The £11.5m loss Celtic reported yesterday was a significant upside on what could have been. Most revenue streams were cut to the bone, or in the case of match day spend, eliminated completely. That the cub survived without having to drastically change its trading levels was down to four factors.
Season book sales have been the bedrock on which Celtic’s foundations have been built since Fergus McCann took over. Fans buying tickets in the middle of a pandemic was absolutely critical, be in no doubt, you may have never scored a goal, but you played your part for Celtic. You pushed Football Operations income to £20.8m. This figure was £15m lighter than a year earlier, but with no European or cup ticket sales, no food and drinks, it was a remarkable return.
My eye was drawn to Merchandising income: £22.6m, the highest ever figure and up a remarkable £7.6m on the previous season. Achieved with zero match day walk in and very little footfall all season. This was the first season of our kit deal with Adidas and, just as importantly, our retail deal with JD Sports. If season ticket sales are the first leg on terra firma, these commercial deals are the second.
The baseline for Merchandising income is now higher than for Football operations. What does that mean? It means we can budget with a lot more confidence. Multi-year commercial income deals reflect our exposure to multi-year player contracts. This is how you build a football club; enormous credit to the unsung commercial team.
Europa League football help generate £17.3m in our ‘Multimedia and Other’ segment that also includes SPFL payments. This is £2m down on the previous season; second prize does not pay as well as first. The Europa League is not where we want to be, but when we miss out on the Champions League, it is absolutely where we need to be.
Notwithstanding the list of Japanese, Greek, English, Croatian, Israeli and Swedish internationals who arrived this summer, the contribution to our stability from those who left since our last interim reporting period ended on 31 Dec 202, is enormous. If we had not sold Odsonne Edouard, Kris Ajer, Jeremie Frompong and Patryk Klimala for the money we did, the playing squad would look remarkably poorer today.
Every club needs to manage its assets, even the biggest. Buy them at an age and profile you can develop and sell profitably. Not all will make the grade, so those who do need to compensate. The profile of the squad is not looking just as suited to this strategy than it was been for the last decade. Win the league and qualify for the Champions League, and that’s not a problem, but this is not a sustainable strategy. Celtic need to get back on the Asset Management track.
It is probably only after such an appalling season you get to see how robust the club is; built on solid granite. Let’s hope it’s a while before we get to test this again.
227 Comments- Pages:
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PETERLATCHFORDSBELLY on 22ND SEPTEMBER 2021 4:21 PM
Right enough.
The author is suggesting ‘never attribute to conspiracy theory what can be simply written off as dumb stupidity’
Occam’s Razor PLC
AULDHEID on 22ND SEPTEMBER 2021 3:47
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Thanks again for coming back – as always I read all you post with great interest/respect and have no hidden agenda. I speak for myself and my views are shaped only by my love and support for Celtic over many years and an appreciation gleaned from the ‘outside’, of the ‘goings on’
Rangers done the ‘dirty’ on us and every other club that it touched in 2012 and the years leading up to it – I accept that and am glad it and its successor club got their ‘just desserts’ over the subsequent decade.
Had we bern given a presentation in the form of a punishment agenda in mid-2012 with the list of consequences that would ebentually befall the Rangers brand, we would have never believed it could be fulfilled -if we had believed iwe would have welcomed it with open arms and seen it as fit, proper & commensurate punishment for the ‘crimes’ committed.
I firmly believe that the Celtic board was right to distance itself and not be drawn into the gutter. The price for that, and let’s face it, everything has a price, is taking the criticism that you and others level with some justification. I believe that for the good of Celtic that price is/was a bargain, and is/was worth paying. What is that old saying again ” better to say nothing and be thought a fool, rather than speaking up and confirming it”
I don’t doubt your sincerity, or, the veracity and depth of your argument – I just fon’t agree with it for all the reasons I have given. What I would say is that generally I would rather have you on my side than agin’ me
HH
JHB – thanks, you’ve made my day!
Bigbhoy- you could well be right.
Celtic40me – thanks for the debate. I found it interesting and made me look at the accounts in more detail than I have before. I just wanted to say, for the avoidance of doubt, that I wasn’t seeking an argument with you or having a go at you. We have different views and that’s fine – life would be boring if we all agreed all the time! All very best wishes, and thanks again for the challenge and debate.
Re business model :
Anthony Ralston with proper coaching has been outstanding this season to date.
If we build the proper foundations they will come.
Add a few quality signings and surely this must be our default model.
HH.
Tony Ralston’s first team coaches not the same as they were last year?
ILJASB on 22ND SEPTEMBER 2021 1:10 PM
How about better management of the assets that are in the youth set-up? How about those who could have become assets but for want of a bit of vision instead of playing hardball? McGinn, Toney come to mind. Moreover with better asset management we would have gotten more for Edouard, Ajer and Christie as their value plummeted after last season when none of them wanted to be here. The only one we really made a killing on was wee Jeremy and that still mystifies me. Clearly Leverkusen saw something the fans didn’t see. Or was it the fact that their asset management included good coaching and good medical care that helped them to make the decision to buy?
Also why did a lot of promising youngsters leave and others are hardly being challenged by being loaned out to lower leagues. If you are talking about asset management then you need to be sure what good asset management consists of. It seems to me it means more than just buying low and selling high.
Finally given the contribution of the fans in terms of merchandising and ticket sales is so great it makes me ask two questions:
(i) why don’t the board show more respect to the fans?
(ii) why don’t the fans use their strength to force the board to modernise?
===============
You will see I made the same point as you made at 1)
In respect of (ii) there is no one single body that Celtic and the support would respect to force modernisation.
That awareness is growing and steps need to be taken to form such a body. It would help matters significantly if Celtic were to realise we (ie Celtic and support) are our own worst enemies in that respect and were to contribute to creating a respected force for balance.
That judgement comes from noting various concerns as events have unfolded since 2013.
Lots of work to be done after which, if Celtic engage, moving on will be a welcome consequence.
BSR,
Different manager, different atmosphere different philosophy.
Hands on management style.
HH.
I see Celtic and Sevco being mentioned with this new provider DANZ ,if they want to televise us against them,Celtic should on one condition is that our supporters get a full allocation of tickets for Ibrox if not play at there game (Sevco) then we Celtic won’t sign a contract.
GREENPINATA
Celtic were panned on these pages when we smartly extended AR’s contract in June, before AP’s feet were under the table.
The results IMO don’t stack up yet. Losing to Livingston was totally below the belt for me.
Timbhoy163,
I don’t want the huns in Paradise. If we have to forfeit our allocation at Grayskull, so be it.
HH.
BSR,
Significantly Anthony Ralston was not playing last Sunday.
HH.
JHB on 22ND SEPTEMBER 2021 4:28 PM
AULDHEID on 22ND SEPTEMBER 2021 3:47
—–
Thanks again for coming back – as always I read all you post with great interest/respect and have no hidden agenda. I speak for myself and my views are shaped only by my love and support for Celtic over many years and an appreciation gleaned from the ‘outside’, of the ‘goings on’
Rangers done the ‘dirty’ on us and every other club that it touched in 2012 and the years leading up to it – I accept that and am glad it and its successor club got their ‘just desserts’ over the subsequent decade.
Had we bern given a presentation in the form of a punishment agenda in mid-2012 with the list of consequences that would ebentually befall the Rangers brand, we would have never believed it could be fulfilled -if we had believed iwe would have welcomed it with open arms and seen it as fit, proper & commensurate punishment for the ‘crimes’ committed.
I firmly believe that the Celtic board was right to distance itself and not be drawn into the gutter. The price for that, and let’s face it, everything has a price, is taking the criticism that you and others level with some justification. I believe that for the good of Celtic that price is/was a bargain, and is/was worth paying. What is that old saying again ” better to say nothing and be thought a fool, rather than speaking up and confirming it”
I don’t doubt your sincerity, or, the veracity and depth of your argument – I just fon’t agree with it for all the reasons I have given. What I would say is that generally I would rather have you on my side than agin’ me
HH
======================
I can well understand Celtic’s stance, but excuse my French, they didn’t have to fecking lie to shareholders and supporters (who keep us alive) for 8 years to prevent stating the truth but yet they did.
The only issue is was it deliberate or incompetence? The former is costly to prove in court, the latter is self evident if it wasnt deliberate when you examine the evidence and that opportunity is on its way.
Regardless, Celtic were covering up what had happened and that required them to avoid being truthful to the support. That misleading came at a cost too and those who contributed to the legal bill deserve their money back.
The Directors who misled, apart from PL, are the same folk still in charge that you support and presumably trust to run Celtic properly in spite of all the recent evidence that you cannot fix a problem with a mind (like yours) that caused it.
You have had your say I’ve had mine .
I am confident that the truth is the way and the light. It is a matter of personal experience to arrive at that conclusion.
Others learn as I did, the hard way.
Its not over and you might be surprised at what comes out, certainly nothing that can harm Celtic as a unified whole , if they stop to consider the benefits to Celtic of acting with probity.
Lets leave it there, we all do what we think is the right thing (i.e. probity) , I happen to disagree that what Celtic did was the right thing for a club founded on probity, which made them an attractive one to want to support and belong to.
There’s been a lot of probities today – bit like my annual medical check up
Coneyboy
:-)
Not been on for a long time. Desperation drives me to pen this. I have tried to get a Covid Passport but no matter what I do, I keep getting nowhere. Can anyone help in simple terms this 82 year old who is not very into IT? Thank you in advance for any help.
sure hope so paul67
SPIDEY101
I read your comments on previous blog re Celtic Asset management and they simply reinforce my belief that our Board are no way as sharp suited as we were led to believe on here and should be replaced by Board members of a higher and modern business calibre with a dash at the very least of probity.
We return the serve at the new year derby – lock their fans out.
Under no circumstances should Celtic allow Sevco fans in for that game.
Once it’s out of the way we can talk about future games.
Coney Bhoy
Probity: the quality of having strong moral principles; honesty and decency.
or in your case
No shit in sight. :)
JIMMYNOTPAUL on 22ND SEPTEMBER 2021 3:53 PM
This is from BBC Chris McLaughlin Twitter.
In ongoing legal dispute between #Rangers and the SPFL over league sponsor Cinch, a court hears from a QC that the club was in negotiations with Cinch about selling off naming rights to Ibrox, in June.
The banter years continue, so because Cinch sponsored the SPFL instead of them, they spat their dummy out, again!
This is what this dispute is really all about.
—-/
That’s extraordinary.
And yet their fans will line up full square behind their board. They’re utter fools.
Cinch probably thought that headlines referring to racism at the Cinch Arena wasn’t the look they were after.
This is the problem for their Board. The more they pander to a rancid base, the more any prospective sponsors run for cover.
CONNAIRE12, it was discussed the other day on here. Someone will help you out soon.
MI6 to scout players for us! Madmitch is really living up to his name. Wouldn’t the CIA be better?
79C @ 5.51
The CIA are full up trying to get Cuban baseballers to defect.
Consequently asking them for some tips on a DM to replace VW is a bit too much.
Silly question re ID cards ( vaccination passports)
You can still get covid when vaccinated Tick.
You can still pass Covid on when vaccinated. Tick.
Does Covid 19 only transmit at midnight .Non Tick.
The Vaccination passport does not determine if you have or have not got Covid 19. Tick.
I ask anyone who has been in the pub, pre or post game then went to the footie. Where did you feel most at risk ?
Surely the objective should be to prevent persons entering a venue with Covid. ?
Put simply, this has not been thought through.
AULDHEID on 22ND SEPTEMBER 2021 5:01 PM
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I respect all you say and the motivation behind it – there may well be more mileage.
I will, as always look for and be interested in your input & output, which over the years has been substantial, measured & mostly balanced. HH
Interesting and moving account of Andrew Watson’s (Queens Park & Scotland) grandson discovering his slave roots and much more besides.
https://www.bbc.co.uk/news/extra/3k9u8lh178/Searching_for_my_slave_roots
Seeing mixed reviews of the PLC Board following yesterday’s results.
The Board have given themselves their own full confidence.
Pretty much everyone else thinks they’re useless.
Mike Meehan Wood says “we used to breeze ast qualifiers”
When was that then?
Who’d win the fight between a sad troll and a twitter blather merchant high on their own supply?
Fantastic news that Kyogo has returned to training following an injury picked up on international duty with Japan.
The 26 year old has scored a goal every 86 minutes since joining Celtic & remains J League top scorer despite leaving in July.
via Bada Bing
@everythingceltic
…and then there’s the tourists!
Additional single match UEL tickets on sale now to STH! Deadline 1pm Thu.
Get info @ https://tx.vc/r/2eBz0/1orc0o/7SNNKiF
Opt out text CELTICSTOP to 60777
McIlwho
https://pbs.twimg.com/media/E_QMnqgWUAcuOkA?format=jpg&name=small
SAINTSTIVS @ 7:17
If it were not for the lady on the left, it would look exactly like the gents toilets at Celtic Park.
CONNAIRE12 on 22ND SEPTEMBER 2021 5:33 PM
Not been on for a long time. Desperation drives me to pen this. I have tried to get a Covid Passport but no matter what I do, I keep getting nowhere. Can anyone help in simple terms this 82 year old who is not very into IT? Thank you in advance for any help.
AKBW1888 on 20TH SEPTEMBER 2021 3:42 PM
I’m Sure Big Jimmy, Will Find The Info Below, Useful, Along With Fellow Timaloys.
To obtain a hard copy of a Covid Passport, here is what to do!
If you have not already had your first Covid Vaccine don’t worry, do as follows:-
1) Go to this website/page Link:-https://vacs.nhs.scot/csp & Save It
2) Phone this number, & obtain a “Username” from the NHS Status Help Line
The phone number is:-08081 – 968565. & Take a note of your “Username”
They give you!
3) Go back to the https://vacs.nhs.scot/csp & Register onto said Status Website.
4) Then go to this Link:-https://www.nhsggc.org.uk/your-health/health-issues/covid-19-coronavirus/for-patients-the-public/covid-vaccinations/drop-in-vaccinations/#
& get your first wee jab/vaccine, don’t worry it does not hurt, & in-fact if your an older Guy like myself, it actually boost’s your Body Immune System.
5) Provide the NHS Member of Staff, your “Username” although they should have those details on their wee I-pad, although confirm this with them, so that they
can make sure said “First” vaccination is noted on your Vaccination Profile Website under the “Tab” Vaccination Status allow two or three days for this detail
to be noted under the “Tab” Vaccination Status in due Course.
6) Log back into said https://vacs.nhs.scot/csp around 72 Hours on from when you have had your first Vaccine, & click on said “Vaccine Status Tab”
Which will take you to a Window/Page, with said details noted frinstance the date of the Vaccine, the Location of where you where given said Vaccine, & The
Type of Vaccine (Astra Zenica Etc-Etc) Also if you scroll down said Window/Page, you will see the option to “Download” said Document/Covering Letter
Onto ones PC Hard Drive, then create a “New Folder” on ones PC, & Rename It “NHS Covid Passport Folder” Right-Click your Mouse while in your
Documents Folder & you will see the “Rename Option” along with other options in said small “Cascading Menu” then go into your PC Download Folder
& then Highlight said NHS Document & then Right-Click your Mouse & in small “Cascading Menu” click on “Copy” then go back into your NHS Covid
Folder in your PC Documents Folder & then Right-Click your PC Mouse & in the small “Cascading Menu” click on the option “Paste” & hay presto that’s
you saved said “Important Doc/Covering Letter” into a safe location. Also, if I was you, I would also copy said important Doc onto a Memory Stick for
extra safe back up.
7) Right where are we? Yeah one has to wait a time period of Eight Weeks, from the date one has had their first vaccine, until they can get there second
vaccine. There is no point in going along for the second vaccine, before they are instructed to do so, because they will just get turned away, it’s a waiting
game. However said vaccine is suffice to get into the “Footy & Night Clubs & Concerts” however as for going on Holiday Abroad I would personally
wait until the second vaccine has been given & noted on your personal Covid Status webpage before I would make any arrangements to go abroad.
I would also “Download” again said Document/Covering Letter onto my PC Downloads Folder & then transfer it into my NHS Covid Passport Folder
& Then print off three copies, one to be kept in my Car, one to be kept beside of Travelling Passport, & a spare one to be kept upon myself when
deemed necessary in other words when the process might arise/being asked to do so. If one has one of those so-called “Smart Mobile Phones” 4G/5G
Etc-etc one can store it on those Devices, however if it was Me, I would still keep this relevant procedure on ones PC, for extra back-up.
8) Also, one will notice on said important document/covering letter, that said document is valid for twelve months from the date it was “Downloaded”
onto ones “Device” frinstance “PC Hard Drive/Smart Mobile Phone” I will keep you all posted, if said “Valid Date” adjusted accordingly or is it a
set/fixed date regardless from when it’s downloaded onto ones device, after all this matter is an on-going issue/matter for the foreseeable future that’s
for sure. For the time being, we digress.
CONNAIRE12 on 22ND SEPTEMBER 2021 5:33 PM
Not been on for a long time. Desperation drives me to pen this. I have tried to get a Covid Passport but no matter what I do, I keep getting nowhere. Can anyone help in simple terms this 82 year old who is not very into IT? Thank you in advance for any help.
——————–
this is my stupidest question to you ever, but are you actually in Inverclyde or somewhere else just now ?
happy to help but might need to meet up at my office or somewhere, so we can sit it through, get my email from P67.
Hope that helps Connaire 12