Four pillars of Celtic finance


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.

Click Here for Comments >

About Author

  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6

  1. ref JHB



    who gave this monotuonous tedious repetative, bore, a platform on here,



    on and on and on,



    “you tell me this ” he says.

  2. lol.



    thats a shame the poor fella losses argument time after time,



    the big hitters from cqn moved on to win , no longer here, winning progress elsewhere,



    who even knows in modern terms what grifter means,



    out manouvered ,



    oh dear , what a shame never mind.

  3. Toaty Trumper @ 8.45



    Are you back on the meths?



    For a Tech educated bean counter who filled his boots in the City you really do lap up the shi** that comes out of the Forger’s Gazette with some gusto.



    Moon howling — the good / the bad / the ridiculous.


    You have got it all.



    Now back under your bridge.

  4. Ernie.


    Point was it lab 74/6/8 :-)) in power in London,a maj power in sco.when the witch came to power 79 democratic deficit opened thereafter.


    Differing ideologies voted in Scotland since



    Interesting you put a pro/anti unionist slant on it.


    Is that new Labour type questioning


    I can understand your Scotland no union .


    No power ever again for your party alas England is to the right.its nationalism is feral.brexit its baby.



    How’s that lab perty konfrinse gaun?.


    1 test or 2 lol




  5. SAINT STIVS on 22ND SEPTEMBER 2021 11:34 PM


    ref JHB


    who gave this monotuonous tedious repetative, bore, a platform on here,




    ‐Certainly not you….old fruit!!!🤣

  6. SIONNAIGH @ 10:57



    INIQUITOUSIV, they didn’t offer that much more against us. Let’s see what happen when der Hun play on Livi’s carpeted concrete. Will more of der Hun players put their career on the line than ours?



    The historical record indicates that they will. Here are the last 6 Livi-Sevco scores at Livi.


    27/9/19. 0-3


    25/9/19. 0-1


    10/11/19. 0-2


    16/8/20. 0-0


    3/3/21. 0-1


    12/5/21. 0-3

  7. SIONNAIGH on 23RD SEPTEMBER 2021 12:17 AM



    Thanks for the link and really (enjoyed) the memories




  8. “As for a United Ireland, it’s going to happen anyway. Unionists will have to get used to it….. we’ll help you along the way.”


    The newly constructed border on the Irish Sea is the first step to a logical conclusion re Ireland’s unity. The first begging step to the trade deal with the USA that will either sink or sail what remains of the UK economy is progress on a United Ireland.


    As a warning shot, UK Unionist PM Johnson has been left in no doubt, If you cant contain the UK Unionists in the Six Counties the USA will not stand idly by. Neither President Biden, nor the House Of Representatives will settle for anything less than a United Ireland


    For what’s coming, sit back and watch PM Johnson squirm and every UK Unionist squeal as they swallow hard then harder. Drip, drip, drip.

  9. SPIDEY101 on 22ND SEPTEMBER 2021 1:14 PM



    All excellent points SPIDEY101. That is proper asset management! There must be a way for fans tobe more influential.

  10. INIQUITOUSIV, let’s wait and see if Livi’s captain is man enough to nail der Huns most dangerous threat, in the first minute of the game, on their concrete carpet. Unless he’s had a nod and wink from a SFA Ref beforehand, I doubt it.

  11. Just about to depart Dublin Airport for my flight to Glasgow. Really looking forward to tonight’s game. Paradise is always a special venue under the lights.


    I think the game is a perfect opportunity for big Ange to see what Liam Scales and Liam Shaw can offer. Incidentally, I have followed Scalesy closely for the last two years and he has all the attributes of a good player. So hopefully tonight is the start of a promising career in the Hoops.


    Will be in the Brazen Head later for a couple of pre-game drinks.



  12. Cambridge Dictionary





    noun [ C ]






    a thief


    someone who gets money dishonestly by tricking people:



    ‘She fell for a charming, fast-talking grifter.’

  13. \\not sure if this point has been made before regarding the club’s response to CoViD19 — everybody has played a part in our attempts to get through the crisis apart from the shareholders.



    2020/21 — the squad has taken a hit with the January sales and the mid season moves.


    We reduced the quality of the squad to generate cash and help balance the books.



    2020/21 — season ticket sales held up even although nobody was allowed into the game.


    2020/21 — merchandising sales increased with the support taking to the new Adidas range.


    Lesson to the commercial team — go big or go home.


    Never again with NB.



    2021/22 — The recent transfer window was an exercise in generating cash for the club.


    We sold players and invested 50% approx of the proceeds in new players.



    With people coming to the end of their contracts plus our many loanees returning to their parent clubs the squad was beyond paper thin for some of our early season games — NB back at CB for CL qualification — and we still have gaps in the squad after all our efforts.



    No matter the desire to generate cash trumped our efforts regarding player acquisition to the extent that the departure of our new CEO was initiated over his decision to buy the RB the manager wanted rather than loan in someone he didn’t.



    2021/22 — Again the season ticket holders bought a less than perfect product to support the club.


    2021/22 — Merchandising is the big unknown but it is looking good.



    However the big known in all of this is that the shareholders have not been asked to generate new funds to help the club through the CoViD19 episode — everybody else has done their bit but the shareholders have kept their hands in their pockets and their representatives on the board have demanded and got a cash surplus from player trading so that their interests are protected.



    So Capitalists 1 — Consumers 0.



    The DD gamble — heads I win / tails you lose — is played out for another year.


    And yet still they clap / blog / troll / find excuses / shout squirrel.


    Destroying their credibility in a rich man’s ditch.

  14. Stx2 @ 8.42



    That was some shift you put in for the Glesga Tourist Board.


    Unbelievable amount of effort to get in the kitchen sink version of our history.


    Interesting story / interesting timing.



    It must have taken you hours to type the story never mind do it.


    Was there anything you missed out / forgot to do?



    I wonder how much it would have cost in a taxi?


    You must have set a new world record for the Grand Glesga Tour.



    Hopefully the guy from Swansea made it back in good time.


    Awkward part of the world to visit from the Central Belt.

  15. From yesterday



    AULDHEID on 22ND SEPTEMBER 2021 5:41 PM


    Coney Bhoy


    Probity: the quality of having strong moral principles; honesty and decency.


    or in your case


    No shit in sight. :)





  16. SIONNAIGH on 23RD SEPTEMBER 2021 1:49 AM


    “As for a United Ireland, it’s going to happen anyway. Unionists will have to get used to it….. we’ll help you along the way.”




    In terms of doing what is right, I fully support it.


    In terms of the tax burden I already have in Ireland; it is a scary thought to be taking on the financial sink hole that is NI.



    How much are the UK tax payer prepared to give us as a dowry


    ‘no dowry, no marriage’ said John Wayne , I think

  17. As Celtic have a new deal with Adidas and as merchandise is so important to the club’s finances a good way for fans to let the board and DD know that they are unhappy is simply to refuse to buy the merchandise. That way fans will still get to support the players and the manager. Adidas will soon be asking questions. That I think combined with at match protests might get something to change for the better. Otherwise things won’t change for the better. Dom McKay was sending a message which to some extent was a risky thing to do. But I bet he was the one that made sure he didn’t leave for “family” or “health” reasons but left for “personal” reason. This was pure code.

  18. see aw the money spent on redundant euro flags n changeine road signs to a language that big nat can and a few can understand, would that money not have been better used on the poor in scotland, foodbanks etc , ask fur a freen !

  19. PB @ 9.16



    Keep doffing your cap to the guys in the Directors Box.


    Obviously you rely on them to do your thinking for you.


    So keep doffing that cap — Jackanory will be on soon.



    Failing that — away oot ‘n play tig with the buses …


    … ya walloper.

  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6