When the new Champions League format was announced some years ago, we wondered where it could move the income dial for Celtic. The answer for the year to 30 June 2025 turned out to be a 15% uplift on the previous term, to a staggering £143.6m. Despite this, year-end cash balance was almost unchanged, at £77.3m (up just £100k).
This reflects the largest investment in player acquisition in our history – £38.6m – as well as the major infrastructure investment at Barrowfield. After-tax profit was an eye-watering £33.9m, a figure which could remain a highpoint for a long time.
Operational expenses – the cost of running the club out-with player trading – was £117m. That is only £6.5m more than the previous year’s turnover, a season which included old-format Champions League revenue. This year, income will be lower than last year’s costs. Don’t misconstrue this, we are in a very comfortable position, but we are running hot. This level of expenditure is unsustainable without Champions League football.
In a change of tone from last week’s statement, chief executive Michael Nicholson wrote, “As a Board, we take responsibility for the failure to achieve [Champions League football] and commit to improving going forward.” This message should been front and centre of the earlier statement. A bit of contrition goes a long way.
All that cash is a burden to a football club which fails to use it. Fans buy tickets with an expectation their money will be spent (I was told that by a former chief exec). One of the board’s primary tasks is to fulfil this expectation, without destabilising finances when income is so dependent on qualifiers played in August.
Looking from the outside in, these things look straightforward. Whether that is the case or not, is immaterial to most fans. The frustration many will feel at reading such spectacularly successful financial results, just weeks after the Kairat defeat, is understandable. The positive is, we get to go again. Learn, switch-up and lean into that cash balance.
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Unexpected podium.
Amongst other things, what the accounts demonstrate is that there are too many folk running around like their trousers are on fire.
The amount of pish-stained rumour dressed up as insider knowledge that I’ve read on here and elsewhere lately is embarrassing.
We can though plainly see that:
The business is looking squarely at a year or more of regression.
This is caused by the significant increase in costs (mostly wages) set against a significant decrease in revenue (UCL)
There are no obvious high-value players in the squad that might generate substantial transfer fees – we have not had enough time to see what the new bhoys have to offer, while the previous year’s crop looks like producing a disappointing harvest.
The support is almost entirely disengaged from the club’s leadership.
Given the financial position, the January window will likely be more Willo Flood than Nic Kuhn.
Despite that, we will win the league, somewhat underwhelmingly perhaps, but we will drop fewer points than our rivals over the season, whoever the rivals turn out to be.
In all of this, it remains highly unlikely that there will be (increasingly necessary) changes in the leadership. The people who run the club and their approach to running it will not change. Conservative choices will remain the default.
We can expect a new manager come the summer. Unless BR can create performers in the interim, the new guy will inherit a squad over-represented by average performers. He’ll have a job of work to do to fashion a new team – within the financial constraints of a loss-making year – sufficient to negotiate 3 rounds of UCL qualifying.
Short term, we’ve got a stumbling leadership, a loss-making business, an underperforming team, a manager in his last year, a squad of highly-paid average talents and a disengaged support.
It’s not a pretty picture. In that light, the pish stained rumours ill-serve us all. We need to concentrate on fixing the problems. That starts at the top.
“The positive is, we get to go again. Learn, switch-up and lean into that cash balance”
But will “we” learn?
Radio Scotland going overboard about our penalty last week. How they hate us. How many decisions have gone against us and never ever are even commented upon, never mind criticised?
Watching the Merseyside derby and, sheez, Everton’s play is a heady mix of high punts and errant passes.
Only saving grace is their wee midfielder Idaye has great energy and fight.
I honestly think Dundee Utd could give them a game. Even with our alleged ‘troubles’ we’d take them.
Liverpool are a different level and matter.
The Battered Bunnet on 20th September 2025 1:06 pm
Next years excuse is already being readied: Brendan Rafgers decided to move on, we carried out an exhaustive world wide search and found Shaun Maloney was the best candidate. Despite this we had no targets identified prior to the ransfer window opening and, even though we offered £1.5M for Five players valued at £5.5M (honestly who do these clubs think they are) we couldn’t sign the players needed to qualify for the Champions League.
Nae luck, still there’s always next year.
Glenowen @ 11:58am – cheers.
“If the story was codswallop, I await the official Celtic clarification and condemnation of the story.
Sometimes, silence can be deafening”
—
Agree that sometimes, silence can be deafening.
In this instance though I’d cast a little doubt on what the silence is saying, if anything.
… based on nothing more than our board having a clear track record when it comes to publicly ignoring codswallop.
The dog barks but the caravan moves on …. and all that.
BTW – codswallop and libel ain’t the same
“Learn” you say our board are highly experienced and have been within the walls of Celtic Park and the Boardroom for many many years, some decades in various positions, the learning should have taken place as in most years we buy late and are unprepared for qualifiers, multiple changes at Board level are needed, new thinking is needed to prepare and act for the needs of the first team, and the NEDs for all the good they seem to do require gutting.
In light of MN’s ‘guilty’ plea ,coming as it did , after the jury of Celtic fandom had already delivered that same verdict , what will the sentence be ?
Surely there must be some reparation for the financial and reputational damage done ?
dessybhoy @ 12:03 pm (previous thread)
So BR described a cowardly act on himself by himself? Really?
——–
Respectfully, DB ..
“Really?” right back at you.
ALL we know for a fact is this.
A hack called Rodger Hannah reported in writing that “an insider” said stuff about Brendan Rodgers.
When Brendan was later pressed on this he called it a cowardly act.
So to play along with you here … adding your response as a new possibility …
Can we assume 5 potential sources?
1. Brendan Rodgers
2. Someone not employed by Celtic
3. Someone employed by Celtic
4. Someone on the Celtic board
5. No one. The insider is a work of fiction.
I’ll happily concede #1 is a non-starter and a ridiculous suggestion.
Unlike apparently many others though?
In the absence of any supporting facts … I’m keeping an open mind on #2 thru #5
I tried to wait to be 12th.
The Battered Bunnet on 20th September 2025 1:06 pm
excellent post.
much to ponder.
The Group’s revenue comprised: £ 000
Football and Stadium Operations 61,202
Merchandising 30,061
Multimedia and Other Commercial Activities 52,334
Total – £143,597.000
B”B
You’re entitled to do that , I think differently.
B to B just what information would you need to accept that our manager is not a liar?
It’s incredible how high the bar needs to go for some in certain circumstances. In other circumstances it can be easily hopped over.
We did our best – hop
No one wanted our money- hop
Manager wants to leave – hop
We’ll get better – hop
An insider giving details to a journalist – get the ropes and crampons out.
I have some sympathy with those who argue our inability to beat mediocre opposition in CL qualifiers is a pattern and not just a one-off calamity against Kairat. If so, why haven’t the lessons been learned already and what should give comfort “this time is different”?
On a completely different subject, I’m really sorry to appear a pedantic pr**k, but could folk stop using “income” when they mean revenue. They are completely different things – revenue is what we bring in from our business activities (ticket sales, merch, tv money etc.), subtract total costs from this figure (including interest and tax) and you are left with income (often referred to as net income). Thanks and apologies again.
TURKEY
A feeble effort at backtracking.
Very funny though.
🤣
Does Kyogo get regular game time at Brum?
It appears he has yet to score.
Here’s a thought. If Dundee beat Livingston at Dens Park – kick-off 3pm – Rangers slip to 11th place.
THE BLOGGER…
Kyogo came on in 74 minutes. Dykes scored the only goal in 90+4.
Idah was an unused sub.
Yeah, that could explain it if he’s only getting 15/20 minutes per game.
Tom McLaughlin on 20th September 2025 3:09 pm
Idah came on second half, but wasn’t involved much. No real service. Wasn’t a great game.
Tom McLaughlin on 20th September 2025 3:07 pm
Here’s a thought. If Dundee beat Livingston at Dens Park – kick-off 3pm – Rangers slip to 11th place.
——————
As I do, I was just looking at the league table and thinking as I normally do, what is the best outcomes today for Celtic …….. and the worst for 2nd Rangers,
I started with , if Dundee beat Livvy, they go to 6 points, 2 ahead of the rangers, and as if the poor Mr Martin needed anymore pressure, they would be 11th in the table before thems game even kicks off (if front of less than 30,000 btw).
A Hibs win, which is surely feasable, would see them have a unique double, knocked out a cup and going into the relegation zone on the same day.
I have been thinking this for a while, this is meant to be their transformational season, copyright SMSM, because those really clever American businessmen will have a glorious revolution, and pardon the metaphor, their day will come.
However, like a John Greig 1980s team, they continue to be hopeless at actualy winning football games.
As each week passes, I dream of them not making the top 6, or european qualification, the lack of a 4th fixture of that game, I would find hilarious.
And the same for the cup winning Dons team, I would be happy of they got relegated.
I live in hope,
I dreamed a dream.
timmy7_noted @ 2:02 pm
B to B just what information would you need to accept that our manager is not a liar?
——
Cheers Timmy7 but am totally confused by this response.
Help me out here.
Who is accusing Brendan of what lie?
Former Celtic captains visit the new Barrowfield training facility! (20/09/25)
https://www.youtube.com/watch?v=5flk87HHNmw
Barrowfield Reaction: Celtic FC Women First Impressions (20/09/25)
https://www.youtube.com/watch?v=DZ7-Qnc2pEw
Auldheid @ 11:50 am
If anyone wants a better idea on how Celtic are run and why check this informative post on
https://sentinelcelts.com/2025/09/20/partick-versus-the-richest-club-in-the-land/#comment-403916
Note impact of FSR and need to sell players to remain sustainable.
——-
Thank you Auldheid and respect to the author.
IMHO, quite possibly the most insightful, measured and intelligent content I’ve read about Celtic’s situation in the past month.
Genuine metaphorical oasis in a desert of ignorance, stupidity and spite.
How Celtic should reset in order to move forward // PAUL SMITH with ACSOM // A Celtic State of Mind
A Celtic State of Mind
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4,609 views Premiered 20 hours ago A Celtic State of Mind: FEATURES
PAUL SMITH has been a board director in business across the UK, Europe and the US for the last 25 years. This included 5 years as CEO of a $750m turnover business & 12 years both as a corporate financier (including advising Fergus McCann’s Celtic board) and a corporate lawyer.
As a fan, Paul has watched Celtic from a variety of destinations, including Italy, Belgium, Switzerland, Cayman and the US.
https://www.youtube.com/watch?v=V9ukVGzq-lE
An interesting, if sobering, analysis of the accounts from The Gombeen Man on Sentinel Celts;
“In the midnight hour, babe, “More, more, more”
With a rebel yell, “More, more, more
More, more, more.”
Folk seem to think that clubs don’t pay bills and that our Reserves would magically be over £100m at the end of June.
Don’t use the Transfer market transfer fees where possible. Use the Accounts. The club’s financial year is different to the transfer windows.
Self-appointed luminaries and hangers on in today’s Wild West – ‘the Web’ are chewing over lumps of stale Humble Pie this morning.
They’ll come out punching of course. Celtic’s employees are handy punch bags for the frustrations of keyboard warriors.
Cautionary voices in respect of the worrying growth of Operational Expenses in the previous Accounts (2024) were ignored.
With a manager like Brendan Rodgers, very quickly spiral out of control. The danger is three fold,
Falling Income.
1) CL qualifiers and the prospect of a considerable drop in income. We need to adopt a composite number (for business planning and FSR) in terms over likely income shifts between EL & CL.
2) Brendan’s preference for first team ready players reduces the potential for selling players to more lucrative leagues. Without significant domestic broadcasting income, this strategy is a necessity.
Increased Costs
3) The dramatic increase in costs under Rodgers is not only unsustainable in terms of the operation of the business but will inevitably lead to problems with FSR (like Leicester.)
Key Financial Items
Group revenue increased by 15.2% to £143.6m (2024: £124.6m).
Operating expenses including labour increased by 11.1% to £117.1m (2024: £105.4m).
Gain on sale of player registrations of £31.5m (2024: £6.6m).
Acquisition of player registrations of £38.6m (2024: £16.6m).
Profit before tax of £45.7m (2024: £17.8m).
Profit after tax of £33.9m (2024: £13.4m).
Year-end cash of £77.3m (2024: £77.2m).
– That’s our Operational Expenses up just under 20% in 2 years.
Swiss Ramble put last year’s increase mainly down to increased wages. (2024).
As highlighted last year we need to get under the bonnet when the full accounts are released and reconcile what is driving the growth in our OE.
Also compare our number with similar clubs around Europe. Brugge for example are completely reliant on transfer income. Without that their OE exceeds income.
How sustainable is their model? What happens if they don’t have the players to sell? Or performance dips? Or a correction in the transfer market?
As pointed out in the previous Accounts – Operational Expenses were over 80% of Turnover during a bumper (CL) year. We were reaching capacity in terms of our FSR spend capacity.
Another record year in terms of turnover OE as a % of turnover was 81.8%.
With lower income projected, because of EL and boycotts
We are approaching a financial wall…The reasoning behind that Reserve is about to become apparent. It buys time and prevents a fire sale.
– Our failure to score a goal against a team rated lower than 300th in Coefficient ratings over 2 games will markedly reduce turnover, potentially taking OE to over 100% of income this year.
Our failure to recruit and develop virtually anyone who is likely to be sold at a significant profit over the last 2 seasons is a major concern.
Kuhn has already been sold. We not only crystallized a loss with Idah but missed out on capital growth. The same is likely to be the case with Engels and Trusty. Both of whom have played for a couple of clubs, who are likely to share in any transfer increase.
Capital growth in transfers is a necessity for Celtic.
As pointed out repeatedly (and ignored) Brendan Rodgers’s track record at recruitment at Liverpool and Leicester was poor. Both in terms of finance and declining team performance.
– Our performances in key matches has declined dramatically in the last nine months, despite a record spend on transfer and wages.
– Boycotts of the EL and merchandise will lead to downsizing.
– The club faces significant challenges.
1) Demographics. An aging support and declining domestic support base.
2) Revenue growth opportunities. Has anyone looked seriously at the revenue potential of things like hotels. Have a look at the problems Gary Neville and co have had at Old Trafford.
Sober and balanced consideration needs to be given to the way forward for revenue growth. We are hitting the same folk time after time for income.
– The revenue that the same folk can produce year after year isn’t going to be enough to match their aspirations.
3) Costs. We are paying our current manager EPL level wages. Our costs need to be reduced over the next few months.
Hopefully our Reserves will mitigte the immediate need for cost cutting but on the current trajectory cuts will need to be found .
Mahe,
Home grown players can be balanced against players on loan, not included in the €130m squad value.
KT is valued at €9m. He hasn’t finished a game so far and reportedly has a deal of £50k pw over 5 years. Jota is likely to be a high earner too. Both players have challenges with injuries and are past their peak sale values.
They are short-term gambles and will require significant provision re-wages in future years.
The most likely cure for the hysteria and un-Celtic like behaviour over the last few weeks might be approaching via the ‘numbers.’
As a colleague once told me…
“If the numbers don’t work. The numbers don’t work.”
A dose of humility via the numbers might be in order.
Meanwhile Brendan will jet-out leaving another proverbial dog’s dinner in his wake.
And ‘yes’ he didn’t appoint himself.
Personally, I thought Brendan looked uncharacteristically sheepish during yesterday’s interview at the launch of the new training facility.
-;Had he seen the all important numbers?
An interesting, if sobering, analysis of the accounts from The Gombeen Man on Sentinel Celts;
“In the midnight hour, babe, “More, more, more”
With a rebel yell, “More, more, more
More, more, more.”
Folk seem to think that clubs don’t pay bills and that our Reserves would magically be over £100m at the end of June.
Don’t use the Transfer market transfer fees where possible. Use the Accounts. The club’s financial year is different to the transfer windows.
Self-appointed luminaries and hangers on in today’s Wild West – ‘the Web’ are chewing over lumps of stale Humble Pie this morning.
They’ll come out punching of course. Celtic’s employees are handy punch bags for the frustrations of keyboard warriors.
Cautionary voices in respect of the worrying growth of Operational Expenses in the previous Accounts (2024) were ignored.
With a manager like Brendan Rodgers, very quickly spiral out of control. The danger is three fold,
Falling Income.
1) CL qualifiers and the prospect of a considerable drop in income. We need to adopt a composite number (for business planning and FSR) in terms over likely income shifts between EL & CL.
2) Brendan’s preference for first team ready players reduces the potential for selling players to more lucrative leagues. Without significant domestic broadcasting income, this strategy is a necessity.
Increased Costs
3) The dramatic increase in costs under Rodgers is not only unsustainable in terms of the operation of the business but will inevitably lead to problems with FSR (like Leicester.)
Key Financial Items
Group revenue increased by 15.2% to £143.6m (2024: £124.6m).
Operating expenses including labour increased by 11.1% to £117.1m (2024: £105.4m).
Gain on sale of player registrations of £31.5m (2024: £6.6m).
Acquisition of player registrations of £38.6m (2024: £16.6m).
Profit before tax of £45.7m (2024: £17.8m).
Profit after tax of £33.9m (2024: £13.4m).
Year-end cash of £77.3m (2024: £77.2m).
– That’s our Operational Expenses up just under 20% in 2 years.
Swiss Ramble put last year’s increase mainly down to increased wages. (2024).
As highlighted last year we need to get under the bonnet when the full accounts are released and reconcile what is driving the growth in our OE.
Also compare our number with similar clubs around Europe. Brugge for example are completely reliant on transfer income. Without that their OE exceeds income.
How sustainable is their model? What happens if they don’t have the players to sell? Or performance dips? Or a correction in the transfer market?
As pointed out in the previous Accounts – Operational Expenses were over 80% of Turnover during a bumper (CL) year. We were reaching capacity in terms of our FSR spend capacity.
Another record year in terms of turnover OE as a % of turnover was 81.8%.
With lower income projected, because of EL and boycotts
We are approaching a financial wall…The reasoning behind that Reserve is about to become apparent. It buys time and prevents a fire sale.
– Our failure to score a goal against a team rated lower than 300th in Coefficient ratings over 2 games will markedly reduce turnover, potentially taking OE to over 100% of income this year.
Our failure to recruit and develop virtually anyone who is likely to be sold at a significant profit over the last 2 seasons is a major concern.
Kuhn has already been sold. We not only crystallized a loss with Idah but missed out on capital growth. The same is likely to be the case with Engels and Trusty. Both of whom have played for a couple of clubs, who are likely to share in any transfer increase.
Capital growth in transfers is a necessity for Celtic.
As pointed out repeatedly (and ignored) Brendan Rodgers’s track record at recruitment at Liverpool and Leicester was poor. Both in terms of finance and declining team performance.
– Our performances in key matches has declined dramatically in the last nine months, despite a record spend on transfer and wages.
– Boycotts of the EL and merchandise will lead to downsizing.
– The club faces significant challenges.
1) Demographics. An aging support and declining domestic support base.
2) Revenue growth opportunities. Has anyone looked seriously at the revenue potential of things like hotels. Have a look at the problems Gary Neville and co have had at Old Trafford.
Sober and balanced consideration needs to be given to the way forward for revenue growth. We are hitting the same folk time after time for income.
– The revenue that the same folk can produce year after year isn’t going to be enough to match their aspirations.
3) Costs. We are paying our current manager EPL level wages. Our costs need to be reduced over the next few months.
Hopefully our Reserves will mitigte the immediate need for cost cutting but on the current trajectory cuts will need to be found .
Mahe,
Home grown players can be balanced against players on loan, not included in the €130m squad value.
KT is valued at €9m. He hasn’t finished a game so far and reportedly has a deal of £50k pw over 5 years. Jota is likely to be a high earner too. Both players have challenges with injuries and are past their peak sale values.
They are short-term gambles and will require significant provision re-wages in future years.
The most likely cure for the hysteria and un-Celtic like behaviour over the last few weeks might be approaching via the ‘numbers.’
As a colleague once told me…
“If the numbers don’t work. The numbers don’t work.”
A dose of humility via the numbers might be in order.
Meanwhile Brendan will jet-out leaving another proverbial dog’s dinner in his wake.
And ‘yes’ he didn’t appoint himself.
Personally, I thought Brendan looked uncharacteristically sheepish during yesterday’s interview at the launch of the new training facility.
-;Had he seen the all important numbers?
Sorry for double post.
Parkheadcumsalford on 20th September 2025 1:27 pm
Radio Scotland going overboard about our penalty last week. How they hate us. How many decisions have gone against us and never ever are even commented upon, never mind criticised?
*Come om your old enough to remember how blue peter thompson ostthe7-1 tape or george davidshun calling deidco players by their first names and ours their surnames when commentating, or archie haircut on the scenario when he first joined them:
“I admit to being hyper-sensitive about deliberate agendas as, when I joined the BBC more than four decades ago, I found myself in a departmental anti-Catholic, anti-Celtic ethos which I had to fight against; successfully, I have to claim, as Jock Stein became a regular associate of mine as an analyst when previously he would not have been seen dead inside Queen Margaret Drive. This was not done to curry favour at Celtic Park, although the other side of the city thought it was. It was just the right battle to take on for the sake of integrity.” Archie Macpherson wrote in 2012, as reported on Rangers Media.
Thanks to this blog and the superb posts over the past few days I have a much MUCH better understanding of our finances. Thanks to all who contributed.
I kinda know now what to expect in the January transfer window and have already lowered my expectations…..now that these things are becoming clearer I feel I can concentrate a bit more on the actual football….
That being the case I’d like to say to Brendan…..it’s NOT a crime to sometimes hit the ball over a high press….ah…feel better already….
TML,
No backtracking,maybe from you,you deliberately obtuse prickWhat I was saying was that 30th,June figure means fek all to our finances in regards the Window.That £77.5 million was close to,£100 million when the transfer window was up and running.Comprendez?
Nope trying to be a smart are,without the smarts.Total bawbag.
“Folk seem to think that clubs don’t pay bills and that our Reserves would magically be over £100m at the end of June.”
—
media-style pointless pish comment from your man on SC.
adds nothing to the debate.
its like that other pish – ” so arent allowed to make a profit then?”
everyone knows bills have to be paid for the rest of the season and that much of our cash intake is at the start of the season.
but even the PLC didnt say that we couldnt spend money on players because we had bills to pay for the rest of the season.
as i said, adds nothing to the debate and is just an excuse for someone to have a dig at celtic fans
Meanwhile live from Govan:
“There is now a huge crowd outside the front door at Ibrox as they chant for Russell Martin to “get to f***” and they want CEO Patrick Stewart to join him.
There are also chants for Nico Raskin, who could well return to action this evening.
It must horrible for Russell Martin who will be able to hear it all as it’s right outside the window of the home team dressing room.”
Here’s hoping Hibs smash them today.
tube is as tube does
————–
“He should be concentrating on his club first and foremost because there are some issues there,” says Barry Ferguson as he bites back at Celtic manager Brendan Rodgers’ comments on criticism of Rangers head coach Russell Martin from the former interim Ibrox boss and some of his staff from last season. (Go Radio via Scottish Sun, external)