Celtic docu from last season??
Brilliant
https://www.dailymotion.com/video/k4qOU14TjGAR2JBsYUM
Celtic documentary on Firestick app, under Movies- Recently Added
To be clear this Slovak side has a significant number of current international players from nations who have acquitted themselves well recently.
Our biggest challenge is the lack of decent domestic challenge leaving us unprepared for tests in Europe. It cost us against Donetsk and against Feyenoord in Holland in the early games of the past couple of seasons. It has also cost us in qualifying competitions recently too.
This lot have played 8 qualifying ties. They will be up for it. We need to really engage from minute 1 to 100.
Croatia Zagreb and Young Boys both looked decent in qualifying.
Looks like the ‘diddy’ league’s are as far behind as ever.
Burnley78,
I agree. How do you improve against the usual SPFL teams? Few, if any, offer real opposition.
According to a media source, (okay the Daily Record) the total cost of the Slovania Bratislava CL squad is er £2.7million. Now you can be sure that, as The Exiled Tim used to tell us over the years, there will be diamonds in there, some top class footballers. That said we have shown some green shoots re our Euro form at home recently, and, if we can somehow build on that we could start our CL campaign with a victory.
This time tomorrow I will know if the confidence I am currently feeling was justified :-)
B78
Agree with you they are no mugs, would take a single goal victory right now. We are not going to experience the usual banks of defenders we see in our domestic league.
Still looking forward to it, more exciting format than the previous group stages.
Peter Lawell is currently sitting on his heated patio on the phone to Brendan Rodgers, who is in the team hotel fretting over what he has missed in his champions league prep
He knows there is something, but can’t put his finger on what…..
Peter Lawell: “Brendan, It’s Peter”
Brendan Rodgers: “Hi Peter, I trust your feet are warm and well on your heated patio???”
Peter Lawell: “It’s no easy Brendan, nearly 14 degrees at night here in September and am not sure whether to wear my winter socks with my summer slippers or if I should be wearing my summer socks with my winter slippers….”
Brendan Rodgers: “Peter I suggest you retire to the smoking room and go barefoot, but make sure you have the hides of the many rangers managers we have skinned under your feet – I don’t want you to get a chill now.”
Peter Lawell: “Thanks Brendan, that’s a great idea.
Anyway I was Pust on CQN there and am not sure if you know that this Slovak side has a significant number of current international players from nations who have acquitted themselves well recently.
They have played 8 qualifying ties. They will be up for it. We need to really engage from minute 1 to 100.”
Brendan Rodgers: “PETER, THAT’S IT!!! Thank the lord you were on CQN and picked up on the missing piece of my champions league preparations.”
Peter Lawell: “Aye Brendan, just had a message from Dermott making sure we saw Burnley78’s post.”
Brendan Rodgers: “Aye, he’s a good man. Am just gona phone Captain Callum to make sure he knows too, we can’t be too careful here.
Did you see that the Green Brigade managed to steal all of the union bears flegs and stuff???”
Peter Lawell: “Aye, they are some bhoys.
What larks indeed!!!
Now Brendan, we really need to talk about those chaps who buy season tickets and don’t turn up for the games………..
Whilst I have you here, about those January signings……..”
Above in jest…
Bayern Munich 9 Dinamo Zagreb 2.
Hmm…
Preston beat Fulham 16-15 on penalties
Goalkeepers off night
Harry Tavernier.
Empty seats.
56500 capacity tonight.
Because there are near 2000 unabled seats behind the goals and segregation and uefa uncoppied
But hey call it another 60 thousand sell out crowd.
Myth
Gene.
Unoccupied seats in Milan.
I don’t think season card holders at Celtic park paid for them.