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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  1. The Delta variant is the Bad one. Every Vaccine isnae keeping that @ Bay.



    So introduce Vaccine (Papers Please) Passport if you……



    How About an Antibody test?



    Or is that not, Long Term, as profitable.



    The Israeli research is Ki for Me.



    £50 to get the results ye have the Antibodies?



    Ridiculous the Antibody test wisnae straight off the bat.



    This is All about Control.



    Dinnae Worry a standardized card will be developed Jam & Spoon.



    And here is wan of my Collected Albums in Full frae 1994.






    Well 1 track….. Apologies I thought the Album would play.



    Harthouse 4 isareal Berhard Langer.



    Harthouse.CSC —– only if ye like hard dance frae mid 90s.




    Thanks for the article.



    I see I am above you (just) in the league :-)

  3. Good morning all from an overcast Garngad



    These international breaks are murder.



    What about those anti vaccine plonkers in town yesterday…Dearie me.



    Some of the theories why not to take a vaccine are ridiculous.



    Vaccine passports for everyone over 16 or you do not leave your postcode and are not allowed into shops, pubs, restaurants or even workplaces.



    There sorted out the pandemic.



    Hard decisions need to be made and you cannot please everyone.



    Only my opinion of course or is it probably more out there thinking the same as me than there is anti vaccine plonkers.



    D :)

  4. Bonfire guy @ 1:06am



    ‘Let me also say, you make easy reference three times to the man’s own name. He deserves your respect.


    I consider him to be a martyr of my Church. His wrists and ankles were broken on the rack in the Tower of London.’



    Apologies, I was not aware of any of this at all. This justifies your impassioned defence of big Duffy and goes a long way to explaining his abysmal form whenever he wore the Hoops!


    Just surprised none of this was spotted at his medical…

  5. It’s the warped reasoning about the closing of Catholic schools that I find abhorrent. They don’t even stand up to the minimal level of scrutiny. It is a sectarian way of thinking, never mind acting, por cierto.



    Blog broke?.



    Long lie-ins, Sunday :)) por cierto

  7. Huns finally have a player who will bring in some big money…he will not be there for long…he’ll be listening to the tales of Billy Gilmour, John McGinn and co. Match of the Day rather than Sportscene.

  8. WBC,



    I thought Paterson started off well,but second half,looked to be struggling.Maybe Covid effects.Still loads to learn.Gerrards comments ridiculous.Loved to see Gilmour playing well.The Huns will be spitting feathers.Buttons for him.Think he has a big future in the game.One of their own walking away.



    “Huns finally have a player who will bring in some big money”



    I”m not so sure, has an awful lot still to learn, I like him, I do, but, I don’t think he’s ready yet for International selection. Good pros are having to make way for a novice in the game let alone on the international stage, por cierto.

  10. Big Nir getting great reviews for his performance again last night.Have not seen him have a bad game for Israel.Maybe because he is played in the right position.Left side defence.Still won’t stop the would be Taxi drivers picking him up for the Airport.Free ,as well.

  11. My bit Catholic Schools – a touchy subject.


    To say that wanting a secular society without state funded religious schools is a not anti catholic or anti religion. It is a view on how taxes are used.


    In Scotland all schools are Christian which is a legacy of the Church of Scotland starting free education which later became state funded. The Catholic church got a law enacted which allowed them to run state funded denominational schools. All others are non denominational christian.


    As an atheist I found it difficult to take my children not being able to go to a state school free from religious observance. This is the law in Scotland. The only people who do not have a real choice of school to send their children to are non religious or non christian. In other words the majority!! This is why the whining of the certain factions of the catholic church towards people like myself – voicing a legitimate opinion about the discrimination against us – is hypocritical, as is turning themselves into the victims.


    It is not your children who are made to feel different and difficult when they opt out of the march to the local chapel/church during school time.



  12. Por Cierto,



    The problem is,Scotland have no one else decent for that position.I agree,still lots to learn,but sometimes you just have to learn on the job.One thing,I have no hatred for many Hun players,except for the Bigots like Mc Gregor and his like.Never have.Its the filthy verminous support I hate.Far too many of the present team,good Catholic boys.

  13. On an earlier recommendation I watched the ISR v AUS match. There’s 96mins of my life I wont get back.


    With a defence featuring Nir miss and ‘rocky’ Marciano, Israel were as porous as moth eaten drawers.


    Austria’s backline was strudled with mistakes too.


    A game littered – early on esp – with many errors and crap passes by two pretty average looking teams.


    Hatem came into a bit of a game by the 60th minute, but succumbed to his customary cramp.


    Honestly, if Scotland can’t get a result against AUS they don’t deserve to go thru.

  14. PS: also terrifed by sight of Nir occupying the left berth of a back 3; hope Ange didnt get any ideas btw.



    The lad Shon Weissman is a bull of a lad btw.

  15. I had a quick look on the Bear assed Den,to see what bile they were spouting.Sure enough,it’s not the Racist,Sectarian bile they belt out,or the endless Bigotry Parades up and down our streets,spewing out mindless bigotry that is the problem.No,it is Catholic schools.



    I fail to see,why 3 guys can be arrested,and charged for Racist songs on a bus,yet this blog can day in,day out,spew vile bigotry and sectarianism all over its pages.Does no one ever report it,or is it just ignored.So many illegal posts of the vilest kind,yet continues day after day.



    PS: also terrifed by sight of Nir occupying the left berth of a back 3; hope Ange didnt get any ideas btw.



    No chance of that.Always been played on the right.For some obscure reason.

  17. Some expert saying we lost out on 17 million by selling RC.He is worth 20 million.


    Obviously did not see him last year,or last night.

  18. QF on 5TH SEPTEMBER 2021 12:47 PM




    So you voice a legitimate opinion but those with whom you disagree whine.



    Aye, right you are.

  19. TURKEYBHOY @ 1:05 PM



    No chance of that.Always been played on the right.For some obscure reason.



    Yet last nite, before my very eyes – berthed to the left of the back three next to Tibi in centre and Ogani to right.


    Elhamed was playing in Midfield!!

  20. Ernie


    Change whining to stating their opinion in that sentence does not change the meaning. however it does deflect from the real content of the post which you choose not to address and you are free to choose not to.





    Thanks for the article.



    Apart from the secularists and the Irish Catholic halters the biggest threat to our Catholic schools are Catholic parents who send their children to the non denominational schools.