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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Gedint.
I did not put up the post to defend The Board.
I posted to give the supporters an idea how it works.
I thought it was clear that FSR is a factor clubs have to consider when recruiting so that they do not front load on high earners that are still in the annual accounts in 2 years time when income falls.
As I said there is no danger of a breach because clubs can sell decent players to ensure compliance and recruit a replacrment on lower wages to stay within their comfort zone.
Sound familiar?
That is where the discussion is, as you have picked up.
As regards not a penny, again I post to inform the suppprt of the negative consequences of the campaign.
However there is a deeper message which is there is no division in reality between The Board and The Suppprt.
As long as that mad idea continues to be held Celtic will never be all they can be.
What anyone posts on social media is given a meaning according to the default beliefs of the reader.
Reading something into a comment that is not intended.
Quite the way of human nature when default positions are provoked or stimulated according to the default starting place.
I”m used to it so no offense taken.
On SCR it is simple arithmetic. Earnings go down, but expenditure does not then corrective action is need.
In domestic terms no more shopping in M&S and off to Lidl depending on the fall and rise in the arithmetic.
Finally. Another question.
What is the next level for Celtic on Europe in the economic environment on which Celtic are trapped
How near to the 70% ceiling to ensure qualification does Celtic need to go and should failure to qualify be ignored and will the quality purchased be competetive after qualifying?
I think this is something Celtic should be providing but in the current general default position would the results be dismissed like FSR?
Gedint
I forgot to add. Thanks for taking the time to respond.
I was hoping the FSR article would provoke a response in thinking.
It was a good day of sport yesterday, here’s hoping today is just as enjoyable.
On a proper pitch I would be more confident about our game today, but that shocking surface at Rugby Park introduces an element of randomness and confers an advantage to the home side. Still, hopefully a 2-0 victory for the Bhoys.
The game at Mordor is fascinating and could be pivotal in deciding the league. I’ll be interested to see how the huns handle the pressure – win and they’re 2 points behind Hertz; lose and they’re 8 behind Hertz and hopefully 5 behind us.
If there has to be a winner I’d go for Hertz, but I still think a draw is preferable.
quiet in here this morning, so a small chortle i got from the radio earlier.
the presenter was talking about the winter olympics and the attention to detail that the athletes are getting.
he said they are even getting served ‘olympic ring-shaped pasta’ in the restaurants.
so its spaghetti hoops then? 🤷🏻♂️
Gedint
Chairbhoy.
Just because I posted an article about how FSR works does not mean it justifies any of the failings subsequently identified.
That is a meaning furthest from my mind.
In fact I have tried in my own way to address those failings via.
Pursuit of Res12 for 11 years with no wider support from the support. ” What’s Res12?” they asked.
Revealing PL had knowledge of 5WA that was not taken up by shareholder reps.
Helped introduce a facility to raise questions prior to an AGM by individual shareholders, where a question of Vision,Purpose,Strategy, Policy, Indicators was put by myself, but a facility rarely used as a means of improving communications with Celtic.
Raising a Resolution using same facility about the Referee Service but only got 67 shareholders to sign up.
There is no reason you guys or anyone else have any idea of the effort expended to address issues affecting the support before they have become critical, however I thought it worth while to set out those efforts as a gentle reminder that in my 80th year I’m no granny who needs to be told how to suck eggs.
Give us a win today please Celtic x
I don’t even want to think about the game later today in case I jinx our game.
If we don’t win any result later will feel like a sickener.
Just win today Celtic (I’ll take a scrappy one goal win but would of course love to see a big win to really spook everyone else ) and I can pull up a chair and watch our rivals tear each other apart, with the added bonus of guessing which team the officials will be trying to assist the most. Will be a terrible quandary for them for sure although I suspect they will resort to type and give Rangers everything.
They certainly will if we don’t win.
Schmeichel
Araujo
Trusty
Scales
Tierney
AOC
CalMac
Nygren
Tounekti
Cvancara
Maeda
Mibbees CSC
Auldheid @ 10:55 am,
Your contribution is immense…
There are no doubts your work exposing the m.o. of Scottish football in general and Celtic PLC specifically has helped many of us wake up and smell the coffee…
Many thanks for that…
Enjoy the game…
Kilmarnock 0 – 3 Celtic
Hail Hail
CHAIRBHOY on 15TH FEBRUARY 2026 11:31 AM
Auldheid @ 10:55 am,
Your contribution is immense…
There are no doubts your work exposing the m.o. of Scottish football in general and Celtic PLC specifically has helped many of us wake up and smell the coffee…
Many thanks for that…
Enjoy the game…
Kilmarnock 0 – 3 Celtic
Hail Hail
In the words of Smoky Robinson, I second that emotion!
QUADROPHENIAN on 14TH FEBRUARY 2026 10:16 PM
What isn’t a line item in the accounts is that the club had an elite-level football manager – and disenfranchised him. They courted him back by promising to back him in a big way; a way they hadn’t in a prior stint.
Despite his Euro achievements with us (as well as his new employment success) they doubted HIS wisdom – but backed their own genius insights – and brought in a Wilf in sheep’s clothing.
An unmitigated disaster of an executive appointment.
Any money fuggups cited in the books are not the ex-manager’s fault (one of his 11m assets now has a ticket price of 25m; despite not having attained his full potential yet).
As an aside, did you know Old McDonald had a word farm; AI, AI, OH !
——- ————-
Played 👏👏👏👏👏
————————-
Yes the mad buyer from Nottingham Forrest fair put a different slant on Arne Engels – “ Brendan’s Dud label.”.
Good afternoon CQN
Another fine day to be a Celt
I expect a battle of attrition at Rugby Park.
Weather forecast predicts it’ll be chucking it down at kick off.
It’ll be tough. Any kind of win will do.
That disgrace of a lumpy carpet is at its absolute worst when its bone dry.
Maybe, just maybe, the ball will run a little bit more truly with a wet sheen on top.
Sunshine among the showers forecast around 4pm.
A wee smile from the heavens at full time for a Celtic win would be nice.
I hope all on here, and Celts everywhere, have a good one today.
gedinte@4.17
A fine response to Auldheid re FSR albeit from what I can see not one Auldheid wholly agrees with. And for good reasons, though not ones I am about to enter into.
You are also mistaken, and to be fair, you are not alone in this, in stating inter alia…that
“….the fans are the club”. Celtic Football Club, and I know I’m preaching to the converted here, was founded by Brother Walfrid et al ‘as a means’ to support his charitable work, the ‘Poor Childrens Dinner & Breakfast Tables Charity’, in conjunction with his work with the St Vincent de Paul Society. That Club is still extant albeit in a more modern form. On receipt of the CBE in the New Years Honour list Fergus McCann stated that he saw it as “recognition of the club’s supporters who backed it (the club) so strongly during my time and since………and it is national recognition of the work of the club’s charitable foundation backed by these same supporters….” The fans are not the Club, they are supporters of the Club, then and now, in all kind of ways and means. Should some, many even, following the narrative of the Collective, decide no longer to continue to support Celtic FC, via Bhoycotts and suchlike, Brother Walfrid’s Celtic will still continue, less successful on the field than we are now perhaps, but no less so I’m sure, as part of a charitable foundation, the very purpose for which the club was founded back in 1887.
bournesouprecipe on 15th February 2026 11:54 am
Cheers 👍
Team for today , possibly overthinking it a bit ; think we should play Sarrachi at left back , let him move into the midfield, keep the left wing free for Seb. Not sure that pace really works on the Killie plastic , so I’d leave Daizen and Yang on the bench and give Jamsie a run out on the right wing. Midfield is tricky assuming the Ox can’t start it’s a tossup between Luke and Reo who joins Calum and Benji in the middle.
Kasper
Julian Auston Liam Marcello
Calum. Reo
Benji
Jamsie. Big Tam. Seb
Hopefully enough to see us through , defence wasn’t totally convincing the other night both full backs started to get very loose with their passing as the game wore on , so expecting that it will take 2 goals (at least) to win the game.
Maybe a game for Benji to get close to Big Tam for lay offs ( not knock downs) to beat any sort of press from Killie.
Has the feeling of a 3-1 to the good guys
HH
“Far too many university educated supporters on this blog to relate to the traditional working class Celtic supporter”
Are you Tony Donnelly in disguise ?
Truly, one of the stupidest sentences ever written on here.
3sy
You stay were you are and keep posting your view and the odd choon :-))
HH
CELTIC: Schmeichel, Araujo, Trusty, Scales, Tierney, McGregor, Hatate, Nygren, Yang, Adamu, Maeda.
Subs: Sinisalo, Cvancara, McCowan, Oxlade-Chamberlain, Tounekti, Saracchi, Murray, Forrest, Donovan
Our team today
https://x.com/i/status/2023015705491255458
Go on Celtic
Go to work,do your best
For us and each other.
All the best
God bless Celtic
HH
Looks like we’re going for pace upfront , just need to make the ball stick , plastic pitch through balls are really tricky .
HH
Surprised to see Hatate make the starting line up again. He has been poor recently imho. Still, any win will do Celtic. HH
RAY SINGH-CARR on 15TH FEBRUARY 2026 1:03 PM
I agree.
He’s been depressingly poor given how good we know he can be.
Hopefully, he’ll deliver the performance that I can’t help but feel he owes us, entitled as that may sound.
I hope he feels he owes us one too.
live updates up
Hatate has been very poor however we don’t have suitable options so he plays, hope he shows more focus and determination today rather than the pained expression that has been his norm .
Mentioned the other day that barring a defeat this will be 10 games undefeated since Martin & Co took back over. And that a victory would mean 16 points out of 18 in the SPL. And make up ground on somebody.
Optimistic, I’m sure we will create chances, and if we could get a couple ahead by HT would be confident of a win, one which will put a bit of pressure on the crowd over at Ayebrokes. Easy said, still got to out and do it, opportunity for Junior to show what he can do…
@AULDHEID – If I’m in disagreement with you on anything, it is because I’m taking the time to read and understand what you share. I respect your thorough and thoughtful delivery, and your contributions are always balanced and insightful. I’m genuinely interested in what you have to say, and appreciate your ability to help others understand complex issues more easily.
While our opinions may differ on some matters, we are not that far apart on most issues. RES12 is a point in case.
CELTIC MAC @ 12:17PM. Yes, and no argument.
My point regarding the support, while maybe less profound, is more than a simple nod to Big Jock. Companies that falter can retool, rethink, rebrand and relaunch a product in new markets to rediscover their mojo.
At any point in time, whatever version of the current Celtic support one considers, that is definitively Celtic’s market – they have nowhere else to go. Today, we are Celtic.
It defines the club and what they can accomplish. So, it is my belief that the club should cherish that relationship just as much as the fans celebrate their attachment to the club.
I just want Celtic to be the best possible version of themselves. I’d like to see a bigger and better version of this club with an even stronger modern identity. A club serving its own community and capable of carrying its positive influence far beyond.
I live overseas and spend more time than I should telling people about who and what Celtic are. I always want my attachment to Celtic to be one that makes me burst with pride.
I wouldn,t put it past the powers that be to award both Sevco and the Jammy tarts 3 points today!!
Happy St. Walfrid Day! Ave Ave
Petition:
One Celtic. Back our Board, Manager, Players and Charity.
https://c.org/kC24nkswRn
Prayers offered for a win!