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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“Get the tin foil off your head you rocket”……………says the guy who came on the other morning and tried to cancel the Pope.
Onenightinlisbon @ 4:02 pm,
If this wasn’t idiotic enuff at the time – watching this team over next four months under three different managers – struggling against teams much poorer than Almaty – it is now wilful slander…
Hail Hail
Chairbhoy on 14th February 2026 2:55 pm
I’m on board with all that.
There is so much potential – we need people with vision and talent. We’ve had too little turnover at that level for far too long. Got stale, got defensive, got lazy.
I remember looking at the four stages of team development (can’t remember the the management author.
but the four stages were:
Forming,
Storming,
Performing
Reforming
I do think a few years ago , maybe a good few years ago, we more or less hit performing across the club – (with a number of things not quite there, like fan engagement). But performing teams only last a short period of time before they stop performing. We’ve been waiting for reforming to happen, it’s just happened and we are where we are.
I desperately want us to win the league, whilst acknowledging that that just makes those not reforming realise the scale of the problem or that it could get worse.
I’m hopeful we are starting to see signs of reforming happening. Nobody on either side will want to be seen to be giving ground, but they’ll both have too, if we are actually going to change things and realise our potential as much as we can.
Hail Hail
bashi-bazouks@4.36
You missed out on the 5th stage…..
Bhoycotting……
🏉 What a start just shows whats possible with correct positive mindset.
maestro
And taking some of your early chances….
What a try massive given the context of the way it was going.
Brilliant article Paul.
Respect.
Parkheadcumsalford on previous thread
I hear you.
I’m sure Auldheid can fight his own battles.
And in his own way.
That he was intentionally targeted months ago
… by a new poster working to a clear agenda
… was both obvious and ominous.
Maestro
2nd Yellow for Arundel
20 min Red?
Scotland just need to match whatever England do the second half to win….
And with England down to 14 for nearly half of the second half they are in a good position to do that.
Need to concentrate all the way through mind
CELTIC MAC, google it. New trial rule for non deliberate or dangerous foul play. Can bring on different player after 20.
The pundits don’t know if it’s a 20 minute red or full red.
Worst case is Scotland will play against 14 men for pretty much half of the second half!
Thats surprised us all so its an orange card.
20 minute red with 15 minutes on the clock according to the pundits.
Great first half outcome for Scotland – I hope we score again before they go to 15.
The clock is moving too slow for me!
CELTIC MAC on 14TH FEBRUARY 2026 4:48 PM
bashi-bazouks@4.36
You missed out on the 5th stage…..
Bhoycotting……
Choked on my tea – very good.
Although, I was at match last Saturday and will go to all matches I can get too – I won’t boycott matches. I want to go and cheer on the boys.
Everyone has their own opinion on that one.
Well, well.
Fantastic 👏👏💪
how the almighty hun was that last England try not a forward pass?
Well done Scotland! Big ask playing an England who have won twelve in row….
And who the media had playing France in Paris for the Grand Slam….
Great victory @ Murrayfield
bashi-bazouks@5.55
Well done for taking it in good spirit….
Not always easy being a Celtic supporter…..
Always worthwhile though…
england have been smug as fk since culloden.
that will put them back in their box for a while
Thunder Rd
£2 eh,haha even Ai knows they cheat!!
Catch up soon 👍 .
6.47 LADTH :-)))
HH
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
____
The Motherwell manager sounded an impressive guy right from the start, when we heard him speak on camera. Albeit many talk a good game without delivering. I was at the Motherwell games in the 70s, including the one that we lost 3-2, after being 2 up (even with King Kenny scoring a screamer). They have never played football like they are playing now. The 2-0 drubbing they gave us a couple of months ago, is the most outplayed I’ve seen us have against domestic opposition. He has to be a leading candidate. Right on our door step, with surely an easy transition in terms of personal settling into Scotland. Massive recruitment required, of course.
An Tearmann on 14th February 2026 2:07 pm
I’ll maybe call yer bluff and bring a spare bottle of bleach way me and you can wash your eyes out before yer big gob.
30 years of all seated brainwashing and look at it.
Auld MON huckled aff his auld Val Doonican rest chair, TWICE, to come in and sweep up Rodgers and Wilf’s messes.
I’ll say it again.
The only thing that the board did wrong before Rodgers was disappeared was not throwing Rodgers off of the Main stand roof for acting like a spoiled child whilst failing to defeat KA.
You would still be standing in the Carpark with the Pretentious Brigade demanding the Guillotine, if it was Neil Lennon who blew £40 million CL Monies vs KA.
The Land of make believe rebels will solve NOTHING?
Bashi-Bazouks @ 4:36 pm,
Yes, good points – that 4 stages is interesting, to me the Celtic organisation was coasting…
It was interesting all the senior hierarchy talking of Celtic’s structure and strategies and processes that had been in place for two decades with great success that must be adhered to.
As if – if it ain’t broke don’t fix it…
Well two main thing there…
Firstly, reform, even from a position of strength it is key to reform and build.
Secondly it was broke – winning domestic trophies masked fundamental problems – the recruitment was clearly unfit for purpose, and consistent failure to qualify for the UCL and be competing in any European format regularly after Christmas should have ben red flags.
Taking in an average of 50 mn in player sales per annum and a huge bank balance while many aspects of the organisation were crying out for investment was unsustainable.
Hail Hail
As the one who was suggesting CQN being subscription based, I do it because people now show little or no respect for others who do not share their point of view.
By all means argue your view. From the beginning of CQN, that has been the norm. But there was no petty name calling and the like. There were only 2 restrictions: no swearing and remember children read the site. It was enough for most, if not all, to conduct themselves with due consideration for everyone else.
Why some seem to only contribute to denigrate Paul67 especially baffles me.
Ziggy- thanks for reply,after the monumental fk up of appointing Nancy,not sure if the clowns would appoint another rookie,unless MON was there to help him bed in
The Blogger Formerly Known As GM on 14th February 2026 4:24 pm
Cancel the Pope?
Get a life mate.
Chairbhoy on 14th February 2026 4:31 pm
Onenightinlisbon @ 4:02 pm,
If this wasn’t idiotic enuff at the time – watching this team over next four months under three different managers – struggling against teams much poorer than Almaty – it is now wilful slander…
Hail Hail
100%.
Match fixing ffs.
he 2026 Sunday Times Tax List has revealed that JK Rowling contributed £47.5 million to the UK exchequer last year, securing her position as the third-highest taxpayer in Scotland and 36th across the UK.
————–
she needs told that paying tax is for mugs.
why hasnt she invested it in a “harry potter theme park “, we already have enough ambulances and the hospitals waste a lot of their monies.
winning domestic ttrebles, earning record amounts, having our biggest ever transer fees, profitable year on year on year,
it is all just papering over the cracks.
Well done Scotland Rugby team.
Just finished watching on delay.
Great tactics against big, dumb types.
Match their intensity, play fast, move them around.
PS – years back I opined that Finn Russell didn’t show up as well against the better teams.
He showed me tonight (not that he cares what I think and nor should he).
Terrific.
Pleased for Gregor Townsend too.
One of the good guys.
i like valentines versus to be succinct and simple
roses are red,
rangers are dead.
Ms Rowling remains a vocal proponent of domestic taxation, previously stating her commitment to the UK welfare state that supported her during her early career. This stance contrasts with the “greedy tax exiles” she has historically criticised. While Ms Rowling represents the creative arts on the list, the wider rankings are dominated by industrial and retail dynasties. The top spot in Scotland is held by the Gordon family, the distillers behind Glenfiddich, who paid £93.8m, followed by Lady Philomena Clark of the Arnold Clark car dealership group, The Times reports.
On a national level, the list is topped for the first time by Fred and Peter Done, the founders of Betfred, who contributed over £400m. The 2026 edition also highlights a diverse range of high earners, including new entries from the worlds of sport and entertainment such as Harry Styles, Mo Salah, and Erling Haaland. According to Mr Watts, the list serves to highlight the “hidden heroes” of the economy whose substantial tax contributions support public services across the country.
——————-
One good consequence of FSR, if clubs become sustainable, they will be paying tax, and contributing to society.
That people complain celtic plc pay taxes baffles me, seriously, why be socialist in you life choices but want your sports team to avoid taxes ?
An Tearmann on 14th February 2026 2:07 pm
Kev Racist
I will organise transport for a wee day oot of Blant’R.
Take you to see Celtic.
End your 20 years of self loathing,
Its a delicious watch.
Know how to spot the language you and touty vomit.its good you racists are remote from Celtic as you are from making a refugee welcome.
=======
AT and Kevj
If you both have the testicular fortitude
I will film this from start to finish, and edit it up into a nice video
Would be great viewing!!! (from both sides)
Kev racist (fill in gap) 7.10
You wont.
Goin to a game is a step to far i suppose.small steps,your path,your street then maybe Blant’R main st,or your local luj&unionist club.
https://youtu.be/EX7roXRmkOU?si=bLtaqjMWPkfC0-fE
We old fav of yours
Clunks
Ha kev in 106.prob near to were he stood.
Ah bless.
Had friends over the years Oz US who hadnt been since jungle days.spose it would be like that,a bit,but kevvi walked 20 years ago.
Never needed boz to go to see Celtic,:-)
I disagree Clunks it would be poor viewing,;-)
HHh
Like a telegram from the edge singing in an unnamed key and a unborn language, a cacophonous melody, eternally tragic.