I see some confusion online regarding the submission of football club accounts. All clubs have to submit annual accounts to Companies House. In addition, Celtic issue interim accounts to shareholders and publish them online. Newco’s annual statement for the year to 30 June 2022 was submitted in December (they made a small loss). They are not obliged to submit interim accounts and commercial sensitivity reasons are good enough to inhibit publication.
Douglas Park stepped down as Newco chairman yesterday, making way for his deputy, John Bennett. Newco have been dependent on shareholder support since their inception. They gave the impression of surviving hand-to-mouth om 2021, a year which saw 11 share allotments – almost but not quite one per payroll run.
A successful run in Europe last year, coupled by Champions League group stage qualification and upwards of £30m earned in transfer fees, reduced the number of times the club had to go to the shareholder well to just twice. Despite that boost in income, 2023 has already seen two share allotments. I expect more to follow – if they can find a shareholder ‘clever’ enough.
Share issues can keep the lights on, but Uefa’s Financial Stability Regulations means there are limits on how much of this money can be used for football purposes. Newco have reached those limits and must now live within their means or forgo European income. Even an actual ‘billionaire’ new investor could not spend money on football operations.
Living within your means is a 19-year-old mantra on CQN. It is neither easy nor popular – there is a reason our board didn’t buy the bling some craved. Football fans are entitled to want their team to improve without being required to learn about finance. In this respect, even fans who should have learned the harshest lesson, seem ‘knowledge resistant’.
To resolve their problems, they need to win the league and automatically reach the Champions League group stage, or again succeed in the qualification rounds – a steep ask. Alternatively, they could sell talent. Park will know what chances the club has of achieving what is required on both these fronts. You may be inclined to see his departure as an indication of confidence. The actual only way out of this is a Celtic collapse far greater than they temporary on-field disasters we experienced in 2020-21. That is the only strategic game in town.
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Shoot
Goal ⚽️⚽️⚽️
Hello
Who would win in a fight between FTP and FSR?
Aye, not long ago some wanted us to ‘break the bank’ on players.
Hmmmm.
Sevco don’t do ‘regulations’ , just like the forerunner club .
Prestonpans
BelmontBrian
Glory hunters. 😂
So Paul … as a logical extension of what you are saying …
If Sevco have spent what they have earned mostly for “footballing purposes” …
… to the detriment of “keeping the lights on”
… and are now using the proceeds from new share allotments to keep the aforementioned lights on ….
They are already breaching FSR ?
While already on a watchlist?
Great summary Paul67 and a subject that sits at the core of the blogs long history – live within your means and always remember that the local succulent journos will do nothing until the lights get switched off and the padlocks put in.
The recent MSM circulation figures (going south very quickly) would clearly see that this isn’t goung to change soon and of course we’ve seen Cantwell and Raskin move from plucky reserves to messiahs overnight for the hun support and the future resale value – ah how poor Alfie and Kamara must chiuckle that they were once posterboys for that.
We remain quiet, our operations (which can always do more) secure another lucrative far east tour to add to the automatic qualification and Ange’s juggernaut races on.
We shall not be moved csc
HH
BRRB
TBH BelmontBrian was about to shoot but I selfishly took the ball off him and popped it into the back of the net ⚽️⚽️
I guess Park has paid the price for Ange’s success. Its within our gift to now pile on the pressure this month.
Should we close out the league and book our place for the SC Final then no amount of spin or resignations will turn the tide over there. They’ll be going into the summer in a crisis.
PRESTONPANS BHOYS on 5TH APRIL 2023 12:31 PM
BRRB
TBH BelmontBrian was about to shoot but I selfishly took the ball off him and popped it into the back of the net ⚽️
====================================================
VAR still in progress. :)
A serious situation in need of serious “favours”. Watch out for more strange VAR decisions.
On another note, it’s interesting Park is disappearing shortly after that private equity interest ended. I still can’t get my head round the capital structure at TRFC. No bank will lend to them unless they post collateral (Craigie bhoy tried that one and look how that turned out😂) so they are entirely equity financed. But unless they stand their corner those taking equity will be diluted with each successive share/equity issue. It’s Hotel California: unless there’s a queue of people looking to buy the shares from existing holders, there’s no way to get the capital out.
TRFC literally depend on benefactors and it looks like Park has had enough.
They don’t do knowledge
They don’t do learning
They don’t do insight.
They do however do expectation.
Alas therein is Mintys deep psychological cutting of the peoples syche.
No Murray Group to roll a debt to
No gavin to call per chance
No nefarious dodge to roll out
No club left.it died
Sound blog.
We continue on from the hall
HH
In a world of Ifs, Buts & Maybes . . . over the next three games against them there is a reasonable chance we will lose one of them, maybe even two. If we win on Saturday, they lose all hope for the league meaning the Ibrox game would just be for bragging rights. It would not be a massive surprise if we win on Saturday and then lose at Ibrox even though we have about a 40% win rate there in last decade or so (compated to their 17% win rate at CP over the same time).
The Hampden game, on paper, should favour us. It is our second home and the pressure to stop us going for a treble has proven too much for them in recent seasons. They have a team used to losing trophies and a fanbase that lets them know about it. But funny things can happen in the cup, and often do. If they get any joy on Saturday, then they will believe with good reason they have a good chance at Hampden
If we have to lose or draw one game, let it be the Ibrox one.
Dream scenario is we win all three because it would them into hiding for months.
Lots of yap in the media about an easy win for us on Saturday. I’m sure Ange won’t be buying into this.Nor should we. They still have the MIB’s and VAR on their side. i’ll be counting any points when the game is over. In dear old Scodland it’s dangerous to look any further ahead. Just don’t lose is my mantra for Saturday. Busy the midfield and keep them quiet.
* put them into hiding*
What was the VAR verdict on today’s podium ?? 😜
If anyone thinks Sevco are going to play by any set of financial rules, hasn’t been paying attention, they do what they want, and Maxwell & Co stay under their desks.
My take: the new regs with the increased allowances for losses covered by equity issue means the recent relatively small issues with the profit from player sales and the increased revenue from CL means they’ll be fall comfortably within the UEFA regs.
The new issues solve short term cash flow issues that a club with low cash balances at the year end face, otherwise I think they’re looking to become us on a smaller scale, sustainable, profitable over an extended period. Either to stop the need for external funding or to make them more attractive for a buyer.
Maybe Park has had enough of ploughing in his own cash while being on the sharp end of the sort of criticism magical thinkers in their support specialise in.
Maybe hes leaving before a new strategy that would make him even more unpopular than he already is has its effect on the team
It takes a special mentality to be able to deal with the pressure the chairman or CEO of them or us has to deal with on a daily basis.
He’s probably had enough, although his son remains in the board, suggesting there won’t be any change in the aggressive attitude coming out of Ibrox
“BACK TO BASICS – GLASS HALF FULL on 5TH APRIL 2023 12:21 PM
So Paul … as a logical extension of what you are saying …
If Sevco have spent what they have earned mostly for “footballing purposes” …
… to the detriment of “keeping the lights on”
… and are now using the proceeds from new share allotments to keep the aforementioned lights on ….
They are already breaching FSR ?
While already on a watchlist?”
It could also be that the money earned this year has been used to repay some loans to directors and not necessarily for football reasons? If Park and his fellow “soft investors” saw FSR coming they may well have cashed in their chips whilst there was cash from EUFA to cover it ahead of their planned exits to pass the burden on to the next set of “soft investors”?
I don’t have a clue what’s going on over there nor the workings of FSR – despite my ignorance on both from what little I do know FSR is a EUFA led thing not SFA so I have less concern over any future governance “failures” (Res 12 type shenanigans) from the SFA so all should be clear in time.
QB
Belmont Brian
Meant to thank you for the Laguna fight the other night in homage to the late Ken Buchanan.
Best modern day Scottish fighter imo by far.Sadly I rarely watch a boxing match now it sadly has evolved into a pseudo wwf stuff.
But those early 70s days appeared 1 weight 1 champion.
HH
What happened to the Seville Money ?
Morelos ate it.
Sounds like great news for Celtic then. We’ll be able to pull miles and miles away from our old firm partners and leave them in the dust! What could possibly prevent that from happening…….
https://twitter.com/CelticGossip/status/1643517952761667584?t=Ao5uzYQ3amjI_6j_Aqr9Xw&s=08
Paul67 et al
“Living within your means”?
Where have I heard that mantra before?
Does anyone here think this idea will float please?
Why don’t Celtic ” take the knee” against sectarianism and shout about it. Wonder if it would catch on
KINGLuBO
That’s me unsuccessful again for the semi final v Sevco at Hampden,,well I can tell you this they can stick there fucking HTS , Season ticket it will be for me,I suppose the usual suspects The Corrupt Celtic Supporters Association get them as to stop them complaing on behalf of the ordinary fans ,they are a disgrace,and the ones that seemingly cause all the problems,The Green Brigade ,
BADA BING!! on 5TH APRIL 2023 1:13 PM.
Correct sir , they will do what they want . I differ from quite a few on here , as finances go I know hee haw ,but some seem to think that with parks going it’s more bad news for old firm fc . They have in the boardroom a bag of weasels ,they won’t be allowed to go under again , they surely have reserves after uefa cup final cash . Cl group cash . Bassy, aribo , Paterson cash a fair wee lift for them . I wouldn’t believe anyone from that stinking club if they told me today was Wednesday
Something is gonna give over at the Victorian lavvy . Regards our game on Saturday ,I think we will be troubled more by the sfa,s choice of old favourites to oversee the var .its always the same suspects . The bellshill bigot and the bluenosed gym teacher . I think wee will see a penalty and a sending off , with numerous head scratching free kicks and some madden like decisions against us , As Hampden HQ won’t want the league won so early . HH
Timbhoy
I discussed this last night, if the HTS is now heavily subscribed then the only fair way to go ahead is yes allow a ballot for that game. However those winning that ballot should not be considered for the next big match.
Like you I have my reservations about that ticket office handing out tickets. Moreover how could they justify not allowing the above process to happen?
PRESTONPANS BHOYS on 5TH APRIL 2023 3:29 PM
I think you expressed yourself in a more effective way than did Timbhoy 163 :-))
Andy Walker SLAMMING VAR….
He states that he he can hear the conversation between VAR and the Refs when hes working for Sky.
He also states that he can NOT hear anything from the Ref to the VAR Room.
“I have a concern. I won’t mention any names and I won’t name the teams involved but there was an instance where a couple of things happened in the space of a second or two. And I heard the VAR say ‘the easiest way out of this, is if it’s offside’.
“That to me is really poor language. There should be no idea that we get an easy way out. You have to look at what’s happening on the pitch and apply the laws of the game – don’t look for the easy way out.
…
If the above is TRUE and I have no reason to dispute Walkers claims….then that would MAYBE explain some of the shocking decisions that have been made by VAR /
It is NOT good enough for anybody on VAR Duty to tell a Ref to ” Take the EASY way out”.
HH
TONTINE TIM on 5TH APRIL 2023 3:59 PM
CONNAIRE12 on 5TH APRIL 2023 12:26 PM
Told a long time by his late uncle that Clancy was a Partick Thistle fan. Those who knew his uncle will know be was a truthful man.
*The Monsignor was the PP at my old parish St Kessogs in Balloch and also the church St Michaels where I was married in.
I have a copy of the St Kessog bulleted which I got plaqued and hanging on my wall in front of me and the PP at the time was the aforementioned Monsignor James STB, PhL, VG
Although a Harry Wragg I believe his sister is an SB holder at Parkheid.
HS
Just realised I offered this comment on SC last night not here , Doh 🙃
There have been NUMEROUS occasions when Refs HAVE taken the ” EASY WAY OUT”.
For example, a Ref may award a team a corner kick, and maybe realises that he was wrong to do so, IF a Linesman is flagging for a Goal Kick.
How many times have we all seen Refs award a Free Kick for a so called FOUL in the Penalty area given to the defending team, as soon as the dubious corner kick is taken ?
Some Commentators HAVE actually stated that ” they KNEW the Ref was going to award a free kick”…in order to try and ” EVEN things Up” ?
But IF Walker is correct, then this kind of scenario of someone on VAR Duty TELLING any Ref to ” Take the Easy way out”…….is shocking !
I blame their Schools