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. QF



    At the last census, 2011, 54% of the Scottish population stated their religion as Christian. Down from 2011, but still a majority in my book. Not an opinion Poll of 1000 respondents, but a National Census. In the same census 37% of the population stated they had no religion. Now that may have increased since but that is way short of a majority. Thanks to Nicola Sturgeon and her SNP government no census was carried out in Scotland in 2011, though every other part of the UK achieved this despite the Covid19 pandemic. Now you would think a political party planning a referendum on Independence would value an actual breakdown, including that of religion, of that populace, but no, Nicola Sturgeon thought otherwise. What that means is that you, and everyone else will have to wait a bit longer than say those in Northern Ireland, to know, as opposed to guess the stated religion of the those that live in Scotland.

  2. It will be interesting to see our line up on Saturday.



    I hope everyone is in contention and give Ange a good wee problem.



    D :)

  3. In today’s Scotland, a light will not be shone brightly on anti-Catholic/Irish hate, racism, or sectarianism, whatever you want to call it, while our devolved regime is run by a Nationalist cult that needs hate to survive. Hate of the UK that financially underwrites its existence and hate of the English whom, in a heartbeat, they would stop at Berwick. Can you imagine a prominent celebrity supporter like Godley(“Boris is a C***”) in any other part of the UK getting favourable publicity by wearing a t-shirt with “Sturgeon is a C***” emblazoned across it?



    To cut out hate, bigotry, racism & sectarianism, all cards must be put on the table. It won’t happen – the SNPcult are the most secretive, controlling, centralising & dissent-denying party/administration, since that other husband and ‘wife’ dictatorship that was finally wiped-out in Romania – the Ceauşescus.



    Shine a light on all hate and you will see ours, that’s their fear – and so the SNPcult will soft-pedal and continue to be mealy-mouthed. A bright light would be damned inconvenient.

  4. QF on 5TH SEPTEMBER 2021 1:31 PM



    Your choice of language betrays your mindset. Reeks of arrogance and entitlement.

  5. Brother Walfrid later wrote of the scheme some years later in the Glasgow Observer: ‘Should parents prefer, they could send the bread and the children could get a large bowl of broth or sup for a halfpenny, and those who were not able to pay got a substantial meal free. This has been a very great blessing for the poor children.’ Over 250 Catholic children in Bridgeton were soon benefiting from these free dinners. Working in concert with Walfrid his colleague Brother Dorotheus implemented the same scheme at St. Mary’s in the Calton, taking over a disused blacksmiths in the school yard. By December 1885 the Penny Dinner scheme was providing in excess of a thousand dinners each week to youngsters of school age (and a few impoverished pensioners) in the East End. The chief difficulty for the Marists and the tireless volunteers of the SVDP was to sustain the fundraising efforts to keep the dinners going to meet the ever-increasing demands.

  6. Weebobbycollins on

    He’s like the wee boy who throws the stone and runs away.


    Posts his comment for the umpteenth time then scarpers like a naughty child.


    Why are you repeating these comments to us? What do you hope to achieve?

  7. Weebobbycollins on

    Favourite Uncle…probably on holiday…or just hiding. So many questions on some very important issues that he can’t /won’t address.

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



    50 thousand people turn up at ibrox every second week and sign songs about killing irish catholics and sending them home. Groups of folk walk the streets of glasgow and sign songs of hate against the irish minority. Marches take place every week in the west of scotland were the walkers intimidate and abuse minority groups. The debate quickly turns to how the country can make changes to the victims life so the perpetrators will stop the hatred towards them. All of a sudden the victims is the problem and their customs and culture must change to gain the acceptance from others who incidentally will not change based on the false premise. You want change you tackle the problem. The underlying belief that one culture is better than another culture. The issues runs far deeper than schooling.



    You are correct that non denominational schools do take children to Christian churches and that is not appropriate if children are expected to participate, however, if it is to observe different cultures, religions etc. I dont think it is a bad think. I would caveate that by saying such school should explore all religions and atheism too as part of their broader education because like it or not we share a world with all sorts of people and diverse world views.



    If parents choose to sent their children to catholic schools or any other type of religious schools where they will learn and are expected to participate in religious studies I see nothing wrong with that, like you they are making decisions about what they want for their children. I think these children should also be exposed to other religions if not expected to actually participate in the services/ rituals.



    Their is a lazy assumption in scotland that if catholic schools are ceased then intolerance will become less of an issue because children will grow up with other groups. Its crazy because we already grow up together, we share children together, families together and friendships together, we go to the same shops, clubs, pubs and enjoy the same sports etc. We work together and we grieve together. Yet the hate towards minorities continues.



    The hatered towards celtic fc is pronounced because of its percieved irishness and worse still the fact it embraces its irish background and scottish background. The minorities are proud and that goes against the idea of the supremacists who think they are in their own words ‘the people’.




  9. Petec



    Few could argue with the logic of your antibody suggestion regarding testing. Sadly there is no / little money to be made and no control of the masses achieved by this hence no desire to do it.



    It is a sad indictment of those in power.



    Sad too for those in opposition that as long as we have ‘emergency powers’ in place then it is the government who can exert a much greater control on decision making and all aspects of life.



    It is a situation which won’t change until ( at earliest ) end of 2023. So another 8 years of Boris and co is a real possibility.



    With Keir S seemingly happy to be invisible, even missing open goals with basic human rights issues such as vax passports now championed by Boris ( only liberals questioning ) and then Boris going against JVCI recommendations to jab kids simply going to be waived through, I fear that it will be a long long time before we have anything other than right wing governance in the UK.

  10. Another really good game by our new Croatian last night in Slovakia. I really think we have signed someone pretty special here.

  11. Buchanan street yeasterday around 5pm. just outside the Levi shop.



    A group of young out their faces youths are giving gay pride attendees an ear bashing as they pass.



    This then turns to a big yob singing god save the queen as a group of young asian boys, who laugh it off with some verbals back, definately smart witted, too sharp.



    The boy continues to sing or rather shout god save the queen, while telling his mates to join in because you cant be arrested for singing our national anthem, and anyways who is gonny stop us.



    The next group getting it were very young tartan army boys, looked like 13 ish, the taunters easily in their late teens maybe twenties.



    A shout of Rule Brittania goes up, startling some old dears walking past.



    The poor guy begging outside the arcade is the next get it, ya stinking tramp get tay, well you know.



    A group of grown up tartan army guys come doon the road (see whit a did there), one looks hard as nails, he tells the big yob to quiten doon , which he does. the bravado going.



    Why tell you all this, just another saturday in glasgow you might say,



    well, One Scotland, many cultures abused, I bet they did not go to catholic schools.

  12. Interesting that since JHB posted @ 14.22hrs virtually all the posts since have attacked the poster. They have not attempted to address his content.



    The pertinent question remains, are his comments correct ?




  13. Burnley78,



    We are in a total mess and be in no doubt if you opt out of the Booster Jab you will then become anti-vaccination, IMHO.



    I hope the SNP Leader gets challenged strongly this week because she has frankly been @ the head of a right mess for this Country.



    This is now about Freedoms not coming back.



    Starmer – My God what a shocking Labour appointment.

  14. Set up for a great finish to the cricket.



    Test Match cricket at its best.



    Shifts of momentum throughout the 5 days.

  15. Earnie



    The fact you attack me not my points speak volumes.



    Celtic Mac – like Ernie ignore my points for cheap point scoring. You are correct – I based my “majority” on a guesstimate which is based on trends. The fact you highlight it as important must mean you agree that when my “majority” is correct then it’s time to end state christian schools.






    I also believe in allowing children a view of different religions and moral issues. This is a subject called RME I think. The law covers observance not RME.

  16. A frenetic end to the Belarus – Wales game. Tied 2-2 in the last minute of a very physical game, and after a stramash in the goalmouth area, Bale scores his hat trick to give the Welsh a valuable 3 points.

  17. Emergency powers, control., ID cards ( vaccination passport ) Cicil liberty.



    We discussed this many times at the onset of Covid 19.. Those of us who saw this coming were shouted down.



    Generally political figures have to be forced to relinquish control.



    How many Dawn Raids can we expect this season ?



    Be wary, be very wary.

  18. QF on 5TH SEPTEMBER 2021 3:52 PM



    It’s the language you use about yourself and about others that speaks volumes.



    Unwitting testimony I think it’s called.

  19. I can see covid maintaining its top billing for a few weeks as Boris seemed to cover up the brexit shambles as supply chains tighten this next few weeks.



    What will the opposition be doing ?



    Answer is taking their easily earned pay and scrutinising their naval. John Smith and many other principled and capable labour leaders will be turning in their grave at the current lack of substance and backbone ….. despite the fact that there is capability there.

  20. Greenpinata



    Emergency powers are here for many years.



    Introduced by stealth but now essential.



    They allow our leaders to control in a manner far easier than previous.



    The earliest we can get back to normality and remove these is the end of 2023 but that seems unlikely.