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. macjay1 for Neil Lennon on 14th February 2019 6:41 am


    CHAIRBHOY on 14TH FEBRUARY 2019 6:36 AM




    ‘My distinct impression is that 16 ROADS. @ 10:15 PM, was referring to political correctness.’








    In which case try deconstructing and justifying his point without relying on some overtly racist assumptions.




    Your fooling no one. Neither of you.

  2. MACJAY1 @ 6:41 AM,



    Well hopefully there is a reasoned explanation.



    However political correctness wouldn’t be one now would it?



    He is a man of mixed race. You’d have to be suggesting that some of the BBC’s audience are the sort of folk that would make judgement about a person just because of there race or perceived mix of races.



    That the BBC would take an editorial decision not to show an image of that person based on reaffirming the racism of these misguided souls forging a negative, narrow minded, bigotted view of people.






    We do live in different worlds MacJay.



    I’ll wait to see what 16 Roads says…



    Hail Hail

  3. frannyb67 on 14th February 2019 7:39 am


    ‘Any huns lurking happy anniversary liquidation day HH’









    And also to the absentee landlord, The Great Desmondo, who has, once again, been proved correct in his prognostications regarding the rehabilitation of the huns.

  4. morning bhoys from a misty but dry Cheshire ,just let us go out tonight and play the best football we can, ok if it does not work so be it,but the players can look at themselves with pride.hh COYBIG.

  5. Good morning. Looking forward to tonight’s match, more than I was when the draw was made. Our recent run of form in 2019, has me more optimistic about this tie. Another clean sheet with a goal or two for us, would be ideal.


    Any spare tickets for Mestalla next week?



  6. A European night at Celtic Park



    From the early 70’s I’ve been going to these games and the way I look forward to them and overall excitement on the day of the game has not changed.



    Cannot wait for the YNWA and the general bammy-ness of the crowd.



    Get intae thum Celtic.

  7. ‘GG on 14TH FEBRUARY 2019 1:10 AM


    No one seems to be writing home about our chances against Valencia tomorrow night.





    We seem to blinded by the attractiveness of La Liga and the silky skills on on show.





    Howevva, with a wee doff of my bunnet, the form of Valencia does not stack up very well under the spotlight.





    They are mid table.





    They have won ONLY 2 of their last 10 games.





    They have won only three from 11 away games.





    They have only scored 10 goals in those 11 games.





    Granted they don’t ship a lot of goals. A goal a game on average.





    So there is absolutely no reason why we should approach this game with any sense of trepidation.





    We are scoring freely.





    Clean sheets are as common as refs missing red cards against the Huns.





    We have stiff competition for places, incentivizing players to excel.





    Celtic Park under the lights.





    The Green Brigade led wall of noise.





    Astute team management.





    Valencia will fold. Weak at the knees and blown away.






  8. It is quite possible to acknowledge that Valencia are not the most formidable Spanish opposition nor are they in a particularly rich vein of form and to still acknowledge that they are, rightly, favourites in this tie.



    They still play in the battle hardening atmosphere of La Liga.



    They have beaten us in 2 previous Eiro ties in 1962 and 2002.



    Our record against Spanish clubs is Played 34 won 7, drawn 7 and lost 20, conceding 57 goals and scoring 26.



    Valencia, thoough lying 8th in the league, have the 3rd meanest defence, conceding 20 in 23 games, only bettered by Atletico and Getafe.



    Their mean defence, achieved in La Liga, against ours achieved in the Scottish Premiership.



    Oddschecker has us at 26/11 for the home tie with Valencia rated as 7/5 tonight.



    To win the Europa they are 5th favourites whereas we are joint 20th.





    And yet, despite all these odds and facts, we do have more than a fighter’s chance.



    If they play to their strengths and go to keep us out and the score to 0:0, we can benefit from their cautious attitude and make it a one tie shoot out at the Mestalla.



    If they come to play, I am not sure our defence will hold out though.



    The key is to keep them scoreless tonight.



    Mon the hoops

  9. Unionist Lynch



    You are hard of thinking.little wonder your party personifies confusion.


    You do not and never will understand his ways..He is not Celtic.but you know that.




  10. An Tearmann on 14th February 2019 8:56 am


    ‘Unionist Lynch’









    I’m in favour of Scotland remaining in the UK, of the UK remaining as a member of the EU and of Ireland being reunited.




    I suppose that makes me a unionist.




    The rest of your post makes no sense whatsoever.

  11. Point of order. 14th February 2012 was the day that Rangers (because that is who they were) entered Administration. They were immediately deducted 10 points.


    They then tried to agree a CVA (Company Voluntary Arrangement) to repay their 276 creditors but that was eventually voted down. HMRC formally rejected the CVA proposal on 14 June 2012. The Club enteted liquidation on 31 October 2012 and that process is still on going.


    Happy jelly and ice cream day.

  12. Looking forward to tonight’s game.


    Anything ending in València nil will do fine.


    Celtic Way, Gazebo, disco lights, green spotlighted huddle, Walk On and that’s even before the action begins.


    Hoping the game is as good as the last one against them and I relish a similar score line.







  13. Songbook from 2012 has not changed much



    Gers 2012 Album tracklist



    1. Borrow, borrow (we will borrow millions).



    2. God pay the Queen



    3. The Cash my father owed.



    4. Penny Blockade.



    5. Simply in debt.



    6. We’ve re-mortgaged Derry’s Walls



    7. The Cry was No Reminders



    8. Hullo, Hullo ( We are the Bailiff boys




    From admin day 2012



  14. I am confident that tomorrow we will still have our unbeaten in 2019 status intact




  15. Eurochamps67


    Further point of order. I was told that for European ganes we can only ‘utilise’ the ole disco lights up to the point that the teams come out the tunnel. The lights then need to remain constant during the match. So probably no voluminous huddle tonight.


    Of course, my source could be talking mince!


    Must work now….

  16. Jobo,



    Clubs like Motherwell, Dundee and Hearts have also entered administration.


    However they all agreed a financial package to pay off some of their debt, leave administration and survive as the original club.



    Others clubs have entered administration but failed to negotiate a financial package to leave that state, leading to their club being liquidated and dying.


    Recent examples include Third Lanark, Airdrie, Gretna and Rangers.



    Phoenix clubs can arise pretending to be like the original clubs but claim none of the original clubs’ histories. Sort of like the Bootleg Beatles, good an imitation they may be, cannot claim royalties for the works of Lennon and McCartney.




  17. Hope you are wrong Jobo, suspect you’ll be correct however!


    I love the illuminated huddle.


    Although I do feel a bit sorry for the opposition standing about in the dark.







  18. Unionist Lynch



    Yeh I believe your not a unionist !


    In the same way vevery grass,informer,snitch


    and tell tale were pillars of republicanism.



    You defended your union well.,just be proud of it and in your own sliverous way suckle your teat of union




  19. Our support has been and can be truly superb. In spite of that, I think, before the event takes place, too much is made of the special atmosphere. The Special Atmoshere nights happened for reasons on those nights.


    Now,expectations are such that the general support tries to make the description a reality. The outcome is that , at the outset, there is a massive effort to make the oft used description accurate. Just like a runner setting off too quickly, though, this enthusiasm, if not encouraged by events on the field, can soon die out and the contrast between the initial volume of support and the resulting diminishment of it can have a detrimental effect.


    Support has to be natural and not just a response to expectations generated by past events.


    Incidentally,my opinion on this matter might have its genesis in the fact that I see success in the League as more important, currently, than advancement in the Europa.



  20. JOBO BALDIE on 14TH FEBRUARY 2019 9:14 AM



    Correct, only a short period allowed before teams emerge.

  21. Ray Winstone's Big Disembodied Heid on

    AN TEARMANN. Was that ” suckle your teat of union ” or ” suckle you teat of union ” ?

  22. macjay1 for Neil Lennon on

    ERNIE LYNCH on 14TH FEBRUARY 2019 8:02 AM


    CHAIRBHOY on 14TH FEBRUARY 2019 8:03 AM




    Magic combo .



    Political correctness overlaid with virtue signalling.

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