Newco finances writ large, an echo from a decade ago


Celtic’s accounts were later than usual last year, doubtlessly due to world events, but I expect them to be out this month.  The year to 30 June 2021 will make grim reading, although the notes will record monies received and pledged for the subsequent sales of Kristofer Ajer, Odsonne Edouard and Ryan Christie.  Celtic will recover from a remarkably difficult period solvent and in competitive shape.

As you don’t need me to remind you, this season’s title brings automatic entry to the Champions League group stage, with riches that can significantly influence domestic competitiveness.  Last season’s title was about history, this season’s is about the future.

Solvent and competitive shape is a condition Newco also aspire to.  Their last published accounts, to 30 June 2020, noted an eye-watering loss £17m.  We will hear what their title win cost at some point this autumn, it is unlikely to be an improvement.

When they lost to Malmo, discrete comments were made that they needed to sell players, a feat that proved beyond them in the transfer window.  Their recent pubic share issue was undersubscribed, although it will go some way towards repaying borrowings from former chairman, Dave King, due next month.

With season ticket money expired, they were forced to issue shares on 10 separate occasions between November last year and June.  The club’s appetite to burn cash has not abated since.  Uefa intend to tweak Financial Fair Play regulations, but they will remain and may become more onerous.

Clubs cannot lose money indefinitely, they eventually need to live within their means or face an insolvency event.

It does not matter how bare the bank account is, I suspect Newco will find the money to keep the lights on between now and their visit to Celtic Park on 2 January.  They currently have a three-point advantage and will hope they can build a firm advantage in the title chase by then.  If they do, they will find the money for another 10 share issues if necessary, in order to win the Champions League bounty.

If they leave Celtic Park with their league chances looking grim, how easy will it be to fund an enterprise that will forever lose money?  We are approaching the 10th anniversary of when Rangers went into administration (14 February 2012).  The weeks and months running up to that date were characterised by a circling of the wagons and firm denials of the problems ahead.

We covered Rangers finances on these pages at the time.  We could not be sure how events would play out, but the facts were writ large, as they are now with Newco. It’s like an Ibrox echo.

What’s more important, a title for history or a title for the future?  Right now it feels like history, but by the spring that will change.

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    In fairness there is a link with them going back to 1968 when Bob Kelly provided them with a set of strips.







    Interesting that there has been a club in Essex since the 1930s with the word Catholic in its name. Is there a Scottish equivalent anywhere?

  2. CATHOLIC UNITED chairman James Paviour has revealed the club have received ‘hateful comments’ online after being adopted by more than 10,000 Celtic fans in the last 48 hours.



    The Essex-based non-league side have been overwhelmed after tweeting their support for former youth product Cameron Carter-Vickers as the Tottenham star agreed a loan deal to join the Hoops shortly before the deadline on Tuesday



    Doesn’t take these clowns long….

  3. Our plans must be based on sevco remaining competitive and finishing on similar points as last season.


    We shouldn’t aim to be slightly better and for them to have an implosion.


    We’ve been here before.


    Good transfer window. Now time to put all that potential into practice

  4. Any mention of the discrimination the suffer?



    Thought not.



    Only in Scotland and Nornirland.

  5. The Blogger Formerly Known As GM on

    It will be a close title race, closer than I (and probably the huns) thought it would be at end of July/beginning of August.



    Will depend if the cheating is allowed to impact our season. Beat everyone as convincingly as we beat Dundee and St Mirren and it will not matter. Tight games will be another matter.

  6. Can anyone explain to me what the end means for hundom.


    I eagerly anticipate it, but for the life of me, all I can see is continual hunned-up


    financial shenanigans.



    Wait and see?



    How exactly does our advantage make itself felt?



    When dos the end, mean the end?

  7. BB



    Agree we need an app



    But why the big announcement about cr codes when they


    dont work



    Maybe just teething problems and will get sorted

  8. itscalledthemalvinas on

    Regarding the Europa games package. I received an email telling me that my ticket would be activated if I bought before the deadline. I’m assuming that if you buy after the deadline then it’s a print at home situation

  9. Surprise Surprise. Catholic United have started receiving ‘hateful comments’.



    From whom, I wonder?

  10. VB……………



    and what a “story” for the tabs……….


    Especially if some wee Tim twit responds in kind.


    Oh what conflation that will be!

  11. After the Malmo defeat, supports of the Govan based outfit fully expected someone to go. None of us really know why that didn’t happen so all anyone can do is speculate, or make stuff up to fit their own narrative. Barry Ferguson falls into the later category. Over at the DR, Bazza lets us know that big Dougie is in complete control. The Gers are doing just fine and the £40m golden ticket is well within reach. This is the same EBT Fergie who transferred all his asset to the missus, and, after the required period of time, declared himself bankrupt. The minted noses-in-trough dwellers, at both Holyrood and Westminster exist to aid their wealthy associates. Get rich, stay rich, the law of the land will make sure you do.



    Anyway, we can’t rely on another potential 2012 event to cloud our focus. We need to win games, week after week, home and away. There is currently no tangible evidence that we will top this league at the end of December.








    Chairman James Paviour issues a club statement following a crazy 3-days……


    The last 48 hours have been truly remarkable for our club, Catholic United. Following a tweet relating to Celtic signing ex Catholic United youth player Cameron Carter-Vickers we have been adopted by the wonderful Celtic supporters and our Twitter following increased by over 13,000.



    I simply cannot express the positive energy the incredible Celtic fans bring, and what it has meant to our club which is wholly run by volunteers.



    This has been one of the most positive experiences in the clubs illustrious history and we all feel a real meaningful connection with the Celtic family.



    Despite the overwhelming positive response, sadly and unsurprisingly we have also been targeted for some hateful comments. I would like to make it known that Catholic United is a fully inclusive club, and everyone is welcome!



    We stand by our new supporters from all over the world and provocative or hateful comments towards the club or any of its members will not be tolerated.



    Whilst I am fully aware that this ruins the narrative somewhat, we do not consider White Ensign FC a rival club. The last time Catholic United were in the same division as White Ensign was the year we won the Olympian Premier league in 2017-18. That year White Ensign finished fourth and they were promoted by default to a newly created Step 6 league, and they have since had another default promotion owing to disruption caused by COVID. I used to play for White Ensign and have nothing but respect for what they have previously and continue to achieve as a club. It is for this reason we have played each other in a pre-season friendly for the past two seasons.



    Running a non-league or amateur club is challenging and the support they have gained off the back of our movement is great for local football. I have seen numerous other teams attempting to attract a fan base from Borussia Dortmund to Watford via Inter Milan which has all been very entertaining, amusing and in good spirit.



    Catholic United’s relationship with Celtic FC is a genuine part of our history and constitution dating back over 50 years, so as long as this is respected and not flaunted as a publicity stunt then let’s all just enjoy the football and the increased following.



    Thank you once again to all our new family, and for making this a thoroughly enjoyable couple of days.



    Let’s get behind the team now, the boys in green that is!



    Best wishes


    James Paviour



  13. “There is currently no tangible evidence that we will top this league at the end of December.”



    There is, though. Our form is better than theirs, we’re walloping the Poorer teams, we matched them at their ground and we have players to add in problem positions when they are integrated into the team or come back from injury



    They’re struggling for goals and their bad tempered manager has already started digging his players up. Didn’t end well last time he did it

  14. offer that James fella Director job with us, what a wonderfully clarity he put in the statement.



    well done that man.

  15. I posted some stuff on the last article in a similar vein to Paul’s leader today.



    Of course we are solvent, but our annual accounts will surprise(shock), rest assured. That’s why we always need to make a profit on player trading. Who will we have available to sell for good money(Frimpong/Ajer/Edouard) this time next year?



    We will still have something available ‘up our sleeve’ if we need to add to the squad in January. Perhaps residuals like Barkas, Boli & Ajeti can be shipped-out and 2/3 added.



    I state the obvious when I say it is how the team performs on the park that matters this season. At Ibrox they will, as they have been doing through ten years of losses, keep finding the money to survive from somewhere. All their eggs were in the one basket last season to stop the 10iar. This season IS about the future and could be of existential importance – their egg-basket will be brimming again.



    Paul markedly does not go overboard on our chances of success this season, and with good reason. We all hope that we can turn things around very quickly, but with a new manager and half the squad replaced, it will be no easy task against a battle-hardened and settled opponent.



    We are in for a ‘white-knuckle’ ride till May 2021.

  16. PAUL67



    Their recent pubic share issue was undersubscribed,






    I’ve no idea what you mean!!!



    Oooh err misses!

  17. ERNIE LYNCH on 3RD SEPTEMBER 2021 1:08 PM




    Can you, even in your wildest dreams, imagine a club called Catholic United ever existing in Scotland?



    Let’s face it, Catholic education will not exist in the unlikely event of Indy in Scotland – wiped out under a euphemism of “necessary spending cuts” in the first five years.

  18. JHB



    “Paul markedly does not go overboard on our chances of success this season, and with good reason”



    He’s a bit more bullish than you’re painting him out to be – Paul has us beating the Huns on Jan 2nd to go top.



    You have us top six at best this season a couple of weeks ago, have you changed your mind?

  19. glendalystonsils on

    Happy as I am that we continue to kick Sevco’s arse financially , It’s imperative that we kick their arse on the pitch too . The double incentive of CL money and killing them off is too good an opportunity to miss .

  20. CELTIC40ME



    “have you changed your mind………….again?





    Fixed that for you.

  21. JHB


    Don’t take this the wrong way, but…


    Your oft used “we”, as in Celtic, just doesn’t ring true.


    Your posts are always “cold”


    There is never at any time, a feeling of…’s hard to describe…..”Celticness” within any of your posts. It’s like computer speak, without human warmth


    Know what I mean?

  22. The level of losses they’ll need to make up to get to the CL promised land is staggering.



    £17 million in 2020, I’d guess £25 million for 2021 and a return to a £17 million loss or there abouts for this season, assuming they don’t sell in January.



    UEFA FFP rules are pointless if such losses are rewarded with a CL spot.



    We need to step up and fight all the way.

  23. 31003 on 3RD SEPTEMBER 2021 2:03 PM



    It very much depends on who’s rota’d in for the day.

  24. AN DÚN on 3RD SEPTEMBER 2021 2:08 PM



    Their cost base will have increased considerably since 2019-2020. Amortization costs and wages will be up.

  25. Here comes the Bogey man.



    Catholic education scare mongoring again, what absolute nonsense he types.

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