Celtic money in bank more than any other club’s turnover


Celtic’s interim accounts for the six months to 31 December 2018 were published yesterday.  Income was down £21m on the corresponding period last season, to £50.015m, largely as a consequence of not qualifying for the Champions League group stage.

There was a corresponding fall in operating expenses, down £4m to £43.823m, as Champions League bonuses were not earned.  The relationship between operating expenses and income is important for any business.  For the period, Celtic were able to pay current level of wages and still produce a £6m operating surplus.  This figure will be negative for the second half of the season, but operating expenses and income will not be hugely misaligned by the end of the season.

This six-month turnover of £50m is just £2m shy of the 12 month figure the last time we failed to reach the Champions League group stage, in season 2015-16.  While Champions League revenue remains hugely important to the club, the reality is that increased revenue from season ticket sales, and significant increases in merchandising, commercial and multimedia activities, allows Celtic to carry its significantly higher wage bill without jeopardising the club.

The final six months of last season, which saw one Europa League tie and a run to the Scottish Cup Final, contributed £30m revenue.  A comparable trading period this season will see annual revenue reach £80m.

For some perspective, that is higher than revenue in any Champions League season before Brendan Rodgers’ arrival, and only £10m short of the £90m revenue in Brendan’s first treble winning season.  Without Champions League income, this figure would be a fantasy as recently as 18 months ago.  There has been a transformational change in the robustness of the Celtic business model in that period.

The Dembele transfer to Lyon pushed the player sales revenue to £17.563m, all of which dropped to operating profit, which was £18.968m.  Profit after tax was £15.233m and money in the bank (net of any loans etc.) was a very healthy £37.7m.

Since I started financial analysis on CQN in 2004 I said that Celtic spend all monies received over any business cycle you care to mention – usually taken to task on this point in seasons of surplus, then forgotten about in seasons of loss, but it has always held true.  Always.

What does this mean for a club with £37.7m in the bank, which can increase its annual revenue by 30% with Champions League qualification?  It means we have the money to buy central defenders and a right back in the summer, while maintaining current wage levels and not selling key players.  This does not guarantee we will get the right players in, or that any of them will earn a Champions League bonus.  These are the challenges.

Challenges they may be, but such problems are the fantasies of every pretender to our domination of Scottish football.  Celtic have more money in the bank than any other surviving football club have turned over in a year in their history (by £5m).  If others try to keep up with Celtic they will reach a familiar end.  This is the established normal and it is not going to change.

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  1. Celtic released a statement on the 4th of January regarding events of 29th December, questioned John Beaton and SFA processes. In the 5 weeks since, all out chaos has ensued regarding refereeing standards in Scottish football. We lit the flame and stood back and watched the fire. The SFA and the Huns are on the run. Was it inadvertent, a slice of good luck, coincidence or was it a well thought out plan?

  2. Celtic play their 17th game in Europe to-morrow night and I think by this stage I’ve got my European fix for the season and regard the game against the Spaniards as something of a bonus after some great European nights forgetting the game against AEK when nothing went right.



    The team has been playing some great football in recent weeks and looking forward to the visit of Valencia. This is Cup football and anything can happen and if we can repeat the form we showed against a highly placed Leipzig to get us this far. There is great pace about the attack now and a good spread of goals particularly with the addition of Usain Bolt Burke exploding out of the blocks. Johnny Hayes did ok on Sunday but there will be different pressure against the Spaniards. Celtic let us compete and put ’em under pressure.

  3. Following our excellent financial results today, I have seen various messages on the Net from Neo-Huns regarding our financial dominance. Several are referring to some mystical up coming “court case” that Celtic face, which will eat into our profits. With some alluding to to America ! Could anyone fill me in on what this is all about ?

  4. With all this money in the bank you’d think we could spend some of it on a fans’ café beside the Superstore.

  5. MADRARUA on 13TH FEBRUARY 2019 5:28 PM



    The theory goes Celtic FC are stockpiling cash to pay compensation to the victims of pedophilia at Celtic Boys Club. There was talk last week that some of the victims were looking at pursuing action via the American legal system.

  6. Don’t forget the all important for the 14th February tomorrow – jelly and ice cream for Admin day!

  7. What is the Stars on

    Online petition being started






    Its the right thing to do

  8. The huns are now more paranoid than us. They really believe the refs and the SFA are against them.


    Long may it last.


    I assume the compliance officer, as a female, cannot be in the Masons or a Lodge?

  9. thomthethim for Oscar OK on



    Online petition being started














    Its the right thing to





    Sign early and sign often, for Pete’s sake.

  10. WITS: I won’t be signing the petition. At least, not until the fans’ café beside the Superstore is built.

  11. Thanks for the replies. Sorry for asking, I should have known those lowlifes would be continuing with their disgusting obsession.

  12. Keep an eye out tomorrow night for a young lad from Shannon, County Clare, on the panel for Inter Milan in their game against Rapid Wien. Ryan Nolan is not yet 20 but has been with Inter since he was 15, He has captained their underage team and is now looking to a bright career.

  13. According to a BBC quiz today, the deid Rangers have scored more CL goals than us (I think they only count Group Stage onwards). I tried to get stats on this but I could only find the top 26 clubs who have scored 100 goals or more (Man City are the 26th club to achieve this).



    Does anyone know how many we are behind the deid club and whether we are close?

  14. !!BADA BING!! on 13TH FEBRUARY 2019 6:10 PM


    “DB- the Eastern Star,ask Budgie in Edinburgh….”



    and Ms Dempster also in Edinburgh.




    No idea about gap but I do know they won’t be adding to theirs as they are deid.

  16. AMongst other things John McGinn has stated about his move:-



    “He said: “It was very stressful on the day. Are you making the right call?





    “At that time, Celtic, a team I have supported all my life, came in and were tugging on the heartstrings but it didn’t really get to that stage.



    “I had made my mind up to sign for Villa and thankfully I have made the right decision.”



    The move to Villa also brought the added bonus of meeting Stiliyan Petrov who was one of McGinn’s heroes at Celtic.”





    “The process started dragging on, obviously Celtic made a few offers and it was hard for me, really was difficult. I was a Celtic season ticket holder for 15 years so had my heart set on it. “But two months along the line it was becoming quite clear that a deal wasn’t getting agreed. I had to be professional, keep my head, keep playing for Hibs and I did that.”





    “I was so used to playing at St Mirren and then Hibs all the time, so it was really important that the next place I was going I was going to play,” he said.



    4.- Whatever he said on Sky TV as reported by TET




    You can put all the versions into a mix and still be none the wiser. There are a myriad of potential truths hiding behind phrases such as “a deal wasn’t getting agreed” or “I had made up my mind to sign for Villa” and “it didn’t really get to that stage”.



    Your guess is as good as mine in this situation. It doesn’t change the 2 known facts:-



    a) He did not sign



    b) Celtic did not secure a deal for him



    As I cannot KNOW and probably will only ever get a partial presentation of the truth, I choose to not let it bother me overmuch. I hate neither John McGinn nor Peter Lawwell for this,

  17. VIP and Coneybhoy…………………..thanks so much for the suggestions.






    Coney – I had that H20 record as well………!




  18. Keep an eye out tomorrow night for a young lad from Shannon, County Clare, on the panel ……







    On the panel ?.



    And he’s still claiming his pay :)

  19. hi bhoys, far from me to speak up for THE EXILED TIM, he is man enough and brave enough to speak up for himself ,but he was only quoting what john McGinn said on the tv, so don’t shoot the messanger.hh.

  20. Good evening, friends.


    Both Dortmund (away to Tottingham) and Ajax (boooo) home to Real Madrid (boooo) both appear to be priced generously at 13/5 by my online turf accountant. Worth a guinea double, just so that I have an interest in watching one of the games. Any winnings may well be mostly reinvested in The Bhoys tomorrow night (12/5).


    In other news, noticed a few recommendations for the Netflix series Sunderland Til I Die and the high praise was merited. Been binge-ing on the series since last night and Episode 5 about to start. And, right enough (as someone else suggested), Martin Bain (boooooo) is indeed David Brent!


    Apologies for all the booos there, particularly on a schoolnight ;-)

  21. DAVID17 on 13TH FEBRUARY 2019 5:34 PM




    MADRARUA on 13TH FEBRUARY 2019 5:28 PM



    The theory goes Celtic FC are stockpiling cash to pay compensation to the victims of pedophilia at Celtic Boys Club. There was talk last week that some of the victims were looking at pursuing action via the American legal system.




    Only the scum Huns would look to the victims of paedophile abuse to offer them some morsel of hope that Celtic FCs financial dominance of Scottish football could be ended. However It would be interesting to hear the thoughts of our North American legal eagle contributors on just how and if the victims of abuse committed by some at the Celtic boys club could pursue Celtic FC through the US legal system for compensation for a crime committed in the UK by persons not employed by Celtic FC nor indeed was the Celtic boys club legally part of Celtic FC albeit one of the victims claims he was assaulted by Cairney within the confines of Celtic park.



    The rabid Hun hoards seem to have selective memories. Weren’t some of those directly employed by RFC 1872 (deceased), allegedly, involved in the abuse of children? In fact if memory serves me right one of the victims tried to get compensation from ‘The Rangers 2012’ last year only for their legal representatives to be told to contact the Liquidators as Rangers 1872 no longer existed? Same club, same history – aye only when it suits us that is.

  22. “We‘ll be playing against a very good Celticteam. They‘ll be difficult to play against, especially at home, and got through a very strong UEL group ”



    Marcelino Valencia manager



    tell the BBC

  23. david17 on 13th February 2019 5:34 pm


    MADRARUA on 13TH FEBRUARY 2019 5:28 PM




    ‘The theory goes Celtic FC are stockpiling cash to pay compensation to the victims of pedophilia at Celtic Boys Club. There was talk last week that some of the victims were looking at pursuing action via the American legal system.’







    I can’t see any way in which claims would be through the US courts, rather than the Scottish courts, but it would be imprudent of the Board not to be making financial provision to deal with any successful claims or negotiated settlements.

  24. Just in the door from being oot the door, shopping wouldn’t be my favourite pass time, but like many things it has to be done, it’s actually quite hard work, wander around a supermarket with a metal buggy, stick various stuff into said buggy, much of which do don’t really need, Q up to pay for said stuff and take it all out of the buggy, stick it all back into the buggy and pay for the stuff, venture out into the place where cars are parked and take everything out of the buggy and put into bags then place them in your motorised buggy, drive home and take them out of your motor into your house, then put them away in cupboards , fridges and freezers etc.


    Anyways, I digress.




    I didn’t say he was telling the truth, I said that I believed him :-)


    Best of to your wean.






    You have changed your tune since your early morning post :-)


    Seriously tho, I am the same as you, I honestly don’t give a, all I am doing is my bit for busting the myth, I unlike many don’t have a source re this, I have been relying on what the player himself said, thanks for the quotations, they were spot on ;-)



  25. Fool Time Whistle on

    From BBC Scotland



    “Rangers have called for the Scottish FA to review their disciplinary system “as a matter of extreme urgency” after Allan McGregor failed in an appeal against a two-match ban.



    The keeper was charged retrospectively with violent conduct after kicking out at Aberdeen’s Lewis Ferguson last week.



    McGregor, 37, challenged the decision, but it was upheld at a hearing on Wednesday at Hampden.



    “Rangers has no option but to accept this decision,” a statement read.



    “However, it is abundantly clear questions about the current disciplinary system, which we believe is flawed, must be posed.



    “Rangers has been in dialogue with the Scottish FA on this topic for some time and would urge that the system is now thoroughly reviewed as a matter of extreme urgency.”



    McGregor will miss St Johnstone’s visit on Saturday and the Scottish Cup fourth-round replay against Kilmarnock.



    The Ibrox side also lost their appeal against the red card shown to Alfredo Morelos in the 4-2 win at Pittodrie last Wednesday.



    McGregor to miss two games after appeal fails


    Morelos banned for three games


    Morelos off as Rangers beat Aberdeen


    McGregor ‘likes to leave a bit on you’ – analysis


    Former Rangers striker Billy Dodds on Sportsound:



    I know Allan McGregor well. He is a good lad but he has developed a habit of picking up the ball and shoulder-charging people. He likes to leave a bit on you. It is the first time I have seen him do that with his foot. I think they have called it correctly.



    Former Celtic striker Scott McDonald on Sportsound:



    Anywhere else on the field it is a straight red card. It is endangering an opponent. He has already got the ball in his hands and he has gone in with a straight leg. Lewis Ferguson is a lucky boy. He could have done worse damage to him.”





    Strange how we never heard of them complaining about the Disciplinary System when refrees overlooked thuggery from Morelos or McGregor studding Ajer.



    The “for some time” qualification could mean since they playerd Aberdeen.



    Unless they include Gerrard’s moan after the first game of the season that “they” were all out to get Rainjurs.


    Unless they include when they complained about about a referee’s impartiality due to his religious affiliation – and got fined.



    When does Collum ref one of their games again?




  26. glendalystonsils on

    Huns could save themselves a lot of angst , if Stevie G simply had a word in the ear of McGregor and Morelas along the lines of;



    ” look lads ,you’ve each got away with at least 3 or 4 red card fouls and subsequent bans recently . Just cool it for a bit until all this fenian hooha over brother Beaton dies down . Then you can kick feck out of as many of these shit stirrers as you like .”

  27. CQN Ole Chestnuts







    The Songs Debate





    The Poppy Debate





    The John McGinn Debate



    The PL Bonus Debate

  28. mild mannered Pedro delgado on

    Don’t know if anybody listens to phone ins anymore


    Last night and this evening, 9 rangers and no Celtic players have been offered up to the compliance officer(proof if you like of bias against their club)



    IS it just me who looks at it as 9 rangers players who have gotten away with it,whereas no celts have





    God bless

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