Celtic published their preliminary results for the year to 30 June 2022 yesterday. After two years affected by the global crisis, results on and off the park are back on form.
Accounting standards require Celtic to compare results with the previous year, however, the crisis makes comparisons with years ending June 2020 and 2021 unhelpful for strategic trend spotting (clearly, all indicators were significantly improved on both years).
Where appropriate, we will compare to year ending June 2019, the last season with full attendances, which also saw Europa League participation.
Headline figures are eye catching. Income was £88.2m (2019: £83.41m), expenses were higher still at £91.7m (2019: £86.94m). That small trading loss was more than offset by the busiest 12 months transfer activity in recent memory.
The financial year encompassed three incredibly busy transfer windows (Jul 21, Aug 21, Jan 22, Jun 22). Odsonne Edouard and Kristoffer Ajer made up the bulk of the £29m income from player sales. Most of that figure goes straight to the bottom line.
Deals to sign Liel Abada, Carl Starfelt, Josip Juranovic, Giorgos Giakoumakis, Alexandro Bernabei, Cameron Carter-Vickers and our four Japanese players were all signed during the 12-month period. Jota’s permanent signature was publicly announced on 1 July this year, it is unclear if this deal was also included in the figures to 30 June, we will find out when the annual report is published.
Total spend on player registrations for the period was £38.4m. This clearly represents the bulk of the spend for two years. While it is astronomically high, it is not appropriate to compare to any one year.
Profit is right on Celtic’s trend: appropriately small at £6.1m, with cash at 30 June of £30.2m – which is net of bank borrowings.
Income from football and stadium operations softened by around 1% since the last fully open year, £42.782m (2019: £43.252m. Multimedia and other commercial is also down, £20.528m (2019: £22.082m), due to fewer games and less prize money in the Europa League.
These falls were more than offset by merchandising income of £24.925m, a 38% increase on the £18.076m earned in 2019. Every year at this time we track this figure, it is a key metric that Celtic can budget on to offset inherent risks in European prize money. Income here has almost doubled in six years, from £12.577m.
This increase alone bridges more than half the gap between Champions League and Europa League revenue. Compared to where we were six years ago, it is as though the commercial department are bringing in Champions League money every second year.
It is a key component in why Celtic can continue to trade normally without adverse results jeopardising the club. The partnership with Adidas and (subsequently) JD Sport has been enormously beneficial. Much of the reason why we were able to rebound so successfully from the failures in 2020-21 is down to the achievements of the commercial team.
Chief executive Michael Nicholson, in his first review of our annual figures, made two points worth bookmarking.
“UEFA announced… a new Champions League format post 2024…. There is an expectation that, once implemented, this would lead to increased media rights, which would in turn benefit all participating clubs”.
“UEFA introduced significant enhancements in financial governance by introducing new Financial Sustainability Regulations to replace the previous Financial Fair Play Regulations…. These are being introduced on a phased basis from summer 2022 and have the effect of introducing more rigorous spending controls and more definitive sanctions in order to create a sustainable future for the European Club environment.”
The European game changes both financially and competitively in 2024. Celtic have targeted this date for a while and want to be part of the story.
Uefa’s FFP spending controls and sanctions have been opaque since their inception, which has competitively hampered Celtic. What to do about it?
Michael Nicholson went on to say, “Celtic played a significant role at a strategic and technical level in the development of the new regulations, continuing to demonstrate our strategy of participating and contributing to the future of the game at the highest level.”
One of our old pals played the significant role at a strategic level in putting this right, while one of our current backroom team was an architect of the technical details. Despite the bevvy of trophies we’ve won in recent years, I believe Celtic suffered most in European football from the financial mismanagement of others. Some who bore the scars of this issue got to write the new rules, the consequences of which hit home elsewhere this summer. Perhaps some compensation.
Great results, well done to all.
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Does the Tartan army send proud Edward homewards to think again before or after the minutes applause?
Golf’s governing bodies approach to the Livi defectors he as been met with a 2 finger response. If the money is good enough there will be takers.
Whooops!
AN TEARMANN:
You’re welcome.
BSR
Very good
TOM MCLAUGHLIN on 21ST SEPTEMBER 2022 4:06 PM
if the maths made sense then yes, the Americans would play football in empty stadia. The gulf state owners wouldn’t care if they won the Champions League in an empty stadium with hundreds of millions watching tv.
They dont care about our game.
TMcL @ 4.06
I wonder how long any boycott would last?
They would just fill the stadiums with tourists / away support bitter enders / children / extras and use canned noise.
80% of the existing support would be back in 3 months.
Barca fans are not going to jump the dyke to Espanyol — they will take the huff then crawl back.
We would do the same.
TOM
Todd Boehly has been at Chelsea 5 minutes and he wants all star games and all sort of other bullshit
You dont spend $5 billion dollars and let other people decide what happens to your investment. You hedge risk by having as much control over things as possible
They’ll be back, it wont be as crass as the ESL but they want their money and they’ll likely get it
Word of the day is ‘huff-snuff’ (16th century): a strutting braggart who likes to bully others but is quick to take offence.
About 10 years ago Celtic supporters said the board was useless because they weren’t raising appropriate revenues etc.
10 years later the same Celtic supporters who have continually financed the very same useless board in those10 years are saying the same things.
We need new supporters who’ll get us a new board who aren’t as useless as the supporters and board we’ve had for the last 10 years.
A board who’ll let the manager be his own man and apply his own thoughts.
Monstering a domestic league which contains one and a half teams in it isn’t any measure and what does it say about the the one team wth all of the money(Celtic) who can`t get to a European final, when the half of a team with no money(huns) got to a European final last year when us, the one team with all of the money got knocked out of 3 European tournaments before Christmas?
So are we using the money issue as an excuse for backing a board who bring in managers who think that being cynical is a bad thing?
Any competition that pairs teams worth £20 million vs teams worth £500 million are being cynical.
So the answer isn’t more money because we surely all know that we’re not going to have a team worth £500 million any time soon.
So we find another way.
An analogy – if John Rambo wasn’t cynical do you think he’d have been able to drain all the swamps that he did?
Its not about money, its about respect.
If Uefa respected every club equally then they wouldn’t have tv deals which favour the big clubs at the expense of smaller clubs.
So if you view European competitions purely from a fnancial view then Celtic would be as well not turning up.
But the trick is – use the slanted capitalist format of Uefa, in the way that MON recruited most of his players, players with a point to prove.
MON didn’t approach Uefa games as a way to make money, he viewed it as a way to get across the message that Glasgow Celtic with a point to prove, should be taken seriously at that level, and he did that rather well Ithink, by playing on the break.
Managerial methodology is the issue – not money.
How can lack of money be an excuse for lack of progress in Europe, when the skint huns totally destroyed the financial theory only last season.
Good honest supporters don’t make excuses.
C40 @ 4.23
No matter the financial firepower of all the ESL owners — Eufa will have PL and the mystery executive on the case in no time to save their lilywhite erses …
CC @ 4.24
TFOD2.1 vs EuL — three seasons at least.
If you don’t win you starve — their EuL crowds kept them afloat.
The EuL only ever contains 4 teams who actually want to / need to win it.
The rest are just going through the motions after Christmas.
If you turn ever trick / bust every gut then you stand out.
Our friends in Govan have turned themselves into EuL specialists.
The have worked every angle — opposition / MIB / gym / nutrition / tactics.
That will get you far when the opposition are more interested in their league position.
They have a bad hand but they play it well.
Is there no end to this folly?
I have read more enjoyable CQN pages than those on show today.
I suppose that`s the effect International Matches have.
Well, we are quite used to you going out of your way to find a strawman to fight but why the GBH on him!?
We? Are you a collective now? An appointed spokesman for a group?
Maybe the term “no brainer” should have been put in quotation marks, it’s a slang term, it means it’s the obvious thing to do, as opposed to not using your brain.
Putting it in quotation marks does not increase or decrease the clarity or dubiety of your statement. You allied the term to Europe, so that would just mean it is obvious to do Europe. Who, in your right mind thinks its obvious not to do Europe? Who is pushing a straw man here.
Trying to be as competitive as we can be in European competitions is Ange’s stated aim, he reiterated it after the game in Warsaw.
It is also the stated aim of every Celtic manager in Europe. Not one ever stated they wanted to throw a game or were not bothered. They all had the same aims as Ange. Two of them, dismissed as cheap unambitious options, actually achieved a last 16 place and one, who did get fan approval, got to a Euro final but was never better than 3rd in a CL group. The ones that failed to become semi-competitive in Europe were Ronny Deila and Brendan Rodgers, but both had the ambition to do so. Saying you have ambition makes you no more ambitious than those who don’t proclaim it but achieve it.
Now Celtic qualify for the UCL has meant qualification for the group stages of the competition, in recent seasons we have not been regarded as a last sixteen team, so the goalposts can stay where they are.
Celtic qualify currently i.e.- in this one season, an outlier event in the past 20 odd years. This is not due to any ambition but to a period where the performance of Scotland as a National team has solidified and the contributions of one other Scottish club has given us this rare situation. It is not guaranteed and, indeed, if Ukraine and Russia stop their warring, it will be difficult, under current financial circumstances, to maintain it. The goalposts can, therefore move. We have been a last 16 club for a brief period but mostly we haven’t been. In fact we haven’t been a CL team half the time. Ambition can remain a braggart but form is inconstant and achievement is hard work not words. The Magical Thinkers can see a successful year and attribute it to increased ambition but it does not make it true. Brendan was ambitious for Celtic and made us a stronger domestic team against a rival team fresh out of 4 years in the lower tiers but he barely advanced us in Europe. Ange is ambitious and won a great league last year but has achieved nothing as yet in Europe to rank him above WGS, NFL and MON. I have high hopes that he will rectify that and I am really enjoying the football as he tries. Some of the guys on your side of the argument, however, see him achieving this through individual player brilliance and not through tactical ability or coaching shape, so there’s a mixed message coming from anyCollective advocating Ambition or Speculation to Improve.
It is absolutely fine for a football team to enter a competition and not be expected to win it, over 90% of football teams from grass roots to UCL competitors accept that totally.
Of course it is. I want us to be in the CL even if it means being 4th seeds and suspected as cannon fodder. The only way to improve is to play better players. Fulham and Bournemouth get to do that every week; we don’t and it hurts us. In the 60’s and 70’s it didn’t because Scotsmen could play then, and we were largely Scottish. That approach can’t cut it anymore, so we have to make our pie from the unwanted and overlooked off-cuts left behind or unnoticed by the bigger spending teams.
It’s how sport works, to try an argue otherwise is nonsensical. When we say Celtic are competitive in Europe it is of course relatively speaking.
Therefore to attribute the mere stating of ambition to be an indicator of the real thing is the illusion. Actually doing it is the key. All the bluffers and blowhards on every Celtic Blog say they can run a Board and run a team better than the current and previous post holders. We talk of just buy better players, always play the best ones, take a bath on the expensively acquired duds, and just spend what it takes to get the latest bling at whatever cost. I ask for no forgiveness in casting severe doubt on those pronouncements. All but a small percentage, and I exclude myself from that small percentage, would not last a day in the dressing room or the Celtic Board, even if we rated ourselves as 11 out of 10 on the Ambition scale.
Anyone can talk and write of ambition on the unreal Internet. Real players and managers go out there and Succeed, manage to get by or fail in the real world of football,
That real world that shows, unmercifully, that clubs from smaller leagues invariably and inevitably lose out to clubs from the big leagues, under current circumstances- you know- the one point in my argument that nobody ever takes me on about- except when they point out the one season that Qarabag do better than us or Copenhagen or Zagreb. If you can’t read the trend, you cite the outlier result as evidence that the trend is breaking, in the same way that the 95 year old with the 30 a day smoking habit refutes the smoking & cancer link.
Celtic, as things stand, are a Pot 4 team, UCL after Christmas is a great result, Europa after Christmas is doing very well, not qualifying would be disappointing sure but not hugely unexpected.
Agreed- but “as things stand” is no predictor of future seasons- remember? I certainly heard it cited often enough when I was hoping Neil could turn things round in November and December of the 10iar season.
We can see real ambition now, we can see real progress now, we should be happy about the state of the Club, not venting our spleen on strawmen.
No- we can attribute real ambition and progress but we have not seen it and you won’t hear Ange proclaim any such thing. His ambitions will remain big regardless of whether he achieve them this year or not. We have progressed from the starting point of a disastrous 10iar season but we, Celtic, have palpably not progressed in Europe yet. Ange’s record of achievement, as yet, is as poor as Brendan’s, when compared to the actual achievements of WGS and NFL. I have confidence that he will do better for us, if he stays, but he has achieved nothing of note as yet in Europe.
Let’s give the man time to actually do what he is planning to do. Let’s not proclaim it achieved.
Credit him for turning round a shambles. Credit him for winning a league against the odds. But he is not responsible for us gaining automatic qualification; he and the current Celtic benefited from others’ efforts in that regard. And, I am confident, that Ange would take no credit for turning round Celtic as a force in Europe because, until the results justify that claim, he will not be making it.
Ange interviewed in Oz
https://twitter.com/theprojecttv/status/1572510418244861956?t=74KKWz1NaqmsE55VnrZg9g&s=19
HH
I believe Real Madrid have taken UEFA to the European court of justice, their case is that UEFA have a monopoly on European football and that this breaches European competition law.
This Court case will have profound implications for football should Real Madrid win it. Think Bosman ruling on a rocket.
Ps Thanks An Tearmann, a good succinct read.
http://celticunderground.net/wp-content/uploads/2010/02/craig-joe-3-191×300.jpg
Who is the Bhoy in the picture?
Ronnie Glavin
celticforever on 21st September 2022 5:29 pm
Ronnie Glavin
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Sorry – no.
Just catching up on the last two days posts. No in answer to The Quiet Man it is not me. I was in the main area of the stadium, right on the 18-yard line and saw all the goals go in that day. Actually, I was properly dressed for the occasion in green and white.
SCULLYBHOY @ 5:27 PM,
Roddy McDonald
Hail Hail
Chairbhoy on 21st September 2022 5:39 pm
SCULLYBHOY @ 5:27 PM,
Roddy McDonald
Hail Hail
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Sorry – no.
BTW folks, I have just realized that I compromised the question in the picture link! Dooh.
Densa CSC
Give you an easy one instead – name the scorer, and what was the occasion?
https://i.pinimg.com/originals/d7/76/98/d776986773b536089465ff67a6cfabcc.jpg
https://i.pinimg.com/originals/05/2e/48/052e483751c051053dcf3f327906e974.jpg
SFtBs @ 4:56 PM,
Well, the manager is showing ambition and the Board are backing him. That’s as good as it gets for the moment.
After back to back UCL group campaigns Lenny wasn’t backed
After back to back UCL group campaigns Brendan wasn’t backed
The Board then may have talked the talk but they certainly didn’t walk the walk and their UCL qualitying record is there for all to peruse.
It should be the exception when Celtic fail to qualify for the UCL not the norm, if we have a good managment, coaching and backroom structure that is backed by the Board Celtic will quality for the UCL more often than not.
We are better than Fulham and Bournemouth, I know a Bournemouth supporter, he thinks Ryan Christie is great, Ryan wouldn’t get back in our first team.
Hail Hail
Scullybhoy – Joe Craig?
https://twitter.com/zeshankenzo/status/1572605480429654017?s=48&t=-36-44qCaHg1jm-Lqm1X3g
We can take what sleekit rat McCoist says with a large pinch of salt, someone can email it to White at Talkshite
https://twitter.com/theprojecttv/status/1572510418244861956?t=0QgB59ztq61lA-fKdoX4fA&s=19
Ange on Aussie tv
Joe Craig
Forever in your debt
Super Salary
*Oops already posted
SCULLYBHOY on 21ST SEPTEMBER 2022 5:50 PM
https://i.pinimg.com/originals/05/2e/48/052e483751c051053dcf3f327906e974.jpg
……………………………….,
He even had Celtic hair
Aff oot
I do talk a lot of shite
SCULLYBHOY on 21ST SEPTEMBER 2022 5:27 PM
http://celticunderground.net/wp-content/uploads/2010/02/craig-joe-3-191×300.jpg
Who is the Bhoy in the picture?
___
The clue is in your link😁
And me
Ignore my next epilogue
I am MADMITCH