Celtic this afternoon released their interim accounts for the six-month period to 31 December 2016, the figures are as rewarding as expected.
Income was up an incredible 94% on the corresponding period in 2015 to £61.2m (2015: £31.4m). Profit from operations reached £21.4m (2015: £1.6m), although profit on player transfers fell to £2.0, (2015: £12.6m).
Investment in player registrations for the period was £9.5m, not that much higher than 2015’s £6.1m.
To put some perspective on these figures, income for the whole of last season was £52.0m, £9m less than we earned in the first six months of this season. Results against Lincoln Red Imps, Astana and Hapoel Be’er Shiva in the summer have had a huge impact on the club.
The lack of Champions League football during the second half of the campaign will see income drop off, but these figures provide the first solid evidence that income will to £80m this season for the first time, comfortably £50m more than any other Scottish club will earn.
The figures also reflect a significant uplift in sponsorship deals, which kicked-in this season – well done to all concerned. The post-Brexit vote battering of the pound didn’t do any harm either for a club earning so many euros…….
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As the Muslims Flock to a Safe place.
What is Going on?
If Only I could.
Ephesians is Incredible in Understanding.
CELTIC
John Wayne Bobbitt sends his empathy to the residents of Coatbridge as they endure their ‘chopped pork’ tragedy.
Prophecy is REAL.
Prophecy is the only Way, The Alpha and the Omega, can Prove to His……………………………………………
LOL
Liking the latred Hatred.
Theresa May warned about Putin.
Seriously Interesting.
That 3rd Temple is Going UP when D and V are in Power.
CELTIC
kitalba
I know the Coatbridge kids are being taught well.
Wan, I assume him to being their CAPTAIN, he said, ” you can’t just go for his legs”. Thankfully the ref done his Job.
I was Mightily impressed by that Coatbridge player.
Apparently they are losing games.
Very healthy figures indeed, congratulations to all who contributed (the board, the supporters, ALL the other staff and contracts at Parkhead) to the accumulation of such an awesome amount of cash.
Now to my ‘accounting layman’s’ mind, we have a very simple choice, we either spend it… or we pay a large chunk of ‘legally’ avoidable tax.
I thought Celtic did buy Barrowfield, and other plots of land from the council. I thought the paid circa 675k for Barrowfield with a 50% of profit to the council if Celtic sold the land on within five years.
There is a lot on the internet regards these dealings, a lot of it is just jealous bleating but once you cross that particular river of toxic fears you’ll easily find all the real data that pertains. That’s if you are really interested.
You could do worse than starting here:
Land and Property adjacent to Celtic Park Proposed acquisition from, and disposals to, Celtic plc
As hard as nails.
As Hard as Nails is more than a hard challenge.
I was privileged to miss the Amazing Celtic Goal, watching my Own Son play Fitba…. And the Great Irony he wasn’t playing.
There is Always a dude out there that has more Strength than you – A LOT more.
Kouassi.CSC
as hard as nails
1994
This was all part of the UEFA State Aid investigation, instigated by some very socially conscious bittermen.
Celtic PLC buy land – Westthorn Transaction
Kieran Hurting opposition players whilst tackling them Fairly.
YES.
thetimreaper on 7th February 2017 12:47 am Put me down for the golf, to play.
Noted. Just don’t try to steal ma potty moothed caddy, I’ll need that input on the day.
…………………………………..
Petec, I’m not scathing of my wife, she’s a beautiful woman and I love her. You may be mistaking me ripping the pish oota a size 22 and having a laugh on a blog, but I’m very much in bed with Mrs acgr. No offence to size 22 burds is intended. I love them in all shapes and sizes. so a dae.
So, we now have a twelve ball for Lisbon ad it looks like this:
– ACGR
– Young acgr
– Kickinthenakas
– Delaneys Dunkey
– Cosycornerbhoy
– Skyisalandfill
– Grafittionthewall
– Torontony
– Bro of Tornontoy
– Best mate of Torontoy
– Torontony’s ditherer
– thetimreaper (late entry and dark horse)
Any more and we book another tee, email me.
HH Celtic men and wummin and ma bat mouth caddy Mags………………………..:_)
Every Celt tackles HARD and fair.
Pete, we have very different views on abortion, religion and politics.
Celtic is the common factor.
Best to you bruv
A Ceiler Gonof Rust – DUDE
You are so VERY Lucky to be in a stable Relationship.
I know you Love yer LADY so much.
Respect for yer Rudi Vata.
Kieran is Hard.
The Smiling Assassin.
MARGARET MCGILL on 7TH FEBRUARY 2017 1:16 AM
I’m not a Tory.
NONE SHALL PASS
MOONBEAMSWD on 7TH FEBRUARY 2017 1:18 AM
How you jumped from socialism to class in the context is beyond me.
——————————————————————————————————
Celtic were created to feed and clothe a community. Not burden them with theories of class oppression. The poor protestants of Glasgow who harangued them were materially not much in front of them.
A CEILER GONOF RUST on 7TH FEBRUARY 2017 2:24 AM
Fair enough.
BY PAUL67 ON 9TH JANUARY 2014
As we reported yesterday, Celtic have been busy buying up land around the periphery of the stadium for many years. The club managed to get the deal to buy land behind the Jock Stein Stand done before the mineral seam running below it was discovered. I hear the excavation rights are estimated to be worth £500m to Celtic, who bought the land for £3m in January 2009 with money which had been earmarked to buy Stephen Fletcher. Hibernian thought the Fletcher deal was done but Celtic pulled out at the last minute when the land deal became available due to an emergency cash requirement at the Council, who needed to build schools to educate children arriving in the city from Eastern Europe.
Back then, when I asked why we weren’t signing Fletcher a senior source at the club told me, “We can only spend that £3m once and we need the land for burger vans and stuff.” Before kick-off, fans currently go off-premises to spend their money, cash that could be going to Celtic. Source added, “We’ll be able to buy a Fletcher every year with the catering income we’ll make from this land deal.”
Made sense at the time, makes more sense now.
That £500m is due to arrive in time to get the Co-op off our case and leave a substantial amount available to deal with what could be the first season we ever face Sevco- keeping them in their place.
CELTIC
CELTIC
Trump up the Jam.
Even My Dad, didnae realise that Jerusalem was the Capital of Israel, he said Tel Aviv.
!!!!Wow!!!!
Israel is going to be Focal point.
The 70 Nations against it – Right here Right now
WOW.
Paris
Beer Sheva Magical.
Brendan Rodgers!!!!!!!!
Astana haters.
Beer Sheva Excellent attitude to Fitba.
CELTIC
CELTIC
KEVJ
KEVJ
After so much joy… Hearts, Aberdeen, St. Johnstone, the books, time for a wee bit of bitterness, just to balance your perspective.
Nostradamus reckons he should turn his from upside down and be quiet
From not606
Celtic already bankrupt?
by Medro, Sep 4, 2013.
Phew. When a club is £36m in debt, stoppage time winners against resilient Kazaks might have more than just its manager re-enacting the Olympic 100 metres hurdles final (well, OK, maybe the slowest of the heats) down strips of open Glasgow land. Try as I might, I can’t quite picture chief executive Peter Lawwell leaping about the place after Celtic qualified for the lucrative Champions League group stage. But if Celtic’s long-term financial challenges are as stiff as many Rangers fans have been suggesting this week, then Lawwell will have felt like doing so.
After Celtic’s mediocre performance in Kazakhstan, the twin spectres of Champions League exit, and the relatively pitiful financial compensation of the Europa League group stages, loomed large over Celtic Park. Fortunately, it turned out to be a cunning, almost master, plan to add to the Celtic coffers. The prospect of seeing Celtic overcome a two-goal deficit on another glory night of European football would, the plan went, put an extra 10,000 on the gate. Such nights are exhilarating, let me assure you from the personal experience of seeing Celtic beat Cologne using that modus operandi, ulp, twenty-one years ago. And if the Kazaks’ pre-match traditional sheep slaughter was banned, they won’t have a clue how to defendand it won’t matter that Celtic haven’t a clue how to defend either. Especially long throws.
With the current squad, the Europa League will remain the height of Celtic’s post-Christmas European ambitions. That isn’t a criticism of the players at Neil The Bigot’s disposal, just an acknowledgement of how important Victor Wanyama, Gary Hooper and, Kevin Wilson were to their success last year. Among the welter of criticisms Celtic received after defeat in Asanta, the board got their share for not spending last year’s Champions League proceeds (£23.67m) plus the Wanyama, Hooper and Wilson transfer fees (£20.5-21m) before the play-off round. A view took hold that the board were gambling on Celtic overcoming Shakter before committing any more funds to the market, judging that the recently-depleted squad would still cope with anything the Scottish Premiership could throw at it (except, as Shakter and Inverness Caledonian Thistle demonstrated last week, the football itself).
Another theory emerged this summer, which would explain the current Celtic board’s investment care. Or, to be precise, the theory re-emerged, as the financial information upon which it was based has previously been a topic for debate on internet forums the idea that, prior to last year’s Champions League run, Celtic were £36m in debt and struggling to meet repayment deadlines. The theory has been propagated almost exclusively by Rangers fans fed up with having their financial dirty linen publicly ridiculed almost daily. It had emerged in February 2012, just before Rangers went into administration, as a classic case of whataboutery, a popular defence mechanism against criticisms of Rangers’ financial shambles, asking what about Celtic? as if doubtful financial dealings were justifiable if the other lot doubtfully dealt too. And it moved from internet forum to mainstream Glasgow media on August Bank Holiday Monday, when John from Airdrie, a frustrated but calm enough Rangers fan, was the last caller to Radio Clyde’s phone-in programme Superscoreboard.
John attempted to expose the nonsense of Celtic’s financial well-being, which had underpinned the debate around the club’s European football prospects (which, in itself, underpinned much of the 90-minute phone-in). Daily Record newspaper journalist Hugh Keevins had gone as far as to proclaim Celtic to be among Europe’s best-positioned financially, which might have stopped committed Celtic fans in their proverbial tracks, let alone embittered Rangers fans. And John directly challenged Keevins on the issue: Where do you get your facts from about Celtic being cash-rich and financially well-off? Keevins replied, Celtic’s balance sheet, to which John retorted: Did you look at page 57, Hugh? What did it say? knowing fine well that Keevins had looked at little or nothing more than the Celtic press release accompanying the accounts, with its list of highlights and no mention of any page 57.
It says they’re in debt, £36m, John declared, prompting an I don’t think so from the very soul of Keevins’ sneering superiority. Unperturbed by a disrespect he probably anticipated, John continued: I’ve been trying to get on for the last six weeks to verify this to you. Page 57 and page 60 of Celtic’s last audited accounts. It states on there, £36m loans from the Co-op and the Co-op have four charges on Parkhead Stadium and Lennoxtown £19m to be paid back in 2019 the loans go back to 2001 when Martin O’Neill made his signings And, after a couple of feeble rejoinders which exposed Keevins’ financial uncertainty, John continued: I keep hearing they are cash-rich. Nonsense If you do your proper journalism, go to page 57 deliberately at the back of the accounts. The Board of Celtic have been lying to their fans for years, telling them they have no debt.
Indeed, John, drawing a disapproving snort from the newspaper veteran with It’s what they call Starbucks accounting, argued long enough for Keevins to go to page 57 (I know because I managed it myself while listening to the programme podcast). But neither Keevins, nor presenter Gerry McCulloch, were interested. Rangers fans have long filed Superscoreboard in the Rangers-haters column. Most individuals and organisations that have had the slightest criticisms to make of Rangers over the last four years have appeared in there. That is a lot of individuals and organisations, given how worthy of criticism Rangers’ financial management has been in that time. But the dismissive attitude showed towards John rather backed up these claims. It was not only unfair on John, an articulate contributor whether you agreed with him or not, but also revealed an unwillingness/inability, by Keevins especially, to understand the financial issues being discussed. It was as if this part of the mainstream Scottish media had learned no lessons whatsoever from their ignorant coverage of Rangers financial downfall.
Had they gone to page 57 of the Celtic PLC Annual Report to 30 June 2012 they would have discovered a reference to: loans (which) form part of a £21.94m loan facility repayable in equal quarterly instalments from October 2009 until April 2019 £16.69m is repayable in July 2019. The Group has the option to repay the loans earlier without penalty. The bank loans are secured over Celtic Park, land adjoining the stadium and at Westhorn and Lennoxtown. Page 60, to which John also referred, added: The Group and Company has a £33.49m facility with the Co-operative Bank of which £12m is in the form of overdraft and £21.94m in long-term loans. £10.97m (2011: £11.34m) of the loan facility is required to be drawn down for the term of the facility agreement.
The Group achieves short-term liquidity flexibility through use of a bank overdraft. Of the available bank facilities of £33.94m (2011: £34.69m), of which £21.94m is represented by long-term loans and £12m by overdraft, £22.97m (2011: £23.34m) remains undrawn. The interpretation of this as a £30m+ debt re-emerged via the weblog of former journalist Bill McMurdo, who opines regularly from near the nutjob wing of Rangers’ support. He wasn’t blogging on Celtic’s finances. But excitable missives began appearing among the blog’s readers’ comments’, under the (presumably) assumed name of Pharez, Zarah and Judah (PZJ), who hoped McMurdo and others could help dispel the myth that Celtic are financially strong.
PZJ’s comments demanded close examination, not least because they displayed an allergy to punctuation which rendered them incomprehensible at first glance. But PZJ emphasised two realities; the loans secured against Celtic Park, their Lennoxtown training ground and other land which, it was hinted darkly, had come Celtic’s way via a deal’s with Glasgow City Council that potentially constituted state aid, and the afore-mentioned £16.69m. PZJ explained that these loans and securities had been wilfully hidden by Celtic’s group company structure, with £30m-£35m liabilities in Celtic FC Ltd, the company paying, though not actually owning, the players and staff. With these liabilities, and assets below £6m, PZJ noted, under another name on another Rangers forum, that Celtic Ltd are already bankrupt. He told McMurdo’s readers that Celtic were less a financial model of excellence, than a financial disaster waiting to happen. And in July 2019, they could be homeless and (have) no training ground, unless they paid back the £16.69m.
Celtic fans on various forums have drawn predictably placed different emphases on the figures. Some have distinguished between PZJ’s claim that Celtic supporters are under the illusion that this is a £35m facility with the Co-op and the reference in the accounts to the £33.49m facility with the Co-op. Others contrasted PZJ’s claim that the overdraft facility had been drawn down with the accounts statement that £22.97m remains undrawn. One supporter even suggested that PZJ’s theorising was infuriatingly simple to debunk, without quite getting around to do so themselves. The general consensus was that Celtic were at the very least up-to-date with any repayment schedules, with outstanding monies down to fractionally under £11m so, not the debt-free Celtic heralded by a line of Champions League wipes out bank debt headlines six months ago.
CELTIC Neganon
CELTIC Neganon
Nostradamus reckons he should turn his frown upside down and be quiet
CELTIC has so many wee wans going to the Holy Ground now and that is Amazing.
I’m likely to be last Row next Season again.
My Sons wee Brother is being threatened with being taken in to care. I hate the State controlling things.
The hardest thing Ever is being a Mother.
Magical
Donald Trump is Nothing Really.
Donald is Howevaaaaah Allowing things to Happen.
Rinsing out the Style
Arsenal – Leave it Yeah, Blame AidyBhoy
Respect The Donald.
ALLOW it .
Selecta Crew