Despite entry into the group stages of the Europa League, Celtic’s income to the six months to 31 December 2011 increased by only £0.88m to £29.27m on the corresponding period the previous year, reflecting a fall in income from pre-season tours and a drop in merchandise sales of £454k.
Despite playing one more home game than during the last six months of 2010, income from football and stadium operations dropped £224k.
Operating expenses increased by £867k to £28.388m, reflecting inflationary pressures and the cost of Europa League participation while net bank debt dropped in the year by £2.0m to £7.05m. The club made a profit before tax of £177k.
Considering this was a period of difficult economic times and came on the heels of a loss of the league title and poor results on the field until the last seven weeks of the year, these are solid financial results. The club continues to live within its means while chipping away at legacy debt. Failure to gain entry into the group stage of the Europa League would have put further downward pressure on income but, conversely, future participation in the Champions League would transform finances.
It is important that the club regains the SPL title which would give it an excellent chance of reaching the Champions League group stage, making it a more attractive pre-season tournament proposition while boosting merchandise sales.
Around this time of the year we normally benchmark Celtic’s financial results with those from Rangers. The Ibrox club failed to submit their accounts for the 12 months to 30 June 2011 by the required date, prompting the Plus Exchange to suspend trading in their shares, so there appears to be little chance Rangers will submit even their usual eight line interims.
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Like my skool report, good results but can and must do better.
However, considering the harsh financial times under which we exist, not too bad but, we simply MUST get into the Champions League next season for two vey obvious reasons. It will give us much needed revenue and deprive hun for same, a double bonus if you will.
I was slagged off for suggesting last week that as the team has and is doing well we must give more back as a support and that means fill CELTIC Park every game, no excuses. The team has delivered now, and it is us who have to reciprocate, as I say, no excuses.
Long live CELTIC
Hail Hail
KINGLuBO
Worth looking at a pre-season tournament in Germany, where football ticket sales are healthier than ever? The hoops could play Borussia Dortmund or Bayern and maybe some EPL/Spanish clubs in a wee tourney and share the big gate receipts.
Mort says:
13 February, 2012 at 10:45
I like that one.
Orange Rangers Away Kit
Orange Rangers kit in above link.
Greenjedi @ 10.44
I’ll take you’re word on that no problem; from my view from the North Stand it looked a bit reckless.
What was your take on the overall performance of the officials?
Paul67 – I tee’d that one up…I knew somebody would take a whack at it :)
Based on Whyte’s administrative performance so far, and looking at his business history, I am looking forward to seeing how well he does a Phoenix. If he plays to form HMRC will be chasing Huns 2 for the £39m :)
Our hero doesn’t seem to place much stock on the small details…..
greenjedi at 10:44
The 1st booking for the Inverness player who got sent off was an utter joke, it was a great tackle, not even a foul.
That was a booking every day of the week, yes he got the ball but took the man with it. It was a slide and his trailing leg was very high catching hooper late. We had Joe Ledley and James Forrest sent off last season for similar challenges so in that respect I’m glad the referees have decided that this type of challenge is now only a booking.
His second yellow was for persistent fouling. A few mins after he was booked he pushed Hooper in the back. The ref spoke to him and clearly counted out the number of fouls he had committed and told him in no uncertain terms that he was allowed no more fouls. See these pics from 55th min:
http://twitpic.com/8ixcq7
http://twitpic.com/8ixd4d
Mort
Mort says:
13 February, 2012 at 10:43
‘I think your memory is playing tricks with you. I’m pretty sure it was a tangerine kit.’
Correct.
It was tangerine, not orange.
Campbell Ogilvie was on the board of directors at the time and he would not have agreed to an orange top because of its sectarian overtones.
So it was definitely tangerine, not orange.
Paddy
Bert launches new tangerine kit – Sorry for link :-)
Mort
McCarthy sacked by Wolves
Well done Celtic Plc
Oct Nov I was in the Neil must go camp
Time as proved me wrong and I have eaten Humble Pie on this site
I believe Neil Lennoin has grown into the job
How about the “The Board must Go” group
In Oct Nov they were blaming our board for poor performance
Anybody out there who was blaming the Board for Celtics poor form ready to eat Humble Pie ??
Come on – get on here and sing the praises of Peter Lawell – tell the world you were wrong
You will feel better
67ECW
SwanseaBhoy says:
13 February, 2012 at 09:37
On the NewCo.
I don’t want them to be unfairly disadvantaged by having points deducted in the SPL.
I want them treated exactly as they should be and as any other team would be. At best, start in Division 3.
They are not special, they are not “the people”.
If Scottish Football cannot cope without a variation on Rangers in the SPL then it’s carte blanche to cheat as much as you like since they cannot receive any serious punishment.
I love Celtic. I’m obsessed by Celtic.
But, unless I’m convinced in my heart of hearts that Celtic did everything they could to stop a NewCo getting entry to the SPL straight away then I will never ever be back at CP nor pay a penny to watch Scottish football.
It would break my heart.
SwanseaBhoy
Cracking post matey, straight from the heart and most of all straight to the point.
GOD BLESS HER MAJESTY
S REVENUE AND CUSTOMS
Article on the historic football allegiances of the Catholic and Protestant communities in Liverpool.
Everton – Liverpool
SwanseaBhoy
67 European Cup Winners says:
13 February, 2012 at 10:55
I suggest we wait until we see what the Board do about allowing a neco huns straight into the SPL before passing judgement.
Big Mick sacked by Wolves. Pity. Not unexpected though.
Mort says:
13 February, 2012 at 10:52
greenjedi at 10:44
The 1st booking for the Inverness player who got sent off was an utter joke, it was a great tackle, not even a foul.
That was a booking every day of the week, yes he got the ball but took the man with it. It was a slide and his trailing leg was very high catching hooper late. We had Joe Ledley and James Forrest sent off last season for similar challenges so in that respect I’m glad the referees have decided that this type of challenge is now only a booking.
His second yellow was for persistent fouling. A few mins after he was booked he pushed Hooper in the back. The ref spoke to him and clearly counted out the number of fouls he had committed and told him in no uncertain terms that he was allowed no more fouls. See these pics from 55th min:
………….
IMO Forrst and Ledleys sending offs where not fouls either. It is virtually impossible to tackle somebody without some form of physical contact. A few players have managed it and we had the pleasure of watching mibbie the best in Daniel Fergus McGrain.
Football is a contact sport, to try and make it otherwise will destroy the game.
Sof Tunis – the Dim Lights, Thick Smoke and Hillbilly Music series is being added to the wishlist.
The new Gretchen Peters CD is also very good.
Big Mick sacked by Wolves. Looks like the home defeat by WBA was the last straw.
Feel bad for Big Mick but he was never gonna survive that result.
Follow Follow reporting Mick McCarthy sacked.
Gordon_J
Perhaps the wrong forum……but what’s going on with the Labour group at GCC?
SwanseaBhoy
More recent examples of sectarianism
In 1999, Rangers’ vice-chairman Donald Findlay was forced to resign after he was filmed singing a sectarian song[107] (The Billy Boys) at an event organised by a Rangers Supporters Club. In his resignation letter, Findlay described the incident as “a serious misjudgement”. He said his conduct “was not acceptable” and he regretted any harm done to the club’s reputation.[107]
‘In 2002 the club dropped their controversial orange away strip after a “furious debate over whether Rangers were profiting from their sectarian overtones,” though the club said their decision was “a commercial decision, not based on politics. We change the shirt every season with new designs to try to make it new and fresh.”[108] Anti-sectarianism campaigners and politicians had criticised the club’s decision to market an orange shirt, as the colour is associated with the Orange Institution.'[
Jabba:
AS Rangers lurch ever closer to the abyss, their owner, Craig Whyte, continues to protest his innocence. Debts pile up and all he can say is “it wasnae me”.
But blaming the previous board for today’s mess is lame. It’s also a distortion of the truth.
Just listen to yourself, Craig. For the sake of the club and the fans stop pointing the finger at others and tell it like it really is.
Get it out there in the open. You’ll feel better. You might hold on to the fans and perhaps even preserve what’s left of Rangers’ dignity.
A barrage of negative headlines, constant legal wrangles and a staggering level of naivety in the transfer market have dragged Rangers through the mud. This club’s credibility has never been so low.
Of course the old board were less than perfect but Whyte himself declared the club debt free the day he paid off Lloyds Bank with £18million.
Yet nine months on Rangers fans fear closure.
So who is really responsible? You cannot blame people who weren’t even there.
If Rangers do go under before the final decision on the EBT tax case is announced, that will be mainly down to Whyte and, of course, those who advised and helped him structure his buy-out and strategy for taking the club on.
Remember them? You must have seen those city slickers who marched triumphantly down Edmiston Drive and in through the Ibrox front door last May.
It was just after the takeover had been signed off and policemen on horseback parted the crowd so they could flounce down the road. They were so pleased with themselves.
But now that the business plan seems flawed and the cash flow appears to be drying up as quickly as the debts pile up, they are nowhere to be seen.
Whyte is still there, of course, and Gary Withey remains on the Ibrox board, although largely anonymous and maybe even speechless. Never a cheep from him, which is a pity because it might be interesting to talk with him about this curious Rangers involvement with Banstead Athletic, an amateur team in Surrey.
We’re told this is a heartwarming story about Rangers reaching out into another community. Bollocks. Rangers fans should be asking if this bizarre link has cost anything other than time.
Then again, in the business world time usually means money and, who knows, there could be hundreds, if not thousands, of reasons for them to question this tie-up.
Next time I see an Ibrox director I’ll remember to ask him. But not Phil Betts. He’s gone.
He left the Ibrox board last month but what exactly did he do? What was his function? And although Whyte insists he himself has never taken a penny out of Rangers in salary or expenses, can the others say the same? And if none of the directors received payment, might someone know if money left the “client account”, set up by Whyte for the takeover, on September 8 last year? And if it did, to whom did it go? And for what? No point asking that other bloke, David Grier, who also appeared to be a member of the takeover crew. He knows nothing about Rangers’ day-to-day running or the state of the club’s finances. He said so, just the other day.
Yet in the lead-up to the buy-out he was introduced to Rangers’ board as a financial advisor and they continue to insist Grier spoke on various matters, including the “big” tax case that could leave Rangers facing a £49m bill.
They also believe he accompanied Donald McIntyre, who was Rangers’ finance director, to a meeting with the revenue about that very case. Surely not. After all, only last week Grier told Record Sport that he isn’t a tax expert.
He also said he had no knowledge of the £24.4m Rangers raised by selling off tranches of future season tickets to Ticketus. But he’d made his lack of intelligence on that front clear some time ago.
On April 27 last year to be precise. That was when he sent an email stating that Rangers – he wrote “we”, even though he also claims not to have been advising on the day-to-day operation – have yet to open any discussions with Ticketus.
Strange that because, as has already been reported, a letter from Whyte’s company, Liberty Capital, and signed by the owner to Ticketus, dated March 8, confirms the intention to sell season tickets.
Then, on April 7, lawyers on behalf of Ticketus deposit £24.4m into the client account.
So that means that 20 days after the money was in place no one had bothered to tell Grier, who incidentally had actually been brought in by Liberty Capital. Again, he said so himself.
But he needn’t feel bad if he has been kept out of the loop. He has the same level of importance as Rangers legions. Apparently they don’t need to know either.
However, what we all know is this is a complicated piece of business right enough and how Whyte, who always wanted to become a major player in the world of high finance, must regret the moment he decided to step into the glare of the floodlights.
From dabbling in plant hire and security firms, someone convinced him it would be a good idea to try football, although to be fair to him he might have seen some kind of analogy or connection.
After all, his goal when he started out in the worldofbusiness was to amass “major league personal wealth”, likening the money to points in a game.
The idea, he explained, is to use those points, or wealth, to measure yourself against the Bransons of this world. Of course that was before he found himself in this pickle.
And it was also when he was manoeuvring under the radar in the world of corporate takeover and recovery, often a very murky pool.
The deeper you go the darker it becomes until it’s impossible to see the great whites.
And before you know it they’ve bitten you right in the assets. Then, of course, it’s too late.
Many believe it is already too late for Rangers and not because they’ve been savaged by a bigger beast in the SPL playground. They have been brought to their knees by Whyte himself, even though he says he’s been left to clean up the previous regime’s mess.
But even if he repeats this claim until he’s blue in the face it won’t make it any more believable. The EBT tax case apart, the problems threatening to bring Rangers down are of Whyte’s making. With a little help from his friends of course.
SwanseaBhoy says:
13 February, 2012 at 11:04
Gordon_J
Perhaps the wrong forum……but what’s going on with the Labour group at GCC?
SwanseaBhoy
……….
Labour Party members upset that their perceived birthrights are being taken off them!
Snake Pilsken
I think young Josh has already been sold. Ra Ra will surely only have a year left at the end of this season.
Juarez is the problematic one unless he can find the form that made us sign him in the first place.
Re: the Majstorovic sending off.
My recollection from watching the game was that the referee gave the decision. The Celtic players were imploring with him to check with the linesman and he refused.
The replay on Celtic TV from behind the play (i.e. the referees point of view) showed he was a. far behind play and b. couldn’t see clearly through a ruck of players – he could clearly be seen bending his head to try and get a view of the tackle He then sprinted over and immediately showed the red.
If someone could perhaps dig out the replay from the game to verify this.
Who is saying the linesman made the decision (apart from Hayes)?
I smell another Dougie Dougie.
HH
TLK
But, but, but I thought we were in a worse off position than Rangers? That we owe BILLIONS to Desmondo? That we are on the brink!!!
Wibble.
In all seriousness though, decent results though unsurprisingly being negatively spun for all its worth by the huns official media partners STV and even the BBC, must be desperate to get back in the fold.
Anyone wish Bankier has called the “virtuous trilogy” the “holy trinity” instead; would be nice to rile the silly huns up even more :)
Paul67
We have the Sion mentalist to thank.
He plays it straight, we don’t qualify for the EuL …
… and it is train wreck time regarding the accounts.
I’ll get my retaliation in first.
PL needs to go, we are paying too much for too little in return.
The business is stagnating, just where are our plans for growth and renewal?
The squad is bloated with time servers.
We have no realistic plans to improve the stadium, the CG is / was a huge opportunity.
We are now at best a trading club – without an income stream that can support player investment.
No EuL money?
Who would have ben sold to fill the gap?
We are now DU / M’well / Killie in disguise.
Hopefully the new chairman will mix things up.
We need to be ready for a TFOD free SPL.
We need to grow / PL needs to go.
Regarding the officials on Saturday.
In the first half, we had a throw-in in front of the NS which was taken by Charlie. The ball slipped out of his hands as he brought it forward above his head and landed on the park. Everyone stopped, including Charlie, waiting for the linesman or ref to do something, but they didn’t. So Charlie picked the ball up and took the throw-in again! This time correctly.
The same linesman also flagged for a foul against Joe when he got the ball from an ICT corner and was taking it away from the penalty box with one of their players draped all over him.
There was also the fk to us in the second half when the ICT wall was no more than 6yds away. The ref also had the benefit of the markings on the field to help him, the dark green to light green areas, which are 6yds in width. The ball was placed on the edge of one of these areas; the wall was placed on the other edge! Not exactly rocket science.
In short, they were all incompetent on Saturday.
SPF
SwanseaBhoy: 13 February, 2012 at 11:02
“Follow Follow reporting Mick McCarthy sacked.”
As Sunderland boss?
Mort says:
13 February, 2012 at 10:52
Agreed, defo a booking.
I’m sure bougherra got sent off against Celtic player in shame game for same tackle but I could be wrong.
BBC Chris McLaughlin on twitter saying Peter Lawwell tells him Celtic don’t need Rangers financially.
Can’t get it to copy on tablet.
If so, he is removing any cover for assisting a NewCo.
SwanseaBhoy
67 European cup winners
Lenny
I backed Lenny, not because he was the new MON or anything like it
I backed him because the hun hordes were on the attack
I backed him because I thought that the Own Coyle or Martinez type replacements would not be any better
I backed him because we have fallen so low in our team 1 team 2 team 3 ideaology we had forgotten to build year on year and I didn’t want a team 7
I never called for his head because I knew that the board were unable to give him (or his replacements any fresh cash)
On the pitch under NL we can see progress, but frankly we got so low recently that the only was up!
Maybe the title this year and a better run in Europe next season.
Ra Board
Plaudits being handed out to the board for their policies. (we are not bankrupt) These are the same policies that were in place while the huns won 3 in a row. The 30 or 40 million quid CL money that the huns received during the last 3 years is the main reason that they are still in business today and not already bust a few seasons ago. No plaudits to our board strategists from me, for that.
Off the pitch what is considered a “good” performance from our board ?
If we simply are not bankrupt is that considered a satisfactory?
e.g. our income is falling but we are spending less to match that
What about if we increase both our turnover and our spend is that considered good?
On its own, it’s a step in the right direction but without on the field success, its still not good enough
Finishing top and breaking even is tangible and achievable objective.
Sack the board, hmmm no one is saying that, but should they be getting plaudits for overseeing a year on year drop in income with no titles.
Let’s win something first.
SwanseaBhoy,
Lots of fun and games!
It all stems from two things: splits in the group (as always) and the upcoming elections. As always the party has an interview process and a few of the older/ poorer Cllrs are told that they won’t be standing again. Several of them voted with the opposition on the budget and a couple have joined or are joining the SNP. And a few of the others are now talking about starting a new party.
All of this left the administration with no majority, so getting the budget through was difficult. And the SNP worked with the Tories and Lib Dems to put an alternative budget together. At the end of the day the administration secured the vote of the one independent on the Council and won narrowly.
The SNP is targetting taking control of the Council in May’s elections and if the polls are anywhere near right they will probably do so.
WOOFT check this out
Chris McLaughlin @BBCchrismclaug Reply Retweet Favorite · Open
#Celtic chief exec Peter Lawwell tells me that, financially, the club does not need #Rangers. More to follow across #BBCSport outlets.
Retweeted by Celtic Underground
Battle line being drawn?
Gordon_J
Cheers.
Any recommended reading on the subject?
SwanseaBhoy
Mort says:
13 February, 2012 at 10:45
I think Puma have great designs. Most of the African teams use them and they always look good.
The Cameroon one was another good one.
HH
/Bishop B