Celtic’s annual revenue for the year to 30 June 2020 was down £13m to £70.233m, all or most of which will be due to the effects of Covid on the club. Expenses are sticky, though, so the gap between what we earned and operational spending grew to a £10.3m deficit. The net cash position dropped by a similar amount to £18.2m.
It was a busy player-trading year. Kieran Tierney’s departure to Arsenal pushed sales to £24.2m (2019: £17.7m). No matter how you viewed this transfer at the time, it did not cost Celtic a trophy and the cash will prove invaluable at seeing us through the crisis.
Player purchases topped £20m, a hefty uplift on £6.2m from a year earlier. Success is seldom cheap.
Celtic resisted the temptation to sell any of their top assets in the summer and will do so again in January. This season’s operational finances will be a sea of red. Looking at these figures, you can anticipate those who wanted away this year to be allowed more freedom between the end of the season and 30 June 2021.
A final but important point. Peter Lawwell’s statement included the following:
“I sincerely thank our fans for backing us in the summer of 2020 with a remarkable response to our season ticket campaign and the outstanding generosity shown in backing Celtic FC Foundation’s Football For Good initiative, all against a backdrop of being unable to attend matches and an uncertain economic environment.
“Your support has arguably never been more important than the present. The dedication and sacrifices made by the support are fully understood by both your Board and myself and are not underestimated or taken for granted.
“Finally, I would like to thank our employees for whom this has been a deeply unsettling and uncertain time. Their commitment and dedication in the face of the numerous challenges has been an outstanding reflection of their character and the values of our Club.
If ever a time demonstrated the difference between supporters and fans, it is now. The support offered to Celtic by tens of thousands during this time will be a reference point for generations to come. We never cleared ground to build the first Celtic Park, but when the call came we answered.