Celtic’s annual results for the year to 30 June 2021 were released this morning. This was an exceptional year as the stadium was closed to spectators for the entire season, although, as the figures demonstrate, season ticket sales, or the ‘Pass to Paradise’, made a crucial contribution to the club’s health.
Finances to the previous year, to 30 June 2020, was impacted by the curtailment of that season and millions of pounds of refunds, so our normal comparisons at this time are moot, it has been two full years since the club traded normally.
Income fell almost £10m to £60.8m. This is £23m less than the year to June 2019 but still significantly higher than the £52m in Ronny Deila’s last season, to June 2016. Operating expenses soared above income at £74.4m, leaving an operating loss of £11.5m. A year earlier, the club effectively broke even, having made a profit in each of the four prior years.
A straight £5m of Other Income was recorded during the year. I expect this will be HMRC Business Support, Covid-19 related.
The sales of Jeremie Frimpong and Patryk Klimala brought in a net £9.4m after sell-on payments, principally to Manchester City for Frimpong. Despite the disappointing season, £13.5m was spent on player acquisitions, with Vasilis Barkas and Albian Ajeti making up the bulk of that figure. The year-end cash figure, net of bank borrowings, was £16.6m, not much changed from the previous year’s £18.2m.
With all the bars and kiosks closed, Football and Stadium operations income fell the most, from £35.8m to £20.8m. The biggest surprise in any part of the figures was the rise in Merchandising sales, from £15.0m to £22.6m. Considering that in-person retailing was inhibited for much of the year, this is a stunning increase in what I assume was online sales. The commercial metaphorically department kicked every ball.
The club paid £630k to settle contract terminations, Neil Lennon’s severance will feature heavily here.
So much went wrong with last season it is remarkable that we are able to report losses of ‘only’ £11.5m and a positive cash balance, my early season expectations were that we would be in overdraft on 30 June.
With hospitality, Stadium Operations and ticket sales for European and cup games, income should push towards £80m this season.
We have talked here about Asset Management for 17 years. The post-year player sales indicate that despite horrible performances on the field, our player asset values were very high. With a different manager, who knows?
Player purchases in the summer were concentrated around the 26-year-old age group. There is less room for asset appreciation in this new squad as there was among players we sold this year, so either we sell our new stars very soon, or we accept they will leave later in their careers for nominal or no fees. That decision will fall to a new chief executive, I expect few would be bold enough to announce thier arrival with a sale of assets, so expect to keep our main talent for a while.
That is a problem for the business model, one we have not seen since Martin O’Neill’s great team died on its feet, with a huge wage bill and no resale value. Fortunately, this squad can address the problem by winning the league and delivering compensating income from the Champions league, so no pressure now. Strategically, we need to get back to maximising Asset Management potential as soon as possible. Failure to do so always ends in clubs having to pull back eventually.
As a community, Pass to Paradise subscribers, staff and executives, we navigated the club through a year of genuine systemic threat in good shape.
234 Comments- Pages:
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- »
Lackey…should have been LACKIES !
RS
“Where were they in BR’s 3rd season?”
“this squad can win the league and get us into CL”.
Comedy gold.
Ange needs much more to do that.
You’ll be telling us next that second place was excellent last season…..
BIG JIMMY on 21ST SEPTEMBER 2021 1:08 PM
—–
What I was alluding to was the overwhelming majority of those on GP lists – your story is the exception that proves the rule.
There is no appetite among GP’s in Scotland to return to face to face appointments, that is on record and is a fact, not my personal opinion – equally there is no appetite among Humza (not a cheep), or any of his SNPcult, to force this issue for the good of the health of all of the population of Scotland.
There is now a concerted push in NHS England to fully restore proper patient/GP relations., in fact the face to face figure has risen to 56% of appointmens compared with 10% during the height of Covid, and 80% pre-Covid. Your individual anecdotal story and ‘faux’ indignation changes nothing in the BIG picture in Scotland.
“Evolutionary Initiatives???”
Does management training consist entirely of a mis-reading of Darwinian thought?
You cannot plan to evolve to meet the future in evolution. Jean Baptiste Lamarck tried to argue for the inheritance of acquired charactersitics in evolution but his views were generally discredited and disproved by Darwin. Poor Paul Kammerer claimed experimental proof of Lamarckianism with his work on Midwife Toads but he, most likely, forged his results as his experiment results were incapable of being replicated and he committed suicide, the ultimate evolutonary dead end.
Darwin showed that it was the future that selected which randomly acquired characteristics were best suited to its conditions and people were routinely incapable of guessing what the future wanted from them. It was a lottery rather than a plan.
Maybe in the business world, they have a better grasp of Futurology but the continuous cycle of Boom and Bust would suggest that is fanciful. Whatever plans businesses are making for the future, they are either guilty of lying or boastfuness in calling it evolution
The longer Giakoumakis goes without an appearance the more he gets written off by the experts.
ROLLING_STONE on 21ST SEPTEMBER 2021 3:43 PM
Are you taking Lenny’s two season in the CL and ignoring his other season’s, as well as RD’s and TM’s?
No, we were either profitable or made small losses but overall profitable over the last ten years. It doesn’t suggest poor financial management given our success over that period, however relative it is. That’s what it’s all about surely, remaining solvent and being successful
I think ten years is long enough to go back, I don’t have the inclination to go back any further but if you want to I’d imagine we we’ve been profitable since we slowed down on spending after Seville.
JHB
Like Big Jimmy, I was recently granted two face to face meetings with my GP. My health requirements are not as critical as his may be but, as an irreguar user of the service, I was granted these appointments without any great fuss.
This does not prove that appointments are easy to come by or that appts. are easier or harderin England than Scotland but then, your own assertions are not evidenced either by any comparative figures.
You are doing a spectacular dis-service on here to the Cause of Scottish Labour, which you have purported to support. I don’t recognise any of the traits of Scottish Labour in your pro-Boris sentiments. You are portraying the Nat’s wet dream version of a Labour man – a Red Tory.
I cannot escape the feeling that it is intentionally so?
Our assets are indeed our players Paul and the management of those assets, since Brendan Rodgers´shock exit, is the matter to be addressed now as you are pointing out.
The figures are good and it is a relief after all the recent turmoil. In terms of asset management the period from summer 2005 until the sale of Kieran Tierney for a Scottish record fee in August 2019 was a real success. Since then the income has matched that of Tierney´s as the accumulated income for Ajer and Eddie is around 25 million, however that money is spread over two players not one and we didn´t manage to sell Eddie on for 30 million plus to see our finances continue in the ascendancy.
Neil Lennon, much to my chagrin, did not manage his assets as well as Strachan, Ronnie and Brendan did. By publicly discrediting many players he lowered their market value, see Cristiano see Coca Cola. Not that I would have liked to have been in his shoes because he was obliged by the media, in the absence of any club faces supporting him, to joust with them on a daily basis almost. Nowadays what you say seems to be so much more important than what you do and he ended up getting caught up in his own narrative and lost touch with the players. Now we have a manager who is proud of his players after a good performance and apologetic about his players after a defeat.
Unfortunately our recent purchases do not look as successful as our recent sales. Simunovic and Julien are in our top ten purchases of all time list but we don´t seem to be getting it right. Is it that we don´t want to pay competitive salaries to these guys as they both achieved some success. Nowadays their careers are shrouded in injury mystery. Both brilliant players in my mind by the way.
This is not new. Gary Hooper is just one case in point. The board should have invested in a proven goalscorer who only went for about 6 million. At a time when we had sold on McGeady for much more money.
There have been astute signings in the last 15 years but the pull of the club has been a key factor and the club doesn´t seem to have a coherent signing policy. Can we keep players on at higher salaries? As a player progresses should he get a better deal? You mention the age of 26 Paul and if our players ever get to 26 the deal is this, sign with another club or continue getting uncompetitive wages at Celtic. James Forrest could be at this point. That is not any kind of model for a competitive business and takes us back to the days when the likes of Bobby Collins had to leave a club he loved . There were some after him too. I experienced the departures of Macari, Hay and Dalglish. Celtic were not the only tight football club, there are other candidates among scottish clubs.
I say let the manager sign the players and manage these assets. Will the board allow it? Will Ange be allowed to do his job? Can Celtic evolve as a competitive club? why not? it needs a leap of faith.
To boldly go where no one has gone before.
SFTB,
most informative, ta.
I do remember much of the activities, and the organisation from many on here.
I just get bored with one subject ernie.
Ange has a touch of the Kevin Keegan’s about him, score more that the oppo, far worse ideals to have IMO, we don’t have the players to defend, we don’t have the players to stroke the ball about like he want’s, we don’t have the players to run and press and harrie for ninety mins like he wants…..yet.
I see talk about who is signing the players rearing it’s ugly head again, if I had to put my life on it, even my grandweans lives, I would say he is responsible for one, that’s 1 signing, our Japanese bhoy, the rest he is on record as saying that the scouting dept did their due diligence etc, unless he is a liar then he is responsible for the total eff up with our scouting and recruitment, but sadly he will be the escape goat at the end of the day, the suits will still have their fat remuneration for doing eff all, the players will pocket humongous salaries for being average at best, will he be given the backing, I doubt it, he sure won’t be given the time by the support, so sadly for Ange, it’s been nice knowing you, I only wish it could have lasted.
Just wrang
Oh and for the record, I was at the Dr’s today, the surgery was totally empty, made my appointment via an app, went in and the Doc was so bored he ushered me in personally and couldn’t do enough to help me.
Poor, wee Ange, live like a king, roll into Lennnoxtown pick a million wingers give interviews to Celtic TV, and start every sentence with…. ” Look……….. blah blah blah “
Going to a meeting in the village hall tonight about leccy bills, got our first one yesterday for a few months, seems that in April to May we used twice what we normally used in previous bills that were for two months, so in effect we used four times the leccy as normal, now it’s total pish of course, the rates then changed in June and we have three tariffs daily now, cheap, which is dearer than before, medium and peak which is daylight robbery, but what can you do when you rely on it, this meeting has been arranged in a day, so the Spanish ain’t happy, I can see a fair few getting their supply cut off, all coming to a region near you soon, power cuts, massive price hikes etc, all in the name of climate change so eff you plebs.
Did you know that the folks who rake in the squillions every year from carbon taxes are privately owned companies, there’s a thing now eh.
Who would win a fight between an evolutionary initiative and a revolutionary initiative?
SAINT STIVS on 21ST SEPTEMBER 2021 2:47 PM
Brian Wilson is 72, did he call out the 5WA or RES12 or the blue meanies cheating ?
—–
What possible meaningful advantage could Celtic have gained by forcing itself into the sh**-storm that engulfed Rangers in 2012?
We would have become an actor in this play and ended up covered in turds as the media turned it into a Celtic v Rangers soap opera for cheap headlines.
When the rot started setting-in around Ibrox and Craig Whyte stepped out to announce Administration, none of us could have expected the deserved havoc that would ultimately be heaped on that club.
If we had been foolish enough to get down in the gutter with them it would not have made one iota of difference to the eventual outcome, or, indeed our wellbeing and finances, then, or, now.
We would have becone embroiled in, and forever part, of the story…and like the ongoing BDO Liquidation, any claims would either still be going through the legal system, or, sitting on the creditors list even now.
Celtic were 100% correct to distance themselves from all the crap.
Finally when it was being touted that Rangers retain their Premier League share, or, later that the club be ‘parachuted’ into the second-tier, did Celtic vote in favour? Of course it didn’t. We were part of the decision that forced the new club, Sevco, to start life in the bottom tier.
Celtic did the right thing, kept not only its hands clean, but cleaned-up with honours for the next NINE YEARS.
The barrackroom lawyers who continue to peddle this tripe could not be trusted to run a whelk-stall and would gladly have hooked Celtic up to ten year farce.
Celtic appoint ex-Morton boss Anton McElhone as head of sports science
This is a start…
https://celtsarehere.com/celtics-new-head-of-sports-science-who-is-anton-mcelhone/
The new fella’s Linkedin is pretty interesting, especially the endorsements from top managers
RES 12 is the biggest ‘red herring’ since Nessie sightings magically disappeared on the advent of mobile phone cameras.
UEFA spelled it out when they stated that no retrospective action could be taken against a club that did not exist.
Sevco/New Rangers were not banned from European football as a punishment, but because, as a new club, they had no historical published accounts and so could not compete under the rules.
If UEFA couldn’t hold the old club to account, what chance would Celtic have had – think it through….please!!
I was watching bits of the Villa v Everton game the other day and on the Villa bench was Austin McPhee of Hearts fame, he is now Villa’s set piece coach apparently and going by from what I saw, he is doing a pretty good job.
JHB on 21ST SEPTEMBER 2021 4:38 PM
Are you Brian Quinn?
Desperado
James Doleman
@jamesdoleman
·
Sep 16
The Sheriff asked why was it so important that the march go past a Catholic church?
Counsel for the “Apprentice boys,” declined to give an answer.
The appeal was rejected, and 24 hours later the march was called off.
If it wasn’t going past the chapel, what was the point?
BOURNESOUPRECIPE on 21ST SEPTEMBER 2021 4:59 PM
JHB on 21ST SEPTEMBER 2021 4:38 PM
Are you Brian Quinn?
—–
No, are you?
That aside, surely as the intelligent man you are, you can appreciate the logic of my point of view….or, do I ask too much?
I’ve been bumping my gums about the lack of key roles being filled inside the club.
So well done Celtic on the Anton McElhone appointment. Looks to have a very good pedigree behind him.
More please.
HH
SETTING FREE THE BEARS FOR RES. 12 & OSCAR KNOX on 21ST SEPTEMBER 2021 4:12 PM
JHB
—–
As usual you are conceitedly over-stretched!
FFS, I’ve heard it all now: pot, kettle, etc…
JHB on 21ST SEPTEMBER 2021 4:38 PM
JHB on 21ST SEPTEMBER 2021 4:56 PM
You came away the other day in response to me with this same line that Celtic did well but to get involved in the Oldco fallout.
You were told the other day that you ignore that the issue is in fact governance as opposed to the MAM and Huns painting it out – like you – as an OF issue.
UEFA copped out of calling them a new club on the basis they were banned for 3 years from UEFA competition and therefore UEFA had no dog in the fight.
You are either stone deaf or completely blinkered to any argument bar your own preconceptions.
My friends in Celtic,
Very interesting reading differing viewpoints re Celtic’s accounts.
As previously stated, imo our loses weren’t as bad as they could have been.
Stats and comparison to previous years can be spun to suit each view and agenda.
But surely the only true comparison during this global pandemic is a comparison to us v similar sized clubs.
When this is know then we can really conduct a true analysis.
HH to all.
SETTING FREE THE BEARS FOR RES. 12 & OSCAR KNOX on 21ST SEPTEMBER 2021 4:12 PM
——
I let the facts and the overall policy speak for themselves, if that reflects pro-Boris sentiments, it is hardly my fault.
You appear to be one of those who automatically label criticism of this incompetent SNPcult with love of the Conservative Party – it is nothing but a SNPcult defence mechanism because they have no decent narrative and no coherent economic plan, either for a devolved, or, independent, Scotland.
JHB o
I thought the comparison to Brian Quinn was complement enough, he couldn’t have put it better than you did.
I’ve heard the same argument put to me on Celtic Way and its rarely expressed badly, let alone well on CQN or elsehwere. stand by for ‘back of the bus ‘and bus’ and many other 10 year old cliches.’ about Celtic this or Celtic that.
Personally I think Celtic let the supporters down over the ‘same club myth’ and Res 12 utterly let down, like they have done on many issues
Why do Celtic let their supporters get racially abused?
Why do Celtic let their supporters get called paedo’s?
Why do Celtic let Rainjurz get goals that are offside?
Why do Celtic Yada Yada Yada.
Ho hum CSC
p.s. congratulations, its a while since I’ve seen ‘barrack – room lawyers’ – splendid
Our new appointment of Head of sports science could go down as our best ” signing” of the transfer window.
Anton was seemingly headhunted by Spurs and lasted circa 10 years at White Hart Lane. For a headhunted appointment that seems to be a mutual fix.
If you research sports science it covers a multitude of topics , some practical some physiological.
After Livingston where we kept repeating the same failed script, possibly a psychological message was required.
Ange will be delighted, and so am I.
HH.
SQUIRE DANAHER on 21ST SEPTEMBER 2021 5:26 PM
You are either stone deaf or completely blinkered to any argument bar your own preconceptions.
——
That kind of invective is unworthy in a serious exchange of views and could be seen as losing the plot!
I have no prejudice, I merely interpretd the facts as they have unfolded over the last ten years.
Other business suffer when a major business goes down. They feel cheated and have to ‘lick their wounds’….for a while.
But in order survive they cannot let an event over which they had no control define their standing, or, future business.
One thing is for sure, they don’t sit around wallowing in self-pity whist gazing at their navel…. for ten years.
—–
A few months back my SiL decided that he was going to invest a few bob in oil futures, he asked me what I thought and I told him to invest as much as he could afford, he did and he also borrowed a fair few bob and invested, a month or so later they were giving the stuff away, at one point they were actually paying people to take it away as they had no means of storage, suffice to say he wasn’t best pleased with me, but I assured him that it would be fine, and low and behold, it’s dearer than it ever was and only gonna get dearer in the next year or so, I got a wee small remuneration from him this after, hoping for a bigger one this time next year >:)
Right, meeting to go to.
THE EXILED TIM on 21ST SEPTEMBER 2021 4:18 PM
“………… we don’t have the players to defend……..”
Interestingly, according to the current table/standings, no other team have lost fewer goals than Celtic in the 6 league games played, including the currant (deliberate spelling error!) leaders who have lost a goal more.
I didn’t know that either!
BTW it seems an age since we corresponded when I was in Villanueva del Rosario on hols.
Ave Ave
BOURNESOUPRECIPE on 21ST SEPTEMBER 2021 5:33 PM
thought the comparison to Brian Quinn was complement enough, he couldn’t have put it better than you did.
——
My intention was to answer you in a respectful (a bit tongue in cheek) way – if it didn’t come across as such, I offer my unreserved apologies.
We can’t fight every fight – if we did it would devalue the fights that really matter.
Silence is a good way of conveying contempt….and can stop one from putting their foot in their mouth when angry, or, upset.
We have had to submit to some shenanigans over the years from Ibrox and their legions who roam our streets – submission is not compliance.
I have utter contempt for the way the Ibrox people do, and have historically, done their business. I’m sure many in positions of power at Celric Park feel likewise – however they are big players in Scottish Football and affect us, whether we like it, or, not. So the brutal truth is that we have to deal with them….’holding our noses’