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.

Click Here for Comments >

About Author

  1. Pages:
  2. 1
  3. ...
  4. 7
  5. 8
  6. 9
  7. 10
  8. 11
  9. 12
  10. 13
  11. 14

  1. mike in toronto on




    Marr is my favourite guitarist.



    Actually, I am reading his autobiography tonight.



    Next up is Chris Difford’s autobiography. Still love Squeeze…

  2. Petec


    Bittersweet Symphony sums up the 90s for me. Best song from the 90s by a mile.


    Richard Ashcroft CSC

  3. Dallas Dallas where the heck is Dallas on

    sky sevco news last Sunday night , when they mentioned our result at Murrayfield , the presenter said our first goal came from a debateable penalty.



    When Barca beat us in 2004 , it was on the same date as the train explosion in Madrid. There was a minute’s sience at our game for those killed. Some of the Barca fans interrupted the minute’s silence . The following morning , Sky Sports accused Celtic supporters of booing through the silence . Sky sevco news cant help themselves.

  4. jamesgang,



    She now is attention seeking unfortunately.



    Boy George is a kabbalist now apparently.



    I’d hate to be Famous.

  5. Petec



    You often proclaim the lord’s non judgemental love through the long night.



    Perhaps this is someone who deserves such non judging care.



    Good night.



    HH jg

  6. jamesgang on 3rd November 2018 12:54 am





    You often proclaim the lord’s non judgemental love through the long night.


    Perhaps this is someone who deserves such non judging care.


    Good night.


    HH jg






    I reiterate I’d hate to be Famous.




    CELTIC gets me shouting and Bawling.

  7. Delaneys Dunky on



    My son reckons you are the best guy from CQN he has met. I think Ryan is a good judge of character.



  8. DD



    There are so many people on here whose shoes I’m not fit to lace, but who I’m be honoured to.



    My life as a Tim had been an entirely solitary experience pre CQN.


    And I – nor my family – will ever forget the love and support we received when my mum died.



    Truly, we never walk alone.



    Only thing I’ve ever ‘joined’ in my life is the Celtic family.



    Seep seeps time for this young Fenian.



    HH jg

  9. Mike In Toronto


    There’s a series just finished here called Black Earth Rising it’s about the prosecution of international war crimes.It starts with a Leonard Cohen song .It was on BBC2 but I think it’s going to be available on Netflix.You might find it interesting.



  10. Top 10 intro



    Lets get 8.




    Stevie G is throwing them all under the Bus.



    He has actually done well. Their Europe results have been impressive.



    I’m looking @ McGregor sitting on the bench being a C*nt of a team m8.



    Stevie G will be looking for an Escape route noo. Brendan did warn him.

  11. They cannae handle Celtic utterly Owning Ibrox.



    Roy and Neil owned it in the best ever fashion that I ever seen.



    Time for Sexy Celtic Fitba ownage!!!!!



    in front of so many haters (not all may I add).

  12. A Ceiler Gonof Rust on

    DD sez…….



    “Ibrox is about to implode”



    Nowhere near good enough for me bruv. A massive Explosion then maybe followed by a massive implosion to suck the bitter remnants, red bricks, marble from the murder stairway, their St Etienne byke and Jimmy Bell to the bowels of hell where they belong.



    Tomorrow would be good.

  13. Delaneys Dunky on



    Prodigy live are masters. Few bands better live than The Prodigy. Love them.



  14. mike in toronto on




    I think that song was off the last LC album? Great stuff.



    Don’t know that show, but it looks interesting. I used to see a lady who was a prosecutor at the ICJ. She was doing the Rwanda prosecutions. I’m no shrinking violet, but I don’t know how she dealt with Some stuff she saw.

  15. Delaneys Dunky on



    The greatest masonic temple in Scotland looks like a lavvy and is housed on Edmiston Drive. It needs demolished now.



  16. A Ceiler Gonof Rust on

    Oh A doo like to be beside the seaside.



    Oh I doo like to be beside the sea.



    Wi a stilson in ma hand, smashin zombies in the sand,



    Beside the seaside, beside the sea.

  17. The secret architecture naw – am no havin it.



    The Celtic Way is awesome.



    Commonwealth games whatever whatever whatever.



    Secret Architecture dudes building things that dinnae Reprazent Any Celtic Supporter I know.

  1. Pages:
  2. 1
  3. ...
  4. 7
  5. 8
  6. 9
  7. 10
  8. 11
  9. 12
  10. 13
  11. 14