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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Good morning all from Govanhill.
Play up, the Celtic!!!!
Good morning from a soon to be sunny North Staffs.
SS – just thought you were on an empty seat crusade.
Today is the 54th anniversary of the passing of the great Jimi Hendrix.
Johnny B Goode
Berkeley 1970.
https://youtu.be/G6OedBFkxWU?si=n46J0zkZ02xAi4ML
Good Championes League morning to you all from a dry, 23 degrees Garngad.
Got Docs again this morning then nurse to look at scar on knee, it’s all taking its time but getting better.
Extending my daily very short walks with no sticks to build confidence.
Back to the hoops, there is a fine line with confidence and being cocky.
Myself, I believe they’re are no easy teams in Europe so we need to play at our best.
COYBIG
D. :)
No nervous kittens in defence and kyogo take your chances please and we might do ok .
From friends I have abroad teams want to draw Celtic due to the atmosphere and we’re seen as the best bet to get points off……..
Let’s Hope we put a 90min+ performance in .
Good morning from the runway at Dublin Airport. On the 6.50 flight to Glasgow…which hasn’t taken off yet..7.50. Now
Fog….which seems to have now cleared..well at least its not a lunch time kick off.
By the way..I expect a very very comfortable victory tonight
Wits
I expect a nerve racking, stomach churning 90+ minutes.
Have a safe journey
Good morning CQN.
Looking forward to tonight.
Any kind of win will do me.
No cagey draws in first set of fixtures last night.
Every team had a go.
I hope we relax, play our game and have a go.
BURNLEY78
Reading back, I get the impression you are not handling the pre-CL pressure too well.
I am not aware of too many CQNers being majorly over-confident about tonight’s game. Just the usual Celtic supporters expressing belief in their team’s ability to do the job at home in front of 60,000 fanatics, all very reasonably predicated on excellent form since the start of pre-season plus the acquisition of new, skillful players and the presence of an elite manager who knows what he is doing and has done his homework.
Mate, it’s going to be a long day. Presumably you will be kept busy through work/business, so take it easy, look forward to the big game and later, have one or two libations to settle the nerves.
I’m forecasting a 2-0 victory and that’s not me writing-off the Slovaks. Just confidence in the ability of the players and coaching staff to do the job and set us up nicely with 3 precious but hard-won points.
Enjoy the occasion and Hail Hail.
🟩⬜🟧
Hail Hail the Accounts. Roll on tonight ,let’s all enjoy it.KTF
stpatricksbhoy ☘☘☘🙏
What is the Starz on 18th September 2024 7:53 am
I hope expectation is not the mother of disappointment tonight. I am hopeful for a victory but even if we are 2 up going into the last 10 minutes and looking good I wont feel comfortable until the final whistle goes.
Hopefully a strong bench with players BR trusts to put on can see us over the line, too often we can look good for a good while then fade. Sometimes (usually away tbf) we lose an early goal and it kills us. Good strong start, no risky challenges (we’ve had some soft red cards in Europe) and a vocal crowd even if its tight and we have a fair chance compared to most CL games we play.
QB
Good morning on Matchday 1,or as the huns call it,Wednesday
WITS I believe it’s a private jet with Peter Lawwell on it that’s holding you up.
My mates auntie who works in a taxi firm knows a baggage handlers son whoose brother is my window cleaner.
sacktheboardcsc.
Coming to you in 2026, the games that no-one wanted, too expensive for the rich Australians and that finally bankrupted Birmingham.
But of course Scotland knows how to run things and keep a tight rein on costs.
When are those ferries going to be delivered.
cynicalCSC
Marspapa
Sean p awoke this morning to his da giving him his friends ticket for tonight.
Never seen a 14yr old happier going to school.
morning
David66
I heard big Pete was the pilot of my plane…He was given clearance to fly at 6.50 but held out as long as he could..Just hit the accelerator before his window slammed shut.
Always hold out and see who blinks first does our Pedro
!!Bada Bing!! on 18th September 2024 8:40 am
Good morning on Matchday 1,or as the huns call it,Wednesday
:-))))))
leftclicktic on 18th September 2024 9:24 am
Marspapa
Sean p awoke this morning to his da giving him his friends ticket for tonight.
Never seen a 14yr old happier going to school.
Brilliant big yin .
That’s what it’s all about , he’ll no be listening to much to the teachers the day 🤣🤣🤣
He’ll be daydreaming about kyogo (insert fave) scoring the winner ……
Take care pal
COYBIG 💚🤍💛☘️⚽️
Dutch officials danny makkaleli the ref, can’t remember him having one of our games, experienced at world Cup euros and cl level
Spanish var
https://youtu.be/xhZU9uX_iTY?si=1dPewBMNVtDcJyyU
Robbie Williams…..
I’m loving ENGELS instead
Toto Schillaci RIP
Toto Schillaci R.I.P.
Tom McL
You are maybe right that I am not handling the pre CL nerves too well but I guess it’s based on a real belief that by playing in a league with no competition we are held back from achieving our full potential when we jump into the big stage.
We will benefit hugely from the new format and a fairer series of games against different capabilities.
We will benefit greatly from BR in season 2 grafting some capability onto a really strong core which already existed. Playing a system they are all happy with and understand.
We will benefit greatly from the core group having been over the course in the CL proper compared to our rivals tonight.
Hopefully our fans can see this will be a tougher game than any others we have played this past 10 months. Hopefully they will not turn up believing the crap we hear on the radio and see in the media about our opponents being weak. Hopefully the need to back the team for 100 mins like vs Athletico is what we get and not the moaning if wee Greg plays one bad pass.
If we are aligned fans and team and play to our ability then we can win. Our opponents have earned the right to be here and we should respect that. I would suggest they have recent experience of playing and beating better teams than we have and so will be battle ready.
My nervousness is perhaps also because I truly believe this could be a great season for us in Europe if we start it well. I am hugely excited about it and plan to get to most of the games both home and away. I also think it is critical we do to help our coefficient and make qualifying more realistic next season.
I love the CL nights as my recollection of yearning o hear that music at CP was something from the dark days which I will always recall as the best we had was hoping Ajax or Juventus would put rangers to the sword when we played the likes of Dynamo Batumi in the UEFA cup. I never imagined we would be enjoying what we see today.
I will heed your advice and won’t forget to enjoy today and tonight. Plan is a few hours work, a 2 hour bike ride out to Loch Leven to calm the nerves and work up and appetite and drive through to Coia’s at Dennison for an early pre game bite to eat with my son and my pal in the sun. And a wee walk past Andy Smillie’s scaffolding business and the Louden (reminding me they will be watching and listening to that music and wondering if they will ever hear it at ibrox again) and onward to what I really do hope will be the start of a great and memorable campaign.
Dessybhoy
He reffed us v Bayern 1-2 at home.
the british empire games
will we host the opening ceremony ?
will we play at murrayfield and remove any idea of home advantage ?
will lizzie be spinning in her grave ?
Ok
Celtic, Celtic that’s the team for me, Celtic, Celtic on to victory, They’re the finest team in Scotland, I’m sure you will agree, We’ll never give up till we’ve won the cup and the Scottish football league.
They come from bonnie Scotland, they come from county Cork,
They come from dear old Donegal and even from New York, From every street in Glasgow they proudly make their way, To a place called dear old paradise and this is what they say.
Celtic, Celtic that’s the team for me,
Celtic, Celtic on to victory, They’re the finest team in Scotland, I’m sure you will agree, We’ll never give up till we’ve won the cup and the Scottish football league.
There’s Fallon, Young and Gemmell who proudly wear the green,
There’s Clark, McNeill and Kennedy the best there’s ever been, Jim Johnstone, Murdoch, Chalmers, John Divers and John Hughes, And sixty thousand Celtic fans who proudly shout the news.
Celtic, Celtic that’s the team for me,
Celtic, Celtic on to victory, They’re the finest team in Scotland, I’m sure you will agree, We’ll never give up till we’ve won the cup and the Scottish football league.
Repeat to fade
NB
The players mentioned in the song all played against Slovan 60 years
ago.
Is BRRB hiding from WITS?
It somehow feels that this season is a fresh start.
We have an unblemished record and the real chance to add a European splash to our domestic dominance.
There will be eager anticipation as we head to Paradise tonight – Brendan is back and so is the belief that we can acquit ourselves well on the CL stage – roll on eight o’clock HH
While we are at the game .I hope the guys in our pubs stay safe . The onions will be on the go ,they have form for it .
We’ve had a good preseason and perfect start to the season – no excuse for not starting on the front foot without going gung ho.
Anyone know where slovan are staying today ?
SS
Brrb has got them loosening up at the Pennyfarthing
David 66,
Why are you looking at your nurses knee.
Oh I say,Matron.🤔🤔
I know a few hundred slovaks. Phone has lit up all morning with well wishes that Celtic win.
I need to ask why not supporting Bratislava.