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. lets all do the huddle on

    England close on 77/0



    Going to be a good final day tomorrow.




    surely no way england are going to attempt that



    but look forward to watching it anyway



    will be good



    and its beats working!

  2. One of Nicola Sturgeon’s new hand-picked economic advisors has warned independence would be “Brexit times 10” thanks to the much deeper economic ties between Scotland and the rest of the UK.



    Prof Mark Blyth, who was appointed to the First Minister’s new economic advisory council in July, said that “pulling apart” more than three centuries of economic integration would “hurt a lot.”

  3. It’s set for a real classic tomorrow.



    Brilliant 5th day wicket and for some crazy reason India left out Ashwin.



    They said Thakur runs were invaluable.



    Glad I am working from home tomorrow !



    Early start to free up a bit for time for the first session of play for me.

  4. bournesouprecipe on 5th September 2021 6:27 pm



    I blame Kafflik Skools,






    Harvey , ironically wants to do away with Faith Schools.




    I know I’m not getting any Younger.

  5. “BURNLEY78 on 5TH SEPTEMBER 2021 7:26 PM


    It’s set for a real classic tomorrow.



    Brilliant 5th day wicket and for some crazy reason India left out Ashwin.”



    There’s some good “where’s Ravi” stuff doing the rounds on social media. Nobody gets why he’s not been included. England would have been in real trouble tonight if he’d been playing



    I had a great day there today with my youngest, when the weather’s like that there’s no better way of spending a day, for me. 8 hours entertainment, no complaints, no phones.



    Not everyone’s cup of tea, but plenty of time for a pint and a chat.

  6. prestonpans bhoys on

    No idea what’s going on with this game but Argentina’s players have walked off the park😱

  7. lets all do the huddle on

    they are trying to deport some players who shouldnt be in the country




  8. prestonpans bhoys on

    ANVISA personnel and Brazilian Federal Police have walked on to the pitch and stopped the match to detain the 4 Argentinian players who lied to enter the country.



    This is incredible.

  9. For those interested in knowing more about the ongoing effectiveness of the Covid19 vaccines, let me draw your attention to someone who really does know what she is talking about;


    ‘The Atlantic’


    “What We Actually Know About Waning Immunity”


    (Reports of vaccine’s decline have been greatly overstated)


    Katherine J. Wu



    nb Your body knows more than you do

  10. Celtic40me



    We’re you at the Oval ?



    Lucky you if so. I love Lords and the Oval. 2 really great Cricket arenas which have been respectfully upgraded.



    I am going to the 4th day at Old Trafford next week. Hopefully the series is in the balance by then.



    The plan before the covid was to go to a match in every test match stadium still existing when I retire.



    Still plenty to do for sure !

  11. Celticrollercoaster supporting The Walk With Shay Legacy Fund on

    St Stivs



    Was at “Bend it like Bertie” with MrsCRC on Thursday at Websters



    “Absolutely magnificent”



    See you Friday?







  12. Cricket fans



    This has been some Test. Unless India show more confidence than they did in the final session, England COULD win this. I don`t know what the bookies are saying but I find all three possible results equally likely !



    was there a Neymar Senior?




  14. I took this game to be abandoned due to Covid in a Turkish bookies today.


    Got 3/1.Think I’ve been swindled.

  15. bournesouprecipe on 5th September 2021 6:27 pm



    I blame Kafflik Skools.






    The jibber jabber in this respect is not Good.



    Maybe its just me but I Always slow down when driving by a Place of Worship – Usually St Patricks in Dumbarton….. Burials, Marriages and especially Christenings huv left an indelible mark (All Good) on me.



    The Best Ever Sermon I Heard was in Kirkcaldy with a Polish Priest.



    Thanks to Pool and an Amazing dude.