Celtic’s financial performance for the six months to 31 December 2025 was inevitably down on the corresponding period a year earlier. The failure to overcome a very poor Kairat Almaty in Champions League qualification casts a shadow over the statement, with income down 29% to £59.4m.
Operational costs (what it costs the club to operate before transfer activity and exceptional items are considered) dipped slightly to £55.2m. The £4.2m surplus between income and operating expenses will marginally offset a larger deficit in the second half of the financial year.
Our old pal amortisation crept up by £800k to £7.1m, largely a consequence of prior years’ investment in the squad. Despite the downward trend, the bank balance was actually a tad higher than the previous year, at £67.4m; I assume reflecting transfer fee receipts. On that metric, monies due after more than one year from ‘trade and other receivables’ rose 50% to £29.9m. The corresponding ‘trade and other payables’ figure is £11.1m.
Without Champions League income Celtic cannot operate at current expenditure levels without a surplus income-generating transfer policy. This in itself is not beyond the club (it has consistently been achieved), so there is no immediate danger, however, it requires the front end of the club’s transfer policy to be acting consistent with earlier periods.
Transfer activity in summer 2024 (spend hugely without adding proportionate value) and summer 2025 (spent little and even then appear to have overpaid) is a road to ruin. The disfunction of this key metric across those periods continue to haunt the club. How the situation came about, and resolving the problem should be a key question for our board.
The current league title has three genuine contenders. I have been a strong advocate for the ways of Tony Bloom before and after his investment in Hearts. There are signs that Bloom’s star is on the wane (a discussion for another day). You and I first discussed Michael Lewis’ book Moneyball 17 years ago. Unlike the (very good) film, the message of the book is that if you want to outperform, you need to find metrics the others do not follow. It is not the often-characterised ‘buy low, sell high’, or simply ‘data-first’.
Bloom was a decade or so ahead of the pack. They have caught up. Celtic were edging towards that level of efficiency under Ange Postecoglou, but we effectively started from scratch last month and have an entire infrastructure to rebuild.
Newco are now owned by data-first investors who have some earlier experience in football. Like Bloom, they have discovered that following relatively-new but no longer distinct data models is not the game-changer it was a few years ago.
Building an effective player recruitment model is the golden prize in football. It’s not easy, but while you and I can worry about what happens on the field between now and May, getting this right must be the main focus of our board.
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Just win Celtic
🍀🙌
COYBIG
Paul our board isn’t focused enough hence the drop in quality on the park and the surround and money we should have made if run properly.
Paul67
What’s this, – dysfunction you say?
67 Million – what irony Paul67, what irony
Kelvinbhoy on 14th February 2026 12:02 pm
God bless.
Failing to reverse the bs “Taylor Report” about terraces being unsafe was about mixing anoraks and uppities together and producing a slop filled sheeple society.
Thatcher destroyed the working mans/womens game by putting boring seats that do zero for safety onto football terraces.
Hillsborough 1989 was deliberately made unsafe to push a narrative that terraces were unsafe.
Terraces were for the Working class.
Seats are for the duped, easily fooled, and always the victims class.
Billy McNeill said in a Celtic video:
“When we were walking down the Parkhead tunnel we were already of the mind that we would run through every brick wall that was put in front us on the pitch, just after listening to big Jock in the dressing room.
But when we got nearer the front of the tunnel, The JUNGLE came into view, holding up their scarves, singing YNWA.
That special way in which only The JUNGLE could sing that song, and the sight of those scarves in the air, we were truly blessed to be their servants.
And all of a sudden we became 10 ft tall, even wee Jinky.
But those fans in The JUNGLE were in a class of their own.
Without their backing, this club through that magnificent ‘Stein era’, we wouldn’t have won half of the trophies without the JUNGLE’s incredible backing.”
Absolutely Mr McNeill Rest in Peace.
The Tory backdoored propriety version of football utterly sucks!
In 1989 after 97 innocent souls were murdered at the football, the Thatcherite Tories lied and got away with it – and they are still getting away with it.
All seating has created all season ticket which is a trap which removes fan power.
RIP 97 Innocent Liverpool Comrades murdered by the British State to push a bs narrative.
All seating is a Tory shaft!
All season ticket is a Tory shaft!
All gushingly approved by David Murray, Greame Souness, and Fergus McCann.
Tory sleekits!
These deliberate Tory mechanisms turn fans into lame sheeple suck ups!
NOTHING gets changed until these traps are removed.
Echo chamber clique filled plodcasts will solve NOTHING!
Grassing up people who think differently will solve NOTHING!
Administrators on SENTINEL CELTS blog, who claim that:
“Boycotting will mean that Celtic will die!”
And:
“Can we not just talk about Celtic and forget about these 5WA issues, Same Club Lie issues, Removing Trophies issues?
We really need to ‘move on’ now!”
Being brain wiped by Sentinel Celts slop will solve NOTHING!
Voting for lying sleekit Tartan tramp scumbags with backdoors to isreal will solve NOTHING!
Voting for the degenerate Green Party who say that:
“NATO bombing half of the World back to the stone ages has ZERO effect on the Global Warming [scam].”
Will solve NOTHING!
If there was a Hampden riot the morra the Huns would kick your erchies!
Only you can get your stuff together and stop being soft as putty nodding dogs!
Imho.
Bournesouprecipe @ 12:40 pm,
:))))
Hail Hail
Without Champions League income Celtic cannot operate at current expenditure levels without a surplus income-generating transfer policy. This in itself is not beyond the club (it has consistently been achieved), so there is no immediate danger, however, it requires the front end of the club’s transfer policy to be acting consistent with earlier periods.
————–
arne, daizen smd yang all had bids.
trusty, ccv and liam all possibles.
they will sell in early june, pre world cup, and wont buy til late august, and that will depended on what european competition they are in.
ergo, a profit will be had, and the only car-crash will be revenues will de down.
Brian Wilson on speak
https://youtu.be/Wqkfd6O2wvM?si=-bNxjJniTVenVEH8
HH
Would picking up the scraps leftover in the last days of recent transfer windows have anything to do with not qualifying for the Champions League? Have our currently ahead of us league opponents found the secret to transfer window success….or have we simply dropped to their levels?….
All reasonable Celtic supporters can now agree that Celtic’s recruitment is not fit for purpose.
The pity is, it took a man of Martin O’Neill’s stature to make it known and for the Board and associates to listen.
The manager/coach/scout with an “eye for a player”, has always been worth their weight in gold – and as recruitment fashions changed, that most certainly hasn’t.
I sincerely hope we get some senior Execs who truly understand football, modern, innovative, smart execs…
This week’s interims prove, you can run a PLC with solid financials and a football club that’s a basket case simultaneously – but my guess, not for too long.
Hail Hail
Not a surprise to me that when you sign players who arent good enough they don’t develop into CL or EL standard and sell for high fees, that doesn’t need a model that needs proper scouting. We have fallen behind Hearts as our present squad is not good enough to keep us at the top of Scottish Football. Wonder what those tasked with improving this come up with.
Reading back on the last thread re- the pros and cqns of censorship…
One of the great things about this site is that Paul67 has certain views and certain backers.
However, as long as it’s relatively civil and lawful, he allows alternative views to be expressed, be that football, politics or whatever.
The folk who want to shut that down, the folk that want a paywall – that is the people who would see CQN damaged.
I’ve been on here for some twenty years, their has always difference of opinion, there has always been “dissent” and at times there was much more malice and anger, the Scottish indepedence referendum for example.
Sure, CQN is not the trailblazer it once was, sure the “good works” have tailed off – yet, that is just the nature of things there are still fholk like Alan Morrison leading the way in social media, still lots of Tims out there doing great works.
Making CQN an echo chamber will be the nail in the coffin…
Think, how many people bhoycotted the Dundee game? Of those who did attend how many chanted or stood up for – sack the board.!?
That tells us the Board supporters are a minority, an ever decreasing minority – like some have said, there are whatsapp groups, X groups that are talking shops for Board supporters.
Keep CQN open, free in pocket and in speech…
Hail Hail
The fan base has been made deliberately dysfunctional so that powerless season ticket slave fans will be incapable of generating thee necessary uprising to remove those who have captured almost every football club.
Boycotting to seek the removal of the Tory PLC apparatuses is a good concept.
Boycotting because Rodgers has brainwashed you into fighting ‘his’ battles is a bad concept.
All Parkhead front stands apart from the old Main stand should be made all terracing areas, then the Fortress will be reborn.
Terraces like we had up until Thatcher’s Shameful Hillsborough Psyop are needed.
Not safe baby standing areas with stabilisers, but REAL 1980’s Working Class Terraces that helped to make Celtic FC thee undisputed Best Team in the World at One time.
Only the magic of Working Class Terraces will knit that long missed Magical Thread back into the Fabric of Celtic FC.
Imho.
I would consider the Motherwell manager coming in with MON staying on as a Director of Football type,to help him bed in,or I would ask MON to stay on for next season
Not so much as Bloom failing,it’s the overrated perennial loser McInnes ……huns will beat them tomorrow
MON’s age is starting to show.
The day that no hun will forget.
Scotlands symbol of the union
Shat out for the rest of time.
Some day the ba’ on the hedge will be explained.
David knew alright
https://x.com/i/status/2022485147514474654
https://x.com/i/status/2022501847013990407
HH
https://www.facebook.com/groups/2124093237839966/posts/4334056980176903/?http_ref=eyJ0cyI6MTc3MTA3MzI5MjAwMCwiciI6IiJ9
The Bada Bing @ 1:09 pm,
Yes, in some capacity he must…
Hail Hail
Kevracist as flynn today
Thinking Celts will join you on the 20 non attending chair.
Psssst the working class will not touch your grifters cabal its full of wee fleg sookers, racists and brexit skydivers wi no parachute.
Its cold there in Blant’R,ireland will vome thro.
It has no impact on you but you racists need an immigrant to kick,but you are a shite bag.you type!
HH
The Bada Bing @ 1:10 pm,
Yes, I would not be writing off Tony Bloom just yet…
He was at the Edinburgh derby and he looked far from happy…
Sure, Hearts, like us, have key injuries, yet if McInness wobbles, TB will hook him in jig time – he will probably have a back up plan an awe:)))
Hail Hail
It would be a huge mistake for fans to buy season tickets whilst sitting on their hands waiting to see who the PLC bring in next as manager.
WGS was saying yesterday that Mourinho would not be what Celtic need right now.
Well,i f WGS has the boards ear in terms of appointing a new manager, it’ll be Stephen Pressley.
PS, apologies for DR link:
https://www.dailyrecord.co.uk/sport/football/football-news/jose-mourinho-lands-next-celtic-36720859
the Bada Bing on 14th February 2026 1:09 pm
I would consider the Motherwell manager coming in with MON staying on as a Director of Football type,to help him bed in,or I would ask MON to stay on for next season.
An T
Thanks for posting the Brian Wilson interview.
Curious to know what was wrong with what he was saying ? It seemed pretty reasonable and respectful to me.
Still we have same old folk on here who seem incapable of accepting anything at face value ?
Leader of the know noting, do nothing, brigade: CSC
An Tearmann on 14th February 2026 1:21 pm
You deserve the spelling mistakes as well too.
Fenians replaced by Fairies will solve NOTHING!
“The failure to overcome a very poor Kairat Almaty in Champions League casts a shadow over the statement, with income down 29% to £59.4m.”
——————–
Alternatively:
Failure to strengthen the team to build on our Champions League progression, or even replace departing players with suitable quality …..
Not to worry. Come the summer we’ll have the £20m sell-on for Kwon when he goes to Real Madrid for £200m!
As you know I’m not a fan of the P&L and prefer to look at cash flow.
“Despite the downward trend, the bank balance was actually a tad higher than the previous year, at £67.4m; I assume reflecting transfer fee receipts”.
The eye-watering £16m swing (!!) in net cash from operating activities (from a £10.3m inflow to a £6.3m outflow) was mitigated by spending c.£19m less on investing activities than last year: PP&E was £5m lower (guessing this is due to Barrowfield’s completion?) and £15m less was spent on purchasing intangible assets. Proceeds from disposal of intangible assets were actually c.£1.5m lower than last year.
When cash flow from financing activities is taken in to account there was a £9.9m cash outflow versus an £11.8m outflow last year. Given the cash balances were broadly similar at the start of both the 2024 and 2025 financial periods, the closing cash balance this year was £2m higher than last.
In summary, we’re in the slide and need to reverse the trajectory but are starting from a position of shambles.
Luckily we have the proven talent in the boardroom to turn this around.
PS makes the decision not sell Engels all the more surprising. Mind you he must be looking at Forest and thinking he’d missed a bullet.
Internal Machiavellian machinations, driven by spite, sabotaged the manager and first team, culminating in failure to overcome a very poor Kairat Almaty in Champions League casts a shadow over the statement, with income down 29% to £59.4m.”
Engels will be sold prior to the 30th June and he’ll go for circa £25 million. How about that for added value ?
The dysfunction goes by a name…
Unless he’s replaced, we’ll slide back even more.
GlassTwoThirdsFull @ 1:38 pm,
Kairat Almaty were far from a poor team and were playing the most important tie in the history of their Club.
The fact our Board were looking at them as a poor team, easily beaten, will go down as a watershed moment in Celtic’s history, as the hubris and arrogance that was once associated with the football club at the other end of Glasgow loomed large over Parkhead.
It’s brought our club to it’s knees…
Hail Hail
Ode to the collective :-
Roses are red, violet’s are blue
Now we’ve less cash, but the bills are still due.
Bada Bing 1:09
I said after the cup final defeat to St Mirren that we should go for Askou then. But apparently Nancy deseved more time – until the – “difficult decision”(!) was finally taken.
Come the summer I would expect English Championship clubs to be at least taking a look at him. Properly ambitious clubs who can see beyond their own city.
I remember wellbefore Xmas,when the ” Not another penny” campaign was launched,we had the Pam Bondis,and J D,Chancers,on here with their”I was in the Celtic shop today.Busiest I have ever seen it.So much for the Boycott,Ha ha ha”
Financials out,and one of our clubs proudest boasts,the revenue we take in each year,suddenly gets pushed in with the fekin Sundries.No mention.
Oh how the Bondis laughed.
Maolmuire O Muirgheasa @ 1:46 pm,
It’s unbelievable that people act this way, yet if you have worked in the City of London as I have, you see it is not as rare as you’d hope.
To see it raise it’s head at Celtic bring our club to an all time low…
Hail Hail
Can i have a hunner pence worth of your club Div?
:-)
https://x.com/i/status/2022383836387250507
HH