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. 2
  4. 3
  5. 4
  6. 5
  7. 6
  8. 7
  9. 8
  10. 9
  11. ...
  12. 14

  1. On the morning following the Tynecastle match, James McFadden talked to shortbread about Lennon’s ‘antics’ being divisive. Poor James thought he was being clever. That was a big mistake. He thought the anti-Lennon stance would win him plaudits in the SMSM.



    But maybe the glaciers are shifting. Now that some very big battalions have come out for Neil, wee James and the media may have to negotiate a new stance.



    Watch for example, Herald Sport. I don’t think their football people like Celtic. At all. In fact their opinion page libelled Neil Lennon a coward when he was on the receiving end of bombs and bullets.



    I wonder if the gutter press has interviewed any of the ex-Celtic quislings about Neil – you know, Nicholas, Walker and the rest of their unsavoury gang.

  2. Its green huns who vote in an Old Firm board.


    Who’s fault is that ?









  3. Big Packy.


    I’m fine, thank you.


    I hope all is good with you and your loved ones.


    I should have said that if the organisations, I mentioned,don’t ignore Neil, then they will come out with the usual one is as,bad as the other rubbish.


    Hail Hail

  4. Ron Bacardi on 2nd November 2018 7:55 pm






    Kev is obsessed with slagging Celtic almost on a personal basis. Would just ignore him.




    Kev’s hatred of Celtic is Shakespearean. Othello came to hate the thing he loved (Desdemona). Kev’s relationship with CFC is along the same lines.

  5. TURKEYBHOY on 2ND NOVEMBER 2018 8:51 PM


    Some right morons in our support going by some of the tweets regards Arzani and Kouassi.



    Correct, I nearly replied to them, then I thought what is the point?


    Hail Hail

  6. The Blogger Formerly Known As GM on

    From his perspective Cadwell’s comments were not ill judged.



    He was playing to the gallery.



    He is a media novice looking to supplement his Thistle manger’s salary as a pundit.



    He will have taken ‘lessons’ and been briefed on the narrative necessary to sustain a role in the SMSM.



    He parroted what he thought/was told people wanted to to hear.



    If Neil Lennon had been shot through the head, Gary Caldwell would have said he brought it upon himself.



    We have a co-opted media that are incapable of reporting objectively.

  7. I Don’t remember Wishart and the PFA saying anything when Aiden McGeady was abused at every ground in Scotland, with the exception of Livingston.

  8. Bada.


    I lived your idea for tomorrow.


    It would have been great no matter who we were playing but the fact it’s the minis makes it so apt, in my opinion.


    Hail Hail

  9. macjay1 for Neil Lennon on

    From the time of Pat Stanton , I have always had a soft spot for Hibs.



    They sickened the huns with their cup final win a few years ago and subsequently appointed Neil ,knowing fine and well the antagonism felt by many towards him.


    Particularly Hertz fans.


    They deserve huge credit for that. And are reaping the rewards with success on the field.



    `Mon the Hibees.

  10. Story in the London edition of the Sun tomorrow saying top five English clubs have signed a deal to take part in invitation only European Super League that will start in three years….

  11. Delaneys Dunky on



    Heard Wood Beez Scritti Pollitti on radio and thought of us up the toon in 80s.


    Henri Afrikas for me.



  12. Celtic played some very good stuff on Wednesday. maccy has a mighty job on his hands to sort out that team though.



    Celtic will face a rougher team the morra because Hearts know they have no chance and the Cameras are not Live so the Referee will allow as much as possible – So sad is Scottish fitba especially the Administration and Officiating side of it. It is sickeningly backward.






    Being a top Level Referee is a good earner – its usually a bonus.



    Dark and demented people Ruinning Scottish Fitba.



    Get them oot.

  13. macjay1 for Neil Lennon on




    Levein conveniently skates over the most salient fact .


    It`s a general problem ,he says. Happens to everyone . Even me.



    The fact.


    Two incidents of serious assault on Neil Lennon at football grounds.



    On both occasions ,




    No coincidence.



    I fear there may be fun on Saturday.

  14. Back to the fitba. I’m reading kouassi out for the rest of the season with crushed nuts. A real blow.

  15. blantyretim is praying for the Knox family on

    Any of u bhoys on twitter look at the abuse TOHG takes every time he tweets.


    These scum wait for a 78 year old man to tweet then abuse him..



    Lenny has had it since 200


    It’s nothing new just glad Lenny has brought it to light

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