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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It’s that ol’ “Fit and Proper” theme again. Gosh it gets so darned repetitive…
The FSA has serious concerns, on the basis of the facts and matters described below, that:
(1) Pritchard has failed to arrange adequate protection for clients’ assets when it was responsible for them;
(2) Pritchard has allowed client money to be used on Pritchard’s own account and not that of clients; and
(3) this demonstrates that Pritchard is failing, and will continue to fail, to satisfy the threshold conditions set out in Schedule 6 to the Act (“the Threshold Conditions”) in that the FSA is not satisfied that Pritchard is a fit and proper person having regard to all the circumstances (Threshold Condition 5 – Suitability).
DBBIA ——
Gretchen Peters ?
Thanks for the heads up .
Been a while since I listened to any of her stuff . I have a CDR of her stuff from @ 5 years ago. —— I remember liking a song- the lyrics of which included —
” God Save The Queen and The BBC “.-any idea re the title ?
Read recently that she has been working with Rodney Crowell [ usually a good indication]
Rodney Crowell ——-Stars on The Water CSC -way down south
whoops, st valnetines is tomorrow; just as well I dont have a bird at the minute! lol
The Battered Bunnet says:
13 February, 2012 at 12:17
Very good TBB,but could you condense it into one sentence
for the slightly thick .like meself :O(
Did Sheriff Ross have a hand in drafting the FSA report into Pritchards?….
FACTS AND MATTERS RELIED ON
Pritchard has used client money to meet its own expenses, thereby putting client money at risk.
So this week it’s Winding Up Wednesday is it ? Believe it when I see it. Every week has brought a fresh frenzy of rumour which passes with a wimper.
TBB – Ouch! Another blow for our hero….
YES to Newco
The Glasgow Love and Tolerance Club
celtic fans donate money to help them out, it starts off with a mass hug-in at Firhill, I’ll volunteer and kiss keevins on the smacker followed by 1 hour of aggressive smiling ! At the start of every game home away fans will have a mass huddle, above the tunnel, we’ll put up a sign ‘everyone welcome’.
TBB, Above post will suffice,thank you.
The Battered Bunnet says:
Sorry to be a log Mate but who are Pritchard in relation to the govan dodgers??
swanseabhoy-
agree wholeheartedly with your view this morning, plc support for a newco huns entry to the spl would also see me withdraw any financial support for our current custodians.
to be fair though, Peter Lawwell, who I have been a critic of, for similar reasons to barcabhoy, appears to have the same view as ourselves. Both Neil Lennon and PL have now expressed views from the club, you would have to think that this is the official party line, and the line of our majority shareholder who is close both to Neil and PL. I’d be surprised if it was otherwise. Nice to see that PL is looking to start pushing the agenda, be interesting to see if any other clubs speak up.
pardon my ignorance, but who is pritchard?
I am pleased that leaks about Celtic board members’ views are emerging.
For weeks now we have been played by the media insisting that WE, the Celtic fans, need Rangers. They did not seek our opinion; they told us what it should be. They hinted that all sober fans, football businessmen and the non-bigoted “ordinary” football fan, so beloved of the tabloid journos, were all sensible and knew that we had to stop Rangers from dying. Only the wild fringe, the new media, and mad bloggers wanted them dead. They ignored 10k Celtic fans singing to the contrary at away games. They ignored the singing of 35K or so Celtic fans at home games. None of that fitted with their desired narrative. Why let facts get in the way of a Theory to which you have nailed your colours?
So, Neil Lennon’s statement, followed so soon by Peter Lawwell’s, is comforting to those of us who could see no merit to our policies of the last decade if newco gets to be Rangers 2 in the SPL.
I have no doubt that there are Celtic fans like Bonty Bhoy, celtforlife, and Michael Grant’s insider with his 6 like minded pals, who have a fondness for the rivalry with Rangers and would be distressed if they were deprived of it. I am equally certain that theirs is a minority view amongst the Celtic support.
One matter continues to gnaw at me. If Dermot Desmond, our major shareholder, had similar views, what stops him from making them public? Why do we rely on coded messages from Neil and Peter Lawwell? I suspect that if DD’s mind was clearly set against the newco entry to the SPL, then any debate, within the Boardroom, about the merits of that approach would have been killed stone dead.
Let’s hope he expresses an opinion soon.
Henriks Sombrero: 13 February, 2012 at 12:20
“So this week it’s Winding Up Wednesday is it ? Believe it when I see it. Every week has brought a fresh frenzy of rumour which passes with a wimper.”
The exact date is irrelevant – it is definitely going to happen but it will be sooner rather than later…
Someone posted on RTC at the weekend that SDM actively lobbied BOS to take a hard line with Celtic prior to McCanns arrival. Do any of our esteemed posters have any “hard” evidence on this ?
HH
Pritchard biting the dust is obviously because of the BBC witch hunt. We couldn’t have hand picked this guy ourselves. Baffoon of a man.
How he has thousands is beyond me. He is either corrupt stupid or both!
LB
got my hand on the wheel and i’m drivin’ on the left hand side
hold on baby it’s gonna be a hell of a ride
god save the queen and the BBC
they can’t do nothin’ ‘bout you and me
got my hand on the wheel and i’m drivin’ on the left hand side
-from England Blues, by Gretchen Peters, from the album ‘Burnt Toast and Offerings [ 2007]
P.S. I write a long post and forget to say one thing – the huns parting words were “I’m not going to renew my season ticket if we’re going to be liquidated so will go and watch Glasgow Hawks Rugby instead”!!
They have had a fair idea of the outcome of the case since the week following it….do you think Murray reappearing and the full frontal assault on Whyte were coincidence?
I don’t know if Wednesday will be the day but there is serious chatter amongst the Glasgow legal fraternity about the case this morning and the 39 million problems Rangers could be landed with very shortly.
sftb
Dermo is too busy golfing, if Pl is saying it, it will be with his blessing, but it would be nice to hear it from his own mouth, which will happen soon enough no doubt.
…………………………
As for the tax case result.
Wild guesses, it will be on the web site first.
Mick McCarthy sacked. Owen Coyle to follow??
Craig Whyte owns/ part owns Prichard Stockbrokers through one of his many other companies, doesn’t he?
‘Edward William Pritchard (1825-1865), Scottish murderer and doctor. Following an anonymous letter to the authorities, the bodies of Pritchard’s mother-in-law and wife were exhumed and it was discovered that they had died of antimony poisoning. Pritchard was convicted of their murder in July 1865, and sentenced to death.
He was hanged on Glasgow Green in front of a large crowd, and was the last person to be publicly executed in Glasgow.’
-see thae doctors?
-keep well away, that’s my advice
The sooner the FTT findings are published the better. This will frame the debate as to what happens next. RTC has hinted that the extent of knowing and documented stretching of the use of EBTs is way beyond the line of acceptability.
If the FTT findings are as damning as expected, then the debate over what happens next has to take account of the level of “wrong” done to Scottish football. This will be based on legal opinion not “Celtic-minded Rangers-hating rabble-rousing internet bampots” or whatever we are.
Bring it on.
HH
TLK
Has BourneSoupRecipe removed himself from twitter or been liquidated?
Say YES to BSR Newco…
hh
bjmac
Gordon_J backing Neil Lennon says:
13 February, 2012 at 12:30
He’s listed as Company Secretary as well.
Re away strips. Can Celtic please stop releasing hideous Day-Glo bumble bee type kit. They are dreadful. Celtic have produced some really crap away kits over the years but over the past few seasons our marketing group have exceeded themselves by introducing us to tartan pyjamas, dirty green and grey plus the awful bumble bee and its latest reincarnation away kits. These may be ok for ten year olds but FFS – they are just awful. It wasn’t that long ago, during MON’s reign, we had the classic all black number as well as a white shirt. – Classics. Am I alone in thinking the Day-glo horrors are jinxed! Also how can any Celtic supporting fashionista co-ordinate the rest of their wardrobe with a Day-glo shirt – it’s impossible – i have tried.
I vote for an all Black number.
GeorgioArmaniCSC
Paul67 – So where’s the Europa League money gone? (thumbsup)
weeminger,
Cheers. Knew he was involved!
THE EXILED TIM says:
13 February, 2012 at 12:10
PaddyG
It’s done, my hands are still thawing out, had to go down to brit neighbours earlier, holiday cave, they have their boiler outside, fools, it burst water and ice everywhere.
Good deed done for the day :>)
TET –
Aye, the dinna build caves like they used to. eh?
DBBIA @ 12:30 –
I eat an apple a day, but I ended up marrying one!
Cylur
So with the other dodgy Dave, i.e. King, now having being kicked out, can we expect yet more revelations? King ain’t gonna go quietly is he?
weeminger – He is Company Secretary? Hahaha
That would be like employing Jim Traynor to be a doughnut maker.
“Breaching Client Money guidelines! That’s a biggie. We go bust and your money’s gone. Sorry Mr Customer
Retweeted by Fritz A. Grandold”
Twitter full of it now..
What a delightful mess the huns are in..
SP
I think George Galloway said it best
“For 50 yearsthey have wanted to be up to their knees in my blood, so bye bye!”
Must say I am pleased with the current financial figures – we appear to be ready for any upcoming machinations relating to Newco or League Reconstruction.
Whatever the outcome, it will allow us to operate in Eco-mode drive for the next 3 years (at worse case) but offset by the incentive of almost certain European participation and the likely trading of one or more of our rising-starlets (presumably to be replaced by others coming through the Youth System).
This is good fiscal policy! Whilst remaining solvent and competitive, this strategy ought to provide us the supporters with what we have always sought – an entertaining winning Team (on all fronts) and the confidence to back the Board’s direction.
It will be up to us the supporters to play our part (hopefully with the right ticketing incentives) – we need the return of our lost season ticket holders, a substantial increase in parent + child numbers, full-houses at European games and improved Merchandise purchasing.
All elements are interdependent – we the Celtic Support (unlike others) control our future destiny!
H! H!
Barcabhoy says:
13 February, 2012 at 10:04
Just trying to catch up.
When I referred to your RTC post last night, it was not my intention to draw any adverse comments on you.
The point was to draw attention to your post.
Your credentials on here are well established. You are one of the balanced, articulate, worth noting posters.
I apologise if the messenger took the bullet.
SFTB @ 12.06
Five years ago the talk was about player investment.
New cash being spent to improve the squad.
Now it is all about player trading.
Selling to buy / Buying to sell.
That is the current business model of DU / M’well …
Historically this is way these teams have worked.
We have a history of being better than that.
That is now not the case.
The club needs to grow.
PL has to go.
Gordon_J –
It has been opined before by more perceptive CQN’ers than myself that it wouldn’t ultimately suit Newco Rangers, Huns Reunited, or whatever they end up calling themselves, to be parachuted straight into the SPL.
Three or four seasons of beating lower league teams and building up momentum for their entry to the top flight would do them no harm at all.
The big losers would be the Scottish sporting media. They are the ones for whom Rangers are “too big to fail”.
By any rational analysis everybody else in Scottish football, from Aberdeen to Stranraer, stands to benefit from enforcing the rules rather than breaking them to suit a new Rangers.
Of course, as we discussed before, people have an emotional response first and construct the intellectual rationalisation to justify it later. So to a large extent the fate of any New Rangers will depend on the emotional responses of the men in positions of power and influence in the Scottish game.
Hmmm…. (thumbsup)