Citizen King, Xanadu lost


I followed Celtic’s accounts since Fergus took over and started posting them out to us.  Around the same time I began following those of David Murray’s MIH and Rangers, the fortunes of each, and ultimately of the rest of Scottish football, were intertwined.

Fergus ran a stable ship, but things kicked off when Dermot Desmond replaced him as Celtic’s largest shareholder.  In Dermot’s first season in charge, excesses were lavished with England and Liverpool legendary player, John Barnes, in charge.  That didn’t work out but the next season, with Martin O’Neill in charge, spending took off in a fashion never before seen at Celtic.  A treble arrived, but the financial losses were eye-watering.

The trouble was, we had all gotten used to this new level of spending.  Dermot was applauded (by some) for matching the “ambition” of David Murray, so much so, that finding a route back to sanity was always going to be a challenge.

Then came the Seville season.  Celtic Park was packed out for European fixtures until April, while domestic games were also a sell-out.  The commercial team did a deal with shirt sponsor NTL to have the new season’s strip launched early.  It looked like every able bodied person in Scotland had purchased the new Celtic strip.

That summer I waited for the accounts to drop.  This document would reveal our true potential.  The first sign of trouble was an email, “Alert for Celtic PLC Final Results”, on the afternoon of a Champions League qualifier.  I anticipated good news story, but good news would surely be stage managed better than to slip out on the afternoon of a game?

The document revealed we lost £7m, despite Stuttgart, Celta, Liverpool, Boavista, Blackburn and Siduva.  Despite all those shirt sales.  We beat MTK comfortably, lots of people were happy, but I knew why these accounts were released on a match day; Celtic were living beyond their means and that could not go on forever.

OK, so we released accounts on a game day, giving the news cycle four hours to digest and report before Henrik and Co. moved the story on.  On Wednesday, Newco didn’t press the publish button until they were a goal up against Kilmarnock!  This could be the work of Charles Foster Kane.

Within a minute, karma struck.  Kilmarnock equalised, Xanadu lost.

You will know the detail by now.  On a turnover of £32.6m, Newco lost £14.3m, this, coming years after comments such as: “just about breakeven” soothed the masses.

The accounts themselves are horrible, but, of course, now historic.  Income for this season will rise with Europa League qualification, while costs associated with the recruitment necessary to propel the club to fourth in the league will also rise significantly.

The question is, if you act like Citizen Kane, do you follow the same trajectory?

Really looking forward to Hearts tomorrow.  After the week they have had, a bit of karma must be coming their way.

Celtic Supporters’ Association
Annual Memorial Mass
for all Celtic Supporters & Their Families

Tomorrow at 12.30 the annual memorial Mass for ALL Celtic supporters and families is held at St Michael’s, 1350 Gallowgate, a short walk from the stadium.  A time for us to remember those who passed on the club over the last 130 years.  There will be tea and coffee in the hall for you before you head to the game.

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  1. AULDHEID on 2ND NOVEMBER 2018 11:21 AM












    Court action or threatened court action against our board may “ curry favour” with some on here, but to the vast majority of our support it will be viewed dimly, to put it mildly.



























    It should be noted : We have circa 29000 individual shareholders who have seen their holding dramatically rise over the last decade. Although only circa 2000 actually participate in voting .



























    The intentions of Res 12 remain sound, but I fear they are in danger of being sidetracked by those who want a stick to attack the Celtic board. The enemy remains the SFA. No own goals please.












    You have nothing to fear. SFA accountability is the aim. Accountability to shareholders already exists. It’s why Res12 continues.

  2. Paul 67



    Now if only we had a club licensing system tailored to the reality of Scottish football as opposed to chasing UEFA geld, there might be some financial stability and with that integrity in our game.

  3. This has all the hallmarks of the scenes played out in there original liquidation I feel a DeJa vu coming on, or like Bill Murray in Groundhog Day :) King spinning like crazy & Seethy G wanting better quality players we have seen this show we know the script by heart . The same old crap about to hit the fan with the resultant excrement left to be picked by the rest of us

  4. The useless Regan said after the Zombies Mark 2 appeared , that the SFA would keep a much closer eye on the accounts of every club…….

  5. Auldheid,



    Many thanks for the reply and assurance.



    Again, your time and effort is much appreciated






    Ps : Paul 67 . We all pick our times to bury bad news. Great article with a reflective dose of reality. If they have a working clock @ Grayskull, it will be ticking.

  6. I did ask before,what happened to the near 40 million The Huns lost in the previous years.It does not just disappear into the Ether.Can anyone enlighten me?.

  7. TURKEYBHOY on 2ND NOVEMBER 2018 12:01 PM


    I did ask before,what happened to the near 40 million The Huns lost in the previous years.It does not just disappear into the Ether.Can anyone enlighten me?.



    its resting in father crilley’s account

  8. Non-Celtic related post (or in Classic CQN parlance – Apropos of nothing…)



    Afternoon all. This is probably aimed more at folk from Belfast/North of Ireland, but I have 2 tickets to see Kevin Bridges in Belfast SSE Arena next Friday night ie Fri 9th Nov. I cant make it any more due to work travel commitments. Is anyone interested?


    Tickets plus charges cost me £96.80. I’m looking for £90. They are the “Print at Home” type.


    Let me know asap plz.






  9. Hello again all you young rebels.



    What can i say about res 12 that the magnificent AULDHEID and his 3 amigos


    have already worked so hard to bring to a conclusion, are the board working


    against us the lifeblood, the support, the ethos of our club.


    Do the economics, the profit, the share price, is that all that Celtic is about ?


    Well i think it’s all just a part of this wonderful club that we support.


    I will never decry anybody who questions deceit and duplicity in any sphere of


    management and thats why this blog CQN is the bestest going.


    Sure we’ve got our pro’s and our negs and i love the lot of them , who else


    watching TV says to the missus ” Think i’ll go on the blog ” because it’s what


    we are, nothing as exiting as what our favourite blogger is saying.


    Anyhow, very hot tomorrow here, a nice day at the beach with wee Grace and


    Papa will have to live up to his boasts about his proficiency with a surf board.,


    but let me tell you , all those years sashaying home from the Gallowgate with


    wobbly legs, well surfboards are easy peasy 8-))


    H.H MICK

  10. Ghuys, Jimthetim asked us to vote for French Eddie. See request at 12.21pm. Only 1% have voted for him so far. Leader has 17 % so far. So go vote lhads,

  11. Melbourne Mick,



    Very hot?Beach? Surfboard??


    Aye just rub it in why don’t ye??


    I was scarping the frost off the car this morning……



    Enjoy mate. Ya lucky bas ;-)






  12. I disliked RFCIL intensely along with their hun fans. I dislike sevco but without the intensity I had for RFCIL but I still dislike their hun fans intensely.


    When I was in Leipzig I heard the young team sing songs that I don’t want to be associated with, about Princess Di and about Jimmy Bell dying.


    As was pointed out why would you want Jimmy Bell to die when there is more suffering to be had for him whilst the bigoted little merde is still alive, the same goes for sevco whilst old googly eyes Glibbo remains in charge. The vile rangers I knew died in 2012 and the comedic tribute act have nothing in their locker apart from years of entertainment and laughter for us. While Ayebrokes is still standing the horrible hun support will always exist. So until the temple falls I comfort myself with the fact that Celtic FC and their support are in a good place and despite the moans and groans we will be smiling, nay laughing for the foreseeable future.



    I might even pop into the BV this afternoon if I get all my chores done.



    Hail! Hail! PMTYH



    Is that a doughnut or a meringue?

  13. Melbourne Mick on




    You know all those years i worked in the offshore construction


    industry in minus 20 odd degs i always promised myself i’m going


    to enjoy my retirement.


    Nowadays i’ve got Celtic tv, a Brilliant Celtic club in a beautiful part


    of the world, a country or if you like a continent that loves us the


    Celtic, yes you’re correct i am a lucky bar steward.


    H.H Mick

  14. GlassTwoThirdsFull on

    I see the talentless “grabber” is available to play tomorrow. Absolute joke that he can be back playing less than a week after what he did. A properly run football administration would make that a minimum eight game ban. You’re basically encouraging it with that sort of leniency. And they wonder why they are the laughing stock of world football (well they might if they had the self-awareness to realise it). See appointment of national team manager and “lifetime bans” for further evidence.


    No doubt the similarly talentless Levein will have a specific role for him (not having his two other “go to” guys in games v Celtic, La Farty and Naeskill) – most likely sitting on top of McGregor stopping him from playing (by whatever means).


    Would love to give this lot a good doing, but I would settle for any win and no injuries.

  15. Clumps – good article. It’s a been a while (about 6 weeks?) so hope your break was for a pleasant reason.

  16. Hoping to win Euromillions tonight… buy Dave Kings shares…. then run Ibrox properly go into trophy room and send all trophies to the real winners of the cups and leagues. Find all links to SFA and refs… change badge to new badge of new club. watch as they all leave..

  17. mike in toronto on




    “then run Ibrox properly” …. by which, I presume, you mean ‘turn it into a shopping plaza’?

  18. TURKEYBHOY on 2ND NOVEMBER 2018 12:01 PM


    I did ask before,what happened to the near 40 million The Huns lost in the previous years.It does not just disappear into the Ether.Can anyone enlighten me?.





    They squandered the money from the original share issue then kept the lights on with donations from Club1872 and a series of soft loans which have been converted to shares which has helped them comply with FFP. I think that is the short version, some gaps in between obviously.

  19. ?️ BR on injury updates “Unfortunately, it looks like cruciate injuries for both Daniel Arzani and Eboue Kouassi. It’s disappointing for them because they’ve been working hard to get into the team.”

  20. BRENDAN RODGERS has confirmed both Daniel Arzani and Eboue Kouassi are out of action for the rest of the SEASON.



    The Celtic duo suffered cruciate ligament injuries and are both now set for lengthy spells on the sidelines.

  21. Delighted to see Neil Lennon call out sectarianism as what it really is. Racism.



    Paul67 can reninvemt history all he wants but he and his pals in the Celtic boardroom are playing the racism to make money.



    Shame on all of you.

  22. NEIL LENNON has hit out at the “racism” in Scottish society and the people who claim he brought the Tynecastle coin attack on himself.



    The Hibs boss was pelted with the missile thrown from the Hearts support during Wednesday night’s Edinburgh derby.


    Asked if he receives abuse because he’s an Irish Catholic who played for Celtic, Lennon said: “100 per cent – there’s a big problem (in Scottish society).



    “You all laugh about it and brush it aside, but it’s right there in front of you.



    “You call it sectarianism. I call it racism.”



    Former Celtic player and manager Lennon says he has been getting the abuse since the day he signed up at Parkhead.



    And he insists that those who target him are not just taking aim at one individual – they are deliberately attacking his culture.



    Lennon added: “Everyone tries to skirt round it. That’s the basis of it, has been since 2000.


    The first day I stepped on to the pitch at Windsor Park as a Celtic player I was booed every time I touched the ball, having previously played 36 times and had nothing.



    “But it was my association with Celtic, being high profile – there’s no question in my mind that was the reason behind it.



    “You call it sectarianism here in Scotland, I call it racism. If a black man is abused, you are not just abusing the colour of his skin, you are abusing his culture, his heritage, his background.



    “It’s the exact same when I get called a Fenian, a pauper, a beggar, a tarrier.



    “These people with the sense of entitlement or superiority complex. And all I do is stand up for myself.”



    Partick Thistle boss Gary Caldwell – a former Celtic team-mate of Lennon’s – was among those who claimed that Lennon brings trouble on himself.



    “People should know better,” Lennon said. “It’s pretty poor all this – I was goading people, I bring it on myself. There’s an effigy outside Tynecastle saying ‘hang Neil Lennon’. That was before the game. Did I bring that on myself?

  23. How about a round of applause on the 18th minute, Neil’s shirt shirt number at CP,to stand in support and solidarity with him and his family, against the mini huns as well.

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