Celtic domination writ large in Newco accounts


Newco (Rangers International Football Club) released their accounts today for the year to 30 June 2022, a period which saw them finish second in the Scottish Premiership, win the Scottish Cup for the first time and reach the Europa League final.

Since April we have posited that Newco would never have a better chance of eclipsing Celtic as the highest income club in Scotland.  They came close, but at £86.8m finished just over £1m shy of Celtic’s figure, although it should be noted that they only see margin from their merchandising deal, not total income, which Celtic show.  Another £1m income might have seen them over the line into an after tax profit, as it was, they recorded a £919k loss.  If you want a look into the dark rescesses of how some would like to control the narrative in Scotland, take a look here:
It’s Orwellian.  Freedom is slavery!  Why do this, who does it benefit?  The legal dispute with Sports Direct concluded during the period.  A figure of £8.25m was noted for dispute resolution, including costs.  They have surely learned a few lessons in contractual law by now.

Despite playing four more European knockout ties than Celtic, all in a higher ranked tournament, Newco earned less matchday income, £41.9m, compared to £43m.  Being able to attract more fans helps Celtic on this metric.  Newco have tried to narrow the gap this term by charging significantly higher European ticket prices.

Celtic continue to outspend all others on wages, the best guide to long-term success.  Our spend here was £59m, Newco’s was £54.9m, inclusive of European bonuses.

The spectacularly good business in selling Calvin Bassey nad Joe Aribo happened after yearend.  The period reported, however, saw Newco trade properly in the market for the first time, earning £13.5m from the sale of Patterson and the banked £4.6m from Aston Villa for manager, Steven Gerrard.

If Celtic’s dominance is ever to be challenged, Newco will need to develop a sustainable strategy of buying and selling at a profit.  £13m is the lowest annual player sale figure Celtic have achieved in 5 years, the highest being last season’s £31m.  Selling permits buying, last season Newco spent £7.5m on players, compared to Celtic’s £38m (although this figure included significant business done in June 2022).

A remarkable European run and the sale of Patterson makes this the first decent set of accounts since Newco were incorporated a decade ago.  The reported £20m for Aribo, together with Champions League income, will ensure another solid year, although this term, European, matchday and commercial income are all likely to be down on the previous year.

For Celtic and Newco, player trading is where it’s at.  In this respect, Celtic have a squad full of assets they could sell for significant sums: Carter-Vickers, Juranovic, Hatate, O’Riley, Kyogo, Jota, Abada, Maeda, Turnbull, Giakoumakis.  High performing 29-year-old Callum McGregor could even make this list.

Newco have real challenges here, with a dearth of players at the right age, value and with contracted years remaining at the club.  Investing in the here-and-now for a decade brought them two domestic honours but leaves them a tired looking outfit in need of huge investment just to stand still.

Winning the league, which again provides entry into the Champions League group stage, remains paramount for Celtic and Newco.  The loser would face stiff competition for entry into the Champions or Europa Leagues, with a potential income cliff-edge.

For Celtic, with their saleable squad and £25m net cash position at 30 June, this would be unwelcome but planned for.  For Newco, net cash position of minus £3.9m, it would ensure immediate downsizing to be compliant for Uefa competitions.  Uefa’s monitoring of Newco is the real gamechanger here.

Football remains a sport where the bounce of a ball can change history.  Celtic are only seven points ahead in the table and the ball will bounce many times before the end of the season.  I did not anticipate how well Giovanni van Bronckhurst would recover from his defeat at Celtic Park in February and he could still turn this season around.

However, the signs are here, writ large.  If you don’t know who will dominate Scottish football for the generation to come, you probably don’t know tomorrow is Thursday!  It is that clear.

Well done on that league title and Scottish Cup, thanks for all those coefficient points, I cannot tell you how helpful they have been in getting Celtic to where they want to be when Uefa competitions change in 2024. Be nice to wee Gio, none of this is his fault, you are paying the price for poor management by your ‘custodians’ while Celtic have people with vision and sound judgement.

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  1. Happy game day!



    In light of the leaked US squad including CCV anyone have a list of players that are going?












    Still to declare.






  2. Sevco and audited accounts damned if they do and damned if they don’t. If they show any sort of ‘healthy’ accounts the hordes want them to spend ‘gazillions’ on ‘stars’ and if they show ‘unhealthy’ accounts they still want them to spend ‘gazillions’ on ‘stars’ to get them out of the hole and playing with the big boys in the Champions League.


    FFP and financial prudence is for everyone else, or at least it was until UEFA came sniffing about!

  3. Thanks Paul67



    I’m pretty sure the period didnt cover the sale of Aribo – it really does look like they got near the £12m that was reported for Patterson



    They are also reporting £20m receivable for player transfers after the year end – so for Bassey and Aribo, not the £26m reported in the rags



    Their accounts quote £30.5m from their Europa league run – Uefa distributions (17.3m) and Match day sales from 9 home games. Approx 1.5m per game


    2022/23 will see £18m from Uefa and 5 home games. Allowing for an increase in ticket sales, maybe 9m



    A decrease in revenue from last season to this of £3.5m



    They will have increased costs from CL bonuses



    Increased Amortisation from the 15m worth of players that they singed in the summer.



    An increased wage bill outwith the CL bonuses



    No one-off compensation fee for Gerrard and co of £4.25



    I dont think its the pretty picture they are painting.

  4. AIPPLE on 9TH NOVEMBER 2022 12:30 PM



    Take a look at the Sevvies valuations and compare them to ours

  5. BBC political correspondent on 5 Live a short time ago was asked,if he would be watching Hancock in I’m A Celebrity tonight…..’ no chance I’ll be watching the Celtic game…’



    Think it’s Nick Eardley…

  6. Off the script here so my apologies.



    Can anyone tell me if the new sports bar is only open to season ticket holders ?



    If it’s open to general sale tickets, what time would I need to be up to get a seat ?

  7. !!BADA BING!! on 9TH NOVEMBER 2022 12:35 PM




    He makes no secret of the fact he’s a Celtic fan.



    He’s based in that there London, which is in England.

  8. Perfect scenario for Celtic with Sevco limping along in second for the foreseeable.



    Much betetr business than if they didnt exist.

  9. prestonpans bhoys on

    Aribo was sold to Southampton in July, so he can’t be in those accounts, for £6m according to Southampton too.

  10. Still trying to make sense of their Summer transfer dealings



    They’ll be comfortably within the UEFA limits for both losses and wage + amortisation cost/income ratios for the next two years.

  11. Paul 67


    ‘………..you (sevco) are paying the price for poor management by your ‘custodians’ while Celtic have people with vision and sound judgement.’



    So, if this is more than just a hint, can we take it as read that Lawwell won’t be returning as chairman, as you stated the board have vision and sound judgement?

  12. P67’s last paragraph is just full fat sarcasm and triumphalism. The latter a quality more associated with the Govan outfit. All that is missing is the WATP sign off.



    If being the winner in the perennial two horse race is the be all and end all, then fair enough. There was a time when we were feared on the European stage. That doesn’t appear to matter any more to our “people with vision and sound judgement”.

  13. So, if this is more than just a hint, can we take it as read that Lawwell won’t be returning as chairman, as you stated the board have vision and sound judgement?





    I took yesterday’s piece as an indication that Paul’s close source will be our next Chairman.

  14. Paul67



    Line1 word 1 NEWCLUB not newco.



    Tis hard to foster an orwellian narrative when from the off your partaking yourself.




  15. Aipple – O’Riley not in Denmark squad. I’d be amazed if Jota made it past provisional.



    Both can claim enormous progress in the last year and build from there.




  16. 67 European Cup Winners on



    I love the numbers and the comparisons are encouraging


    But can we please stop with the generation of dominance


    We were fed this before only to discover the Hun is not dead and Neil Lennon Peter Lawwell underestimated the Huns ability to fight back


    Please do not peddle the same line. Once was bad enough


    Any dominance we get will come from us never underestimating the Huns



    Hail Hail




  17. I’d just like to thank big Mike Ashley and his team of wonderful contract lawyers for there part in this tale of sevco pass the parcel!



    They played em like no other !



    Sadly looks like that’s done now but a final 8 mill to to make them go away is sweet sweet music .



    If you like thats a decent player they could have got with that kind of money .



    Again thanks big Mike!



    That makes them net 4 mill up going forward next year 8 mill minus Gerrard compo is 4 mill up by my reconciliation but who knows what other bills luck in the accounts of sevco .



    Suppose they could buy 3 fat buffalo’s for that right enough for next year !

  18. AN DÚN on 9TH NOVEMBER 2022 1:04 PM


    So, if this is more than just a hint, can we take it as read that Lawwell won’t be returning as chairman, as you stated the board have vision and sound judgement?



    I took yesterday’s piece as an indication that Paul’s close source will be our next Chairman.





    Cant see it being Lawwell as it would be Celtic volunteering to shoot themselves in the foot.

  19. bournesouprecipe on

    Good to see Ange taking care of his squad and refusing all international availability for friendlies

  20. Tom McLaughlin on

    AN DUN



    The Sports Bar is open to anyone who has a match ticket, season card or one-off purchase.



    To get in you’d really need to be there by 6pm at the latest.

  21. Tom


    Was at Stoke last night – as soon as you go through the turnstiles the bars are open. Think they’re open throughout the game – certainly are at half time.


    Pint is £4.55

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