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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236 Comments- Pages:
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MM
Every team has to sell at the right price. Even more so now when the game is all about money. Anything else is financial suicide. You can only spend what you bring in (unless you got a rich sugar daddy with more money than sense or a huge ego).
MM
So is your answer that we became Dundee U/ M/well & Killie somewhere between 2006 and now?
What were we when we were selling all the players I listed?
DBBIA @ 12 27
England Blues
That is the one —— Graziemille !
Ross County have seven weeks to prove their Victoria Park ground meets Scottish Premier League criteria with the Dingwall side on course to win the Scottish First Division and gain promotion to the top flight. (Daily Record)
Taken from BBC website.
Looks like Newco may stay in SPL with a loophole? They will try anything!
LB
Celtic debt reduced to £7m.
Now, when the threadbears finally gasp their last, I reckon if the Celtic Store /Web, merchandise a new Celtic top at £40 a time, with the words “I was alive when Scotland’s shame died” on the back, they will sell the 175,000 required to wipe the debt out within about 1 week.
It would be a parting gift from them to us.
I’ll buy 2 :-))
oglach – Re: away kits.
I have an idea for a Dutch-style orange top, with white shorts and green socks.
To celebrate Bobby Petta, obviously. (thumbsup)
obonfanti1888 at 12:20
Yes, st Valetines is tomorrow; Wednesday is feast of St Claude.
Somehow “St Claude’s day massacre” doesn’t have the same ring to it.
But, if that’s the day OldCo go down, it’ll do me
;o)
The other major advantage of the FTT decision being published is it will allow us to move the pro / anti Board argument forward.
Again, independent legal opinion will be forthcoming as regards the extent of Ranger’s cheating.
We continue to call for the removal of PL and others despite Rangers spending the equivalent of £120 to every £1 we have spent over the Murray years (thanks Roddie Forsyth) and IN ADDITION CL money ill gained.
Despite the unprecedented and systemic Honest Mistake under Dallas.
Despite the bombs, the threats, the physical attacks, the unremitting poor press.
But of course none of these things have materially impacted the results on the pitch in a competition where the league has been won by tiny margins. To the car park!
HH
TLK
twists n turns says:
13 February, 2012 at 12:47
I fully expect the team to wear the customary GIRFUY t shirt when we clinch the title. I think it will be ‘Ice cream & Jelly’ this time. This will go along with the ‘Milk, lemonade, Chocolate’ and ‘Smell the glove’ classics
JinkyvJohnGreig-saysitall says:
13 February, 2012 at 12:18
Fantastic post !
Neil Lennon has stated many a time how he talks to DD 3-4 times a week. This being the case, anyone want to tell me they have not discussed the financial problems at Ibrokes even the once?
If DD came out now taking a different stance on the issue then Lawwell’s postiion is untenable….and SPLOB is not going to make such a comment without knowledge of DD’s opinion on the suject.
kitalba says:
13 February, 2012 at 08:10
Everybody is entitled to their opinion.
To say Celtic don’t need Rangers is to deny what feeds football culture
Michael Grant Chief football writer, The Herald
xxxxxxxxxxxxxxxxxxxxxxxx
Barcabhoy says:
13 February, 2012 at 10:04
Let me be very specific here with regards to what i posted on the board view of admitting a newco
This is what i posted
xxxxxxxxxxxxxxxxxxxxxxxx
Celtic’s board will have to decide, along with every other remaining SPL club whether or not they want to follow the rules as laid down by the SPL in the event of a maember club being unable to compete. They will do so in the full knowledge that:
any deviation from the rules would be actionable not only by any team suffering detriment as a result but also the consequent knock on effect down the league structure.
any new club would not be ranjurz!!!
there is likely to be more than one group of ranjurz ‘born-agains’
the arguement over the inheritance will, like every dysfunctional family where there is no will, be very messy and inconclusive.
everyone thought that a phoenix would arise from the ‘News of The World’ ashes, still waiting!
oglach says:
13 February, 2012 at 12:33
I vote for an all Black number.
The one away strip I think would be magic, is an all black kit with green hoops.
Exact same as our home kit, but black replaces white.
so we still play in hoops, and surely wouldnt clash with any scottish teams kits.
I hate it when we play in the bumble glo outfits, their just ugly.
———–
as an aside, twice this season my nephews Morton team have played Celtic, with both teams wearing a day glo yellow outfit.
morton in yellow top, celtic in a bumblebee one.
heid was bursting.
Lenny and his backroom staff deserve all the paudits imo
being able to source and thereafter develop young players has allowed us to field a competitive team at low cost …………….i don`t understand what that has to do with the CEO
re the CEO has he improved income streams , been innovative in securing funding for the club …if not then he has simply been keeping house …
oglach
I’ll buy one of each type. Lets have a range on sale:-)
I really love the idea of Celtic having an orange second kit – says all you need to know about us and our lack of bigotry.
Looks like maybe the verdict could be due on Wednesday??? – could explain PL’s statement and the battle lines being drawn. I would love to be a fly on the wall at the SFA/SPL – must be kacking themselves if we arent going to meekly accept Reformation FC.
SFTB
You make it too easy for me.
SL titles – 1920’s vs 1930’s discuss.
LM = Sold at his request to allow him to access a signing on fee to pay of his bookies.
DH = Sold at his request to access better wages.
He had asked to get the same wage as BMcN and this had been refused.
KD = Sold at his request, onwards and upwards.
It was official recognition that our 10/12 years in the sun had ended.
CN = Sold at his Tory burds request.
The Old Board had got quite attached to flogging the crown jewels.
BMcC = See above, buy cheap and sell dear.
Money was recycled as part of the BMcN’s squad rebuilding.
The upcoming Centenary shamed the Old Board into spending money.
97 Clear out = Player huff / bonus issues / end of contract, take your pick.
Money was recycled by WJ as part of “Stop the Ten”.
Consequently all the points you raised show either individual circumstances or board money grabbing.
Now onto to the present.
Five years ago it was all about player investment.
It was all about the often talked about / proposed £5mill net spend.
That has now gone, we are now player traders.
That is a backward step.
That is now the business model of DU / M’well / Killie … and the Old Board when it got greedy.
test
.
@GrahamSpiers
Peter Lawwell, Celtic CEO: “We don’t need Rangers. That [RFC’s potential demise] would not affect us.” How wrong you are, Peter…
Summa
Rangers – what would we all talk about if they were no longer a factor in our lives. The degree of pointlessness that’s taken hold of CQN as we debate the dream of a Rangersless SPL is increasingly bizarre.
If you want to talk about the future of the league, please do so in the context of Celtic’s future. Drop the idle threats to abandon Celtic in protest, and re-focus the energy on our own reality. Who cares what happens to them, it’s what happens to us that counts. Forget the newco, the points penalties the lot of it – these things will happen to a greater or lesser degree and some of us will be unsatisfied by the outcomes. Meanwhile I’ve got some pretty heavy aspirations that I wish to burden Celtic with, and whilst most Celtic fans are now focused on destroying the competitions we participate in, I’m not hearing or reading anything about what it all means for us.
Pretending that surviving is adequate doesn’t cut it for me.
So whilst we wait for the uglies to wake up and do something for themselves for a change, I’d hate it if we just sat back and watched, smugly, whilst the shit hit the fan.
Headline on the BBC website says Celtic have had a massive profits falls. Not, Shock – Football Club finally turns a profit!
Question – is this headline an example of an anti Celtic agenda, or is it poor journalism bourne of ignorance? Or, is it exceptional journalism? I would say it’s poor journalism, but if most people think it’s anti Celtic, then it suddenly falls into the final category, exceptional. How odd is that…
Every day there are a thousand posts and a dozen headlines/moments like this.
Hard copy of CQN has just landed on the door mat, very interesting read.
QUALITY, Very professional.
Thanks Paul67
Keep the faith
Mtt
:)
http://www.bbc.co.uk/sport/0/football/17013512
I am surprised if PL has given a formal indication of Celtic’s position regarding Newco. We have no need to say anything formally until the FTT judgement is known. In that regard we have, as we tend to do, followed the appropriate protocol (one might even say, behaved with dignity – Ha – can we reclaim the word dignity on the same day we reclaim the colour Orange?).
Unlike the SPL and SFA who appear to be leaking pro Rangers protectionism through the LL. And now risk being made to look even more ridiculous, if that is possible.
So, given that, perhaps PL knows something re: the FTT result.
HH
TLK
philvisreturns says: 13 February, 2012 at 12:45
The big losers would be the Scottish sporting media. They are the ones for whom Rangers are “too big to fail”.
—
Afternoon Phil
You point above was something I mooted on here in an earlier post.
Without Rangers in the SPL there would be no justification for a good few of their jobs. They dined on succulent Old Firm lamb and without Rangers they are afraid donner kebabs are what they will end up chewing. This is the reason they were not rushing to ask the questions posed by the “bampots” here, RTC and on Phils blog.
They now need to expand the view that without Rangers the league is goosed but I have one question for them all. When Rangers were doing there 9 in a row I never heard one peep form anyone in the Scottish media saying their big borowed money spend on players was bad for the league ( forcing other SPL clubs to get into debt just to stay where they were) while us Celts were languishing in fifth place on occasion.
Nope they all jumped on the Murray private jet jolly go round and printed articles about how much money Rangers had to spend whilst telling the rest of us it would be good for Scottish football…….hypocrits
Lenny and his backroom staff deserve all the plaudits
working wonders bringing in and developing young players
the financial guys have simply kept house …no new or innovative revenue steams , falling attendances etc …
it`s dead easy to cut a playing budget in line with turnover
it`s a lot harder to put a good squad together with little money available
RL@12:06
‘That would be like employing Jim Traynor to be a doughnut maker’
I have now had to spend 20 odd mins clearing Lentil soup from my keyboard! :)
Tixway, Pritchards, Rangers. Not been a good week for ol’ Craigo Whyto, and there’s more acomin’ over the hill.
He’s like some latter day errant Midas: Everything he touches turns to galled.
DBBIA will doubtless confirm that clearly, latter day errant Midases is rubbish.
Mad Mitch
I’m confused.
Selling players in the past because they wanted more money/better league/contracts expired/board needed money and reinvesting in squad – OK.
Selling players in the future because they want more money/better league/contracts expired/balance the books and reinvesting in squad – not OK.
In the words of Manuel “Que?”
Tombola
mickthetic- I got mine too, agree, excellent quality both editorial and layout, well worth paying the extra for. Well done Paul67!
It’s Official, “WE DON’T NEED RANGERS”
Celtic chief executive Peter Lawwell insists his club “don’t need Rangers” to flourish financially.
Rangers are awaiting the verdict of a long-running tax case that could place the future of the Ibrox club in doubt.
But Lawwell says the eventuality of their Old Firm rivals going bust “would have no material effect on Celtic”.
“We look after ourselves,” Lawwell told BBC Scotland. “We don’t rely on any other club. We are in a decent position, we’re very strong.”
Celtic’s interim financial results for the second half of 2011 showed a profit of £180,000 – significantly down from the £7m at the end of the previous year.
“I’m disappointed to look at the performance of Scottish teams in Europe and the effect that that has on co-efficient”
The Old Firm clubs had contrasting January transfer windows with Celtic able to preserve and strengthen their squad while Rangers sold top scorer Nikica Jelavic to Everton without signing a replacement.
Celtic lead reigning champions Rangers by four points in the Scottish Premier League and, unlike the Ibrox side, are still in both domestic cup competitions.
“Our aspirations and horizons are to dominate in Scotland but also beyond that; we want to compete at the highest level again in Europe,” said Lawwell.
“We have a stand-alone strategy, a stand-alone financial plan and a robustness hopefully that will take us through that.
“Times are pretty tough. I don’t think it’s appropriate for us to talk about any individual club, these things are hypothetical at the moment.
“I think we’ve a view, a very strong view on certain circumstances but we’ll only share that at the right time.
“In terms of Scottish football, I’m disappointed to look at the performance of Scottish teams in Europe and the effect that that has on co-efficient.
“I’m disappointed to see that financial constraints and problems in other nations as well.”
Earlier in the season, Celtic trailed in the league by 15 points and manager Neil Lennon alluded to a need for him to win the title in order to keep his job.
But Lawwell said: “That has never been said to Neil. We are absolutely delighted how he is performing, how he is developing as a football manager and as a man.
“I really, really enjoy working with him. He’s intelligent, he’s not only interested in the football side of the business but he’s interested in our strategt and other aspects of the business.
“He buys into what we’re doing here in terms of identifying players. He buys into the youth development side and I don’t there’ll be anyone else more suited to giving our youngsters a chance than Neil Lennon.
“We have built up a very strong squad. We’ve built up value in that squad. We’ve been able to keep our best players and at the same time, we’re performing on the field at the moment.
“We did embark on a strategy four or five years ago where we redirected investment into our recruitment, into our academy, into our facilities building Lennoxtown.
“It’s very, very early days but we’re beginning to see some green shoots of productivity from that in the players that we’ve identified and the kids that are beginning to come through.
“We haven’t won anything yet. Clearly, that is everyone’s priority at the club; to go and win the title and hopefully maybe add a couple of other trophies.
“But it’s still early. We are ahead but no-one’s taking anything for granted.”
Off the park, Celtic have been sanctioned by Uefa for the conduct of supporters and Lawwell added: “It’s a very small minority within our support, a genuine small minority that have infiltrated the Celtic support.
“What we can do is identify those, which we’re continually doing and take the appropriate action, which we are also doing.
“I don’t see it as a major issue for Celtic. This very small minority we will identify and make sure that they don’t come back to Celtic games.”
Awwwwwww, diddums wee Spiers, can’t handle the truth maybe? As if he knows the ins and outs of celtic’s finances better than the celtic CEO! Hilarious
LiviBhoy – From that Scotsman article:
“It couldn’t be just a ten-point penalty for a new-co because if Rangers lose the tax case it will amount to them playing players they couldn’t afford and costing Celtic titles and other clubs television money,” the insolvency expert said. “Yet even ten points for the first season and 15 points for the three following seasons is unlikely to stop other clubs looking to clean up their balance sheets, and maybe that is no bad thing.” Hearts, for one, could follow suit, and who knows beyond that.
Now, maybe this paragraph is just badly written or I’m particularly dense this Monday, but it sure looks like he is suggesting it would be “no bad thing” if Hearts and other clubs decided to follow, follow the bankrupt bears down the Newco route of shafting their creditors.
Yes, no bad thing if half the football clubs in Scotland decide to abrogate their debts and get away with beggar-thy-neighbour liquidation and phoenix company shenanigans, simultaneously laughing at Her Majesty’s Custom and Revenue and other creditors while winking at their fans.
And what would stop them from doing it again and again and again whenever they felt like escaping their debts – presuming anybody is naive enough to lend to them in future?
Maybe they should put Fred Goodwin’s face on Scottish banknotes. Maybe they should also legally change the name of the country from Scotland to “Land Of The Fly Men”.
Instead of “Nemo Me Impune Lacessit” the motto should be “Caveat Emptor”.
The national anthem could be Kenny Rogers’ “The Gambler”.
The flag should be a red hand sticking two fingers up to its creditors.
Scotland: land of bankrupts, cheats, and chancers.
No bad thing, eh? (thumbsup)
My reply to Spiers
@GrahamSpiers And how gutted are you to hear him say it Graham!! #thetruthisoutthere
also
@GrahamSpiers Are you saying this as a professional Graham or a fan?
I do not expect an answer.
brimmer
The Battered Bunnet —-
Fit and proper ?
Examine the interfaces of The Thousandaire’s Investment Opportunities and you learn 3 things ——-
He is very fond of the well timed shift of funds from one fund to another.
He charges big bucks for his expertise [ the bigger the fund , the bigger the loss , the more he gets.]
He has been busy in Jersey and Malta
Thindimebhoy says:
13 February, 2012 at 13:10
AGREE 100% M8
HUNS RUINED OUR LEAGUE
I’m Neil Lennon (tamrabam) says:
13 February, 2012 at 11:13
Sorry for delay responding (work gets in the way)
You make a reasonable argument
On Neil Lennon – my thinking at the time was that he should go – but with dignity I was not calling for him to be sacked
Mainly due to our performance but also because of what he was made to go through
As time as passed cirumstances have improved(they could not get any worse)
So fair play to all who supported Neil – you included – I have eaten humble pie
However I have always supported our board
And your comment about win something frst – this is not Peter Lawells first responsibility this is Neil’s responsibility
PL needs to give Neil the tools – our board can only do that if we are finacially strong (look at Sally selling Jelovic and getting Cousin)
Our board have to keep the club finacially strong and support our manager
I believe our board have held up their end of the bargain
If Celtic cannot win the league this year (and I believe we will winn it before the split) do not look at our board for an excuse??
We need all – players manager and board performing to their best – AS IS HAPPENING NOW
It was not the board underperforming last Oct Nov
Hail Hail
67ECW
new article posted.
HTT @ 13.13
Players come and players go.
That is the stuff of life and most football teams.
The question for the club is does it invest in the playing squad or does it trade?
Five years ago the talk about the club was that there would be a £5mill net spend in the squad.
Now we sell to buy, we have become player traders.
The business cannot support investment in the squad.
That is our current position.
In fact things could be worse, without the Sion mentalist we would be player sellers.
That is selling players to survive, fill the gap in our turnover as PL’s business ablity comes home to roost.