I caught a bit of yesterday’s newspapers; the contrast between an article in The Herald, linked from the Quick News section, and one elsewhere was stark. It brought to mind a very politically incorrect cartoon depicting a conversation someone trying to explain the consequences of a football club getting into vast amounts of debt. “You don’t have the intellect to understand what is happening” was the active line.
This far into actual news [def: hard information about a subject] on how Rangers were being run by the board in charge prior to Craig Whyte’s takeover, some are still flogging “EBTs were legal”, “No one complained about EBTs at the time”, “Juninho had an EBT”, as though somehow any of this was in doubt or relevant to the question.
The only show in town, to use our favourite phrase from last season, is ‘Were players illegally registered?’ You can pay them in cash, by EBTs or by boatloads of bananas, you can pay them when they were playing, before they were playing or after, the timing makes no difference whatsoever, but did you record all contracts or did you hide dozens of contracts from oversight?
Anyone who, this late in the debate, is blabbering on about EBTs being noted in Rangers annual accounts either doesn’t have the grey stuff to grasp the point, or somehow believes they can knowledge manage their readership. “You don’t have the intellect to understand what is happening”, is perhaps the message they are sending out.
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He called them huns…
Stirling Albion are in the spotlight this afternoon after the club Secretary has stood down for making inappropriate comments about Rangers fans.
Dick King apologized “unreservedly” for using the slur on an unofficial club website.
A statement has been released on the clubs’ official website after Mr King posted on a fan site that police would be “manned up” for a Third Division home tie against the Ibrox side on the 6th of October.
Mr King said: “I apologize unreservedly for remarks which I made – I am removing myself forthwith from any further involvement with Stirling Albion FC in any capacity.”
Operations director Stuart Brown said the club have the “utmost respect” for Rangers and a “very close and healthy relationship” with the Glasgow club.
He described the incident as “isolated” and “unacceptable”.
• Group revenue £51.34m (2011: £52.56m).
• Investment in football personnel of £5.24m (2011: £10.29m).
• Year-end net bank debt of £2.77m (2011: £0.53m).
• Loss before taxation of £7.37m (2011: £0.10m profit).
• Operating expenses before exceptional items £54.44m (2011: £52.50m).
• Loss from trading before asset transactions and exceptional items of £3.09m (2011: £56,000 profit).
• Exceptional costs of £0.54m (2011: £3.99m)
Mort
BMCUW
Apologies for the dog poo slander!
My old dad is also a bunnet wearer – but only during the winter and autumn.
They have bunnets over here too.
HH!!
Just back from the barbers in Burnside – Girl asked me if I wanted a number one, or a number two?
Didn’tknowwhattosay CSC
Anyone else think that had RFC(ia) paid their taxes last year then maybe the future monarchs wife would have been able to afford the top half of her bikini ?
Any Maryhill / Queen Margaret Drive bhoys on? My bhoy has just moved in to his first flat in Avenuepark St,I was round today, and a pub called Crosslands is 2 minutes away.Any info on it bhoys? Ta.
Big display tomorrow night from the Green Brigade ‘fitting for our return to the Champions League’
HH
Surprised and concerned that Celtic’s revenue last year is down on the previous year despite the Europa League games and a Championship winning season.
We got £2M from UEFA for participation, plus 3 home matches of 30 odd thousand, worth another £2M or so, both of which are additional to the previous year, and yet we are £1M down overall, indicating a substantial reduction in like for like income.
The economic environment has doubtless impacted heavily on the ability of many fans to attend matches regularly, particularly those who travel from Ireland and elsewhere.
However, there remains a nagging doubt that economic issues are masking a more alarming trend.
I await the full annual report for further indications of what may lie behind our diminishing support.
Mort
Not the worst figures and will be wiped out by this years income.
Charles Green protecting the history through the CVA route?
The Battered Bunnet
I know 3 guys who just cannot afford to go anymore.
The Inverness supporters club used to run a couple of buses to Celtic park. They now either come in a mini-bus or car share for alot of games.
TBB – I think the difficulties in Ireland have definitely had an affect. I know a couple of lads who gave up their season tickets and only come over about twice a year now.
Bada Bing
Crosslands -?
Been a long time .——may have changed .-
Lots of students from the student village on the other side of Maryhill Rd .
Featured in Trainspotting – it was the pub where Begbie threw the glass.
Barred cages clanging with the sound of death; cold sweats, screaming children shouting ‘father father’ and women screaming ‘husband, husband’, the sound of my own feet running in groundless morning mist – these are the screaming furies of nightmares and marriage both of which always woke me up to the cold reality of a world full of ‘Naw a didnae did ah…..naaaawwww!”
The answer, cause, cure and symptoms for both afflictions can be found through the panorama projected by the distortion of beer bottle bottom!
Talking of bottoms, my battery is as flat as twiggy’s posterior so got to go.
Hail Hail
Estadio
http://www.bbc.co.uk/news/business-19633967
Manchester United has reported a 3.3% fall in revenue to £320.3m for the year to 30 June, after its early elimination from the Champions League last season.
Looks like it’s not just us.
As a holder of shares in Stirling Albion, I wonder if I can refuse to accept Mr King’s resignation.
CELTIC plc have published the preliminary results for the year ended June 30, 2012.
SUMMARY OF THE RESULTS
Operational and Financial Highlights
• Winners of the SPL
• Runners up in the League Cup.
• 4 home European matches (2011: 2).
• Group revenue £51.34m (2011: £52.56m).
• Investment in football personnel of £5.24m (2011: £10.29m).
• Year-end net bank debt of £2.77m (2011: £0.53m).
• Loss before taxation of £7.37m (2011: £0.10m profit).
• Operating expenses before exceptional items £54.44m (2011: £52.50m).
• Loss from trading before asset transactions and exceptional items of £3.09m (2011: £56,000 profit).
• Exceptional costs of £0.54m (2011: £3.99m)
CHAIRMAN’S STATEMENT
Our primary objective for the financial year to 30 June 2012 was to win the Scottish Premier League title and provide a route to the Group Stages of the UEFA Champions League. I am delighted to be in a position to report that this objective was fulfilled. Having recovered the SPL title in May, we then qualified for the Group Stages of the UEFA Champions League after defeating Helsinki and Helsingborgs in the third qualifying round and play-offs. Our reward is participation in the highest echelons of European football for the first time since season 2008/09.
The financial benefits of achieving our goal are material, but they are not reflected in these annual results, full details of which are contained in the accompanying reviews and information. In summary, they show a slight decline in turnover to £51.34m, an increase in operating expenses of £1.93m and an overall loss in the period of £7.37m against a very slight profit the year before.
Our net bank debt position at the year-end rose as a consequence, but careful management of cash from various transactions meant that the increase in this measure of debt has been limited, rising from £0.53m in June 2011 to £2.77m in June 2012.
The key dynamic, not reported in these numbers, is the strategy employed by the Board in regard to the player pool. At the half year, I reported that we had made and were continuing to make sizeable investments in new players, so as to strengthen the squad with a view to achieving our primary objective. At the same time, we consciously resisted opportunities to trade players for the sake of short-term profit.
This considered approach has paid off. We are now in the position that we will enjoy enhanced revenues from European participation, where we will compete with the benefit of an exciting squad that has great potential. An integral part of our careful player pool strategy has been finding and developing young talent, both domestically and from abroad. The numbers of young players, especially from our Academy, meeting the standards necessary to break through to the senior squads has been extremely encouraging.
The success of that strategy this year and the strength in depth it has provided, has enabled us to realise some profit by selling on Ki Sung Yueng. The gain made from that sale, together with the earnings from the initial two UEFA qualifying rounds, have assisted our position over the summer, with the UCL Group Stage still to come. Our supporters and sponsors continue to back us through season tickets, multi media products, merchandising and contract renewals.
Achieving the playing success we all seek, while managing the player pool and cost base sensibly throughout the year, requires considerable skill, foresight and fortitude. This is and always will be a team effort, for which Neil Lennon, his backroom team and players, Peter Lawwell, and all our staff should take credit.
The 2011/12 season brought unprecedented turmoil and pressures upon Scottish football, making an already difficult economic environment more difficult still. Celtic Football Club has navigated its way through all of this with the advantage of a stable and resilient financial platform and an intelligent business and football strategy.
But no matter what challenges we may have faced during the year, we cannot lose sight of those less fortunate than ourselves. During the year our colleagues in Celtic Charity Fund continued their efforts to help improve the lives of others. Among the many projects undertaken, the Legends match last August stands out. As a result of the efforts and generosity of all those concerned, over £330,000 was raised for Oxfam’s East Africa appeal, helping to alleviate deprivation and starvation in that part of the world. That evening was a great occasion, for an even greater cause and one worthy of this Club’s traditions.
In those activities, and in our other work throughout the year, our fans, shareholders, staff, sponsors and business partners have backed us. I thank you all for that support.
Ian P Bankier
Chairman
September 18, 2012
TTT/Auldheid
I think the club are in a no win situation.
Quite rightly they have said nothing re the huns situ, but the time is fast approaching when their silence will have to broken IMO.
The game has and is being run by crooks/charlatans for the benefit of one club.
Rules have been broken to accomadate them, rules are being broken to accomadate them.
The laws of the game are not being applied, and yet the other clubs seemingly are content with this.
The question is, where do the club go from here ?
They are duty bound to keep the club on an even keel financially.
How this is done will soon be a problem for them IMO.
If they condone the corruption and the rule breaking, they are indeed as bad as the perpetuators.
I suppose they are hanging fire to see what the next month or two brings.
There may well be another admin event over on the south side, there may well be a liquidation event, who knows !!!
One thing for sure, they have a few serious decisions to make, I hope they make the right choices.
Sack the board!!
Taxation?
What’s that?
I don’t think there is a Celtic supporting household,that is not suffering financially at this time.The revenue from participation in the Champions League should put Celtic back into a healthy position.If we winthe league over the next 3/4 years we will be ok.Hopefully the economy will be on a upward trend by then.HH
Wait till our resident genius sees those numbers he will be frothing at the mouth…wait a minute can he or she count? Hh
Auldheid
Ticket sales
From 2011 report:
Season 2010/2011 was once again a challenging season for ticket sales, although there was a measure of success with approximately 42,500 standard season tickets sold for a value of circa £13.6m. Match ticket sales of over 166,000 generated an income of over £3.5m, which included three domestic cup-ties contested against Rangers.
From 2012 report:
2011/12 was a successful season for Ticket Sales with over 42,500 standard season tickets sold with a value of more than £13.8million. Home match tickets sales of over 220,000 generated an income of over £4.5 million which included our Europa League Play Off and Group Stage matches.
A wee bit of an increase in the past year.
Mort
Tom
Man Utd’s results aren’t a good comparitor as their environment is rather different to ours, but they are showing revenue increases across the board with the exception of the Champions League income – down £12M on the previous year because they were knocked out at the Group stage.
Merchanidising is up 8%. Our’s is down 7%. That’s interesting.
Bada Bing
As an ex “barracks boy” I would walk to the bus stop at Tesco’s (no more than 2mins) and get the bus to the Rams Head only about 4 stops (5 mins travel) as this is an out and out Celtic shop (tends to get very busy on CL nights though) I don’t drink much in Maryhill these days but as far as I know Crosslands will be mixed, the Viking bar opposite Tesco is probably nearer than Crosslands, but again I used to know a lot of Tims in there but probably more mixed now.
HH
Auldheid
Also from the report:
Merchandising revenue for the year reached £13.3.m, this was down 6.9% on the previous year mainly due to fewer kit launches in the period (two in 2011/12, compared to three in 2010/11). However like- for- like retail store sales were 5% up on the previous year.
Mort
Civilization is the progress towards a society of privacy. The savages eats his whole pie in public, particularly at lunch time- civilization is the process whereby men are free to eat their pies in the privacy of their bedroom without other men watching.
FPLG The PieHead.
A man must have his pie and he will eat it ( preferably with brown sauce).
FPLG
I am the Pieman.
Sometimes when I am really hungry, normally after thirty minutes of eating something, I look upon a pie and think no price is too dear for such a pie- like all the beauty, truth & joy of existence were compressed into a big pie.
FPLG quoted in
Human Will and the Wondrous Pie.
TBB
IMO those figures are not to bad when you think that we lost close to 10000 season ticket holders before last season started. Also I’m pretty sure commercial income would have fell in line with just about every business in the land.
johann murdoch
I wonder who you could be talking about… lol!
thomthethim,
i agree with your comments regarding them and i also believe it
will be presented in a way as to continue on their merry way,
to be honest i am dredding the outcome because i know i will
completely walk away if what i suspect comes to pass, but like
yourself i cannot accept being part of a corrupt gathering of
people who have no morals or sense of sporting value’s,i am
not stupid and i know it puts our leaders in a very tough and
awkward position but without morals and sporting fairness it
no longer is sport and to be honest we as a club if we participate in such a blatant farce then we are no longer
deserving of support, because we will have become part of
the greatest cover up in sporting history and will have slapped
the face of previous generations of supporter’s who have been
mocked and derided as paranoid for decades, as far as i am
concerned there is a line not to be crossed no matter what.
The briefest of brief skimming of the accounts just to get a handle on why loss of £7m from break even in 2011.
Basically June 2011 accounts would have been a train wreck without the sale of Aiden McGeady in August 2010. £13m profit on player trades was the primary difference between accounts 30 June 2011 to 30 June 2012.
Ki’s transfer in July will not hit accounts till 30 June 2013 (also 6 months to 31 December interims) and together with CL money 2013 will see a complete turnaround again to profit, which of course will be played down as we cannot budget on CL money.
Narrative suggests we retained a huge squad last season to pursue the title and to that end a success and that’s where the money went. Wages to 9 centre halfs and 5 international right backs with barely a decent one among them.
On the plus side it’s carbonara for tea tonight. Mmmmmmmm.
Bada Bing keep yer bhoy out of that cesspit of orangeism mate. Tell him to go up tae maryhill rd and 5 minutes oan the bus either maryhill tavern or rams head both will have the game on.
HH
Income and expenditure look much as we would have expected. A slight drop in revenue given the economic climate and a slight increase in expenditure given a very big squad.
greenjedi
Fair to say that the Corp Hosp division is not selling out, which is a factor.
PL states that much of the £2M decrease in matchday revenue is accounted for in the difference in cash from pre-season tour games.
I had expected the loss to be about £5M – covered by Ki – but the drop in revenue in a season with Euro football is a concern.
The summer clear out will bring the costs back towards the previous year, and the ECL dough will transform the numbers, but Lenny’s going to have to sustain a high level of achievement for a couple of years to avoid the benefits from this season’s ECL games being lost in jig time.
So, forecasts for next annual accounts , including CL group participation, lets say 7 points gained for prizemoney, 3 sell outs, and one round in Europa, plus 2 kit launches , and a tight league run in with Motherwell and Hibs, lets say 1 player sale in January, and has the wage bill allready really been slashed :
could this next year be our highest turnover and most profitable ever ?
any guesses ?
Meant to add that based on season ticket trend player trading (sales) is now key to Celtic’s financial stability. The fault of the market and hugely increasing influence of non match day income (TV and sponsorship rather than season tickets / ticket sales).
But it’s sad. We’re a selling club, no question.
BlantyreKev – On the plus side it’s carbonara for tea tonight.
Is he a centre half?
Disappointing figures – but not entirely unexpected.
Revenue from domestic competition will probably continue to fall, but participation in the CL group stages will be a timely financial boost.
After Xmas we will still, hopefully, be involved in European competition – at least the EL.
We all know that these are difficult times, which will, possibly, get worse before they get better.
No – we are not doomed! I have faith in the board!
There – I’ve said it!
Going to put the old tin hat on that my granda’ wore in the great war while fighting the Austro-Hungarians on the Northern Italian front! Yes the Italians were on the allied side then – and they never even surrendered!
HH!!