A year ago, Celtic reported record revenues of £143.6m. The new Champions League format had arrived, the money flowed, and profits reached an extraordinary £33.9m after tax. It was the kind of financial result that had never happened before in Scottish football. Twelve months later, the hangover has arrived.
Revenue for the year to 30 June 2026 fell by £32.6m to £111.0m, while the club slipped from a £45.7m pre-tax profit to a £6.6m loss. Europa League football pays a lot less than the Champions League.
Last year’s accounts already carried a warning. Operational costs had climbed to £117m, a level of expenditure that was only sustainable with regular Champions League income. Rather than reducing costs, a year with three managers pushed them higher. Operating expenses rose again, to £122.1m, despite revenue falling by 23%. Gains on player sales almost halved, from £31.5m to £16.0m.
The club is still supported by a £66.4m cash balance, built during better trading times. That figure is down £10.9m on the previous year, but it remains enormous by Scottish standards.
Football clubs exist to win matches, not report accounting profits. Had Celtic qualified for the Champions League, these same cost levels would have been accompanied by another substantial surplus. One failed qualifier exposes how dependent the model remains on a handful of games played in August.
The more worrying figure is not the loss. It is the gap between underlying operating costs and recurring income.
Strip away player trading and European volatility and Celtic appear to have built a cost base that requires Champions League money to function comfortably. Last year was a warning. The financial pressures evident in these accounts will not be a one-off, next year’s figures will face the same headwinds. That should sharpen minds.
These accounts arrive at a moment when Celtic are still in an enviably strong position. There is no financial crisis. There is no debt problem. There is no threat to the club’s stability. What there is, however, is mounting evidence that the business model is reliant on revenues which cannot be guaranteed.
For a long time, there have been demands for the club to use its resources more aggressively. Recently, we have seen higher wage commitments, significant infrastructure investments at Barrowfield and Lennoxtown, with a new record signing. The challenge is to make that spending count.
While these accounts tell the story of one failed Champions League qualification, next year’s accounts will tell the story of two. And if a single failure turned a £45.7m profit into a £6.6m loss, the direction of travel is clear.
Celtic remain in a financially envious position. They have cash, assets, infrastructure and a near sell-out every game. We can afford another season without Champions League football, but significant downsizing is inevitable unless we become regulars at the top table.
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True !
Afternoon all
Must be a real dilemma for Martin, he seems to have lost the dressing room, rumours are rife about his financial position, the board won’t want to sack him, cos that costs money and they certainly will have no back up plan, that’s stating the efin obvious.
He is not up with the modern game, times have changed, football has changed, sadly he hasn’t and with respect to him, the coaches he has chosen are not up to it, Maloney FFS, failed everywhere he’s been, someone at the club were seriously reluctant to employ them again, the coaches that is, but they gave into Martin, is he regretting it now, who knows.
The longer the players are running about not knowing what they are doing, and this is from the players mouths, it’s a shit show, it’s irreversible, if he hadn’t said that he was thinking about his position none of this would be getting talked about, aye folks would moan about the results, but he has thrown the bomb into the equation, so it’s down to him now, football is a cutthroat business, results are what matter.
Our board are a waste of space, that much is bleeding obvious
All caused by the failures of the plc board to get the best people in at the Football Club in Scouting Coaching Managing, that is on them and all they will do is cut costs, i watched the B Team game Hammill ex Motherwel[another one] was the coach. McCart seems to like giving jobs to his old clubs ex staff.
Any scrutiny taking place on Mccart’s performance ? You can spend and build facilities who staffs it is key, not the buildings.
Surely the gap in yer analysis Paul is who carries the can, for not identifying and securing quality signings early enough to let them bed in and as damn near as possible ensure we’re in best possible shape to make the Champs League quallies. I think these are first a recruiting and then negotiating problems.
But if we accept the answer is to lower our eyes away from Europe – and expectations – the ‘near sell out every game’ factor will not be guaranteed either and the downward spiral could become a vortex. While Bloom and the 69er affiliates capitalise on the flaws in our methodology (ie, it’s a managerial problem!!)
Still, for the next 3 weeks we’re top of the league with a prevaricating septuagenarian with some health ills…
what could go wrong ?
It’s all if’s and but’s re the financials, had the board had any long term plans, even a short term plan for the next 3-5 years, we would NOT be in the position we are now, they are useless at running a football club, they make money for the PLC, but to the continuing downsizing of the football team, its slow but it’s happening in front of your eyes, if you open them enough you will see the reality.
Was it Truman who had a plaque on his desk saying the buck stops here ? where does the buck stop at Celtic ?
We have blown chance after chance to streak ahead of the game in scotland and not taken a single one, why not, cos the OF is what it’s all about, open your eyes folks, this is good as it’s gonna get under this despot rule.
Most football clubs operate in debt. In fact most rich people operate using debt.
Based on what you are saying Paul is that those running the club are not running it efficiently. They pay big wages to mediocre players or pay £2-2.5m pa to a player that can not finish 90 minutes. MAdness.
So, shall we see more stripping of quality from the squad. If we do then the side will only get weaker, be less competitive and win less.
Europe – A laughable pipe dream.
Where does the club go from here then Paul? You have given a summary but suggestions.
Buying cheap and selling high is a 1 in 10 hit rate. So, actually you don’t make as much profit as it appears.
We are a football club. Stop buying squad fillers. Show ambition and people will spend in the ground and in the shop – many of whom have stopped doing.
We may have a “sold out” sign at CP for every game but we all know that is nonsense. Those people not in attendance do not spend money either.
This article, the same as the declaration states that we could be in a tough position soon. If MON and BR can not get us to the CL then other inferior managers – that will almost certainly follow – won;t be able to with the players available to them.
This season looks like ANOTHER transitional one yet the powers that be do not know what to do.
What a turn off.
🎶 I can see clearly now the toxicity has gone 🎶
We need champions league football yet we fail to prepare each and every season for it.
Who would you lay the blame for that Paul? Brendan Rodgers?
“significant downsizing is inevitable unless we become regulars at the top table”
—————
If only we had backed the “disastrous” manager who delivered that £143.6m and 12 CL points.
Anyway, if there’s to be downsizing at least it will mean we don’t get too far in front of our friends Across The City………
Daddy Dermot loves the “Rangers’, mourned their demise in 2012, “they are a great institution”…. say no more…
Yet apparently it’s all the fault of the coach that gave us our most credible CL performance in nearly two decades…..oh, and the fans.
We are on the wrong road, no doubt. Unsustainable wages being paid out .
Baby Desmond told us that the champions league was pie in the sky at the AGM….how does that fit in Paul?
GLASSTWOTHIRDSFULL on 23RD SEPTEMBER 2026 12:23 PM
The way things are going, we might not be in front of them at all for much longer.
Genuinely curious
“What there is, however, is mounting evidence that the business model is reliant on revenues which cannot be guaranteed”
What revenues in football CAN be guaranteed?
A year ago, Celtic reported record revenues of £143.6m. The new Champions League format had arrived, the money flowed, and profits reached an extraordinary £33.9m after tax. It was the kind of financial result that had never happened before in Scottish football. Twelve months later, the hangover has arrived.
That’s what an elite manager got you. Record turnover profit and best result in Europe for years. But instead of supporting him snd building on it, internal factions set out to destroy him by giving him dross.
We now have vacant positions including a very highly paid chairman role unfilled cos no one will work with a regime for which they have no autonomy.
Or if you believe cqn it’s all Rodgers and the fans fault,
For Celtic until now I would say Season Book sales were a given, what happens after this season ,I’m not confident of that under the direction of Desmond and his board who carry his wishes out.
Hoop hoop Hooray on 23rd September 2026 12:36 pm
Or if you believe cqn it’s all Rodgers and the fans fault,
Rodgers, the bogey man, the guy to blame for the ineffectiveness, lethargy and failures of those above.
“What there is, however, is mounting evidence that the business model is reliant on revenues which cannot be guaranteed”
What revenues in football CAN be guaranteed?
—————-
Season books, hospitality and sponsorships and Europa participation payouts are all gauranteed for this financial year.
Very easy to predict and forecast the revenues.
Want to tighten the belt ?
Start with a market pay review for CEO and CFO.
Cut the payments to Chairman and NEDS.
Do what Fergus did – reduce the freebies and make people pay for their lunch.
Why do ALL THE BOARD have to travel for free when the team goes anywhere ?
Run it much more openly and seriously.
Very easy to predict revenue
“That’s what an elite manager got you.”
It was actually the cumulative impact on rankings of our much loved co-efficient monkey wot got us the lolly.
BR was the lucky guy who got to enjoy the automatic qualification that brought, to a revamped competition that suited our status.
And a fine away draw in losing out to Bayern.
I see Dom McKay has worked wonders with the Glasgow waterfront entertainment complex and has just unveiled plans for a billion pound expansion, Wish we could get a CEO like that with that kind of ambition and savvy
The CL is now a pipe dream. Having to win the league and get through two or three rounds of qualifiers will be beyond us for the foreseeable future, maybe forever. Same goes for r2ngers if they happen to become the local top dog.
(Starting next season – due to Scotland dropping down the coefficient table – the champions will enter in the second qualifying round, and must win three ties to make it to the Champions League. The runners-up and third-placed side will begin at the same stage of the Conference League.)
With that in mind, downsizing is not a bad word if it is executed properly. It will happen for sure, how it happens is still up for grabs. We regularly lose to teams in Europe who have a fraction of the operating costs that we do. They don’t have players earning 30-50k a week, they don’t spend 5-10 million on players. What they do have is a proper, forward thinking football organisation from top to bottom.
We could stay in the same downward spiral we are on for another 2-3 seasons before the well runs dry or we implement a massive overhaul now that sees us being competitive in the EL rather than the whipping boys that we will be this season.
HOOP HOOP HOORAY on 23RD SEPTEMBER 2026 12:36 PM
That’s what an elite manager got you
He didnt qualify though, not the last two times. Our best football managers dont seem able, and its getting harder.
We all love our heroes but that model doesnt work regularly enough to make it a sensible option.
Utterly incredible that last year with bulging pockets , record take , on the back of very decent results in Europe
We then spend a measly 13 million on …wait for it
TEN PLAYERS ….
We’ve failed to aquire those bumper pay years EIGHT TIMES by …well lets face it …poor recruitment but far more importantly…..Horrendous timing of said recruitment
Last year was as easy as gimme as you could get with decent strategy…instead we went for a 50/50 chance ….its not as if nobody had concerns is it ?
Dessyboy
Any scrutiny taking place on Mccart’s performance ? You can spend and build facilities who staffs it is key, not the buildings.
—-
Very good point. If we don’t have the revenue to buy the best we need to develop. However, the pathway to progression continues to be poor. Only Donovan coming through, Murray a possibility. And we take other teams’ young players on loan. It’s not easy, given the standard our B team plays at. Also not easy when it is must-win every game and players now seem to get abuse for any mistake. But if we can’t bring players through there really is no point in a B team set up at all.
“ The Board recognises the inherent inefficiencies of holding excess cash, and, in conjunction with other cash commitments, the importance of investing in strengthening the team to deliver football success.”
— Peter Lawwell, 2024
Ah yes. The revolutionary Celtic financial strategy: acknowledge that sitting on too much money is inefficient, then sit on the money anyway.
Not a penny more.
Did that have an impact on the finances or will the fans have to come up with something else to get change?
Not just in the boardroom but in modernising what is laughingly called the football department.
What will it take?
Failure in Europe, which is so costly(and avoidable), obviously doesn’t bother our board.
Then again, it’s paying fans who commit to the club, not those charlatans.
Can the board lovers explain why we should trust and support these same charlatans?
How much was paid in compensation to Rodgers and or his team?
How much was paid to Nancy and team in compensation?
Would we have made a profit without those things taking place?
If we had sold Daizen last year and had an adequate replacement would we have been in this position at all?
It’s a great pity we don’t have sharpened minds in the boardroom. I’ll support Martin whatever he chooses but it’s incredible that he made the comment about his future. Doesn’t do anything do strengthen his position.
“If we don’t have the revenue to buy the best we need to develop.”
Realistically, we won’t produce champions league players from the academy. Young Scot’s either arent good enough or they go to clubs in the top leagues before they can break into the team.
We need to set the business up to buy in and develop a lot more young talent. Everyone has to buy into it, everyone brought in needs to understand it’s what we are now.
Better scouting for the experienced players we spend money on, better scouting for the development players.
One person to oversee it all, not the football manager.
I see the Lisburn Lout is having a field day on here, must be because his team won again at the weekend
It’s a Catch-22 situation: we need to spend early to strengthen the squad for Champions League qualifiers, but doing so means taking on significant costs before the revenue from qualification is guaranteed. If qualification isn’t secured, the club is left with an inflated cost base and no Champions League income to offset it.
Or rather it might be a Catch-22 scenario but we’ll never know as the Executive at the Club have no intentions of spending big, they are risk adverse, not necessarily a bad thing but they have no plan B as they have no plan. Or if they do they’re not telling anyone.
Parkheadcumsalford on 23rd September 2026 8:37 am
I have said it before, but after the latest read back, I just hope Paul67 doesn’t pull the plug on CQN. You may not agree with him but there is no need to for the abuse directed at him. Oh that we could get back to the early days, where there were a couple of rules that everybody accepted. Basically, that there is a level of respect for each and every person and opinion.
Those were the days when we were regularly warned that children read CQN.
*Fully concur here, noticed last night some lout used the “C” word, my mother would have had my mouth washed out with soap powder if I had ever done that.
brendan and team resigned.
no compensation
NAPM now becomes part of the vicious cycle.
unless changes are proposed for the agm then boycott a single fixture.
the last home game in europa.
state why . put a name to it.
back to the future like the kilmarnock game in 94.
mullet and co 2 on 23rd September 2026 1:24 pm
…
How much was paid to Nancy and team in compensation?
__________
And how leery will the suits be to garden-leave Martin, Shaun, Foz and Co if current stumbles continue?
While shelling out maybe more than twice that for a new crew ? And the players THEY insist on.
Draining the legendarily stuffed coffers.
Stay in the present Quad; stay in the present !