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Newco finances writ large, an echo from a decade ago

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By on CQN BLOG & Comments

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. prestonpans bhoys on

    TURKEYBHOY on 5TH SEPTEMBER 2021 8:52 PM

     

     

     

    😂😂👏👏👏👏👏👏👏👏👏

  4. voguepunter on

    !!BADA BING!! on 5TH SEPTEMBER 2021 9:05 PM

     

    This series is evidence, that Test Match cricket is king…🏏

     

    ——————-

     

    You’ve lost the plot big fella :O(((((((((((((((((((((((((((((((((((

  5. An Tearmann on

    Re Brazil v Argentina.

     

    Was listening to Tim Vickery thro week and he mentioned this situation bubbling.the Englishbased players who are now subject to deportation by Brazilians,their visa was up at midnight.obviously some form of breakdown.

     

    Crazy as tho!😊

  7. lets all do the huddle on

    LETS ALL DO THE HUDDLE on 5TH SEPTEMBER 2021 8:32 PM

     

     

    was there a Neymar Senior?

     

     

    Ehhh,,obviously.

     

    —-

     

     

    why?

     

     

    could be a made up name for himself

     

     

    he is that type of person

     

     

    unless you know said Neymar Snr of course 🤷🏻‍♂️

  8. Celticrollercoaster supporting The Walk With Shay Legacy Fund on

    Celtic Cricket News. Who would have believed it? :-)

     

     

    HH

     

     

    CRC

  9. Turkeybhoy on

    Watching the Ghirls today up at Aberdeen,on probably the worst plastic pitch ever.A massive cloud of pellets every kick.Even the ball travelling along the pitch was churning them up.

     

    If they want to take the women’s game seriously,much better surfaces required.

  10. petec on

    voguepunter,

     

     

    Big Man 5 Day Cricket is Incredible, not interested in that wan day stuff.

     

     

    I’m an England Fan in Cricket – shoot me @ dawn.

     

     

    :)

  11. Turkeybhoy on

    LETS ALL DO THE HUDDLE on 5TH SEPTEMBER 2021 9:18 PM

     

    LETS ALL DO THE HUDDLE on 5TH SEPTEMBER 2021 8:32 PM

     

     

     

     

     

     

    was there a Neymar Senior?

     

     

     

     

     

     

    Ehhh,,obviously.

     

     

     

     

    —-

     

     

     

     

     

     

    why?

     

     

     

     

     

     

    could be a made up name for himself

     

     

     

     

     

     

    he is that type of person

     

     

     

     

     

     

    unless you know said Neymar Snr of course 🤷🏻‍♂️

     

     

     

    H,mmm,I would just have left that with the joke.

  12. voguepunter on

    Petec

     

    I’m an England Fan in Cricket

     

    —————————————–

     

    FFS! You’re ripping it Pete.

  13. stpatricksbhoy on

    PETEC on 5TH SEPTEMBER 2021 9:25 PM

     

    voguepunter,

     

     

    Big Man 5 Day Cricket is Incredible, not interested in that wan day stuff.

     

     

     

     

     

     

     

     

     

    I’m an England Fan in Cricket – shoot me @ dawn.

     

    Petec I am with you fantastic game so they can shoot me as well.

     

    Hail Hail

     

     

     

     

     

     

     

    :)

  15. !!Bada Bing!! on

    VP- the reason i like cricket, is as a wean,the only live sport on TV,was horse racing and cricket on the ole BBC ….the Sky coverage, and pundits is fantastic……ah know mate…

  16. Turkeybhoy on

    I’m an England Fan in Cricket – shoot me @ dawn.

     

     

     

     

    Petec I am with you fantastic game so they can shoot me as well.

     

     

     

     

    Hail Hail

     

     

     

    Where will you both be?

     

    At Dawn.

  19. celtic40me on

    Burnley

     

     

    Third try after getting bombed out before. I somehow managed to get tickets last weekend. I love lords, it’s a special sports ground where you always smile as you take your seat. The oval is great as well, especially when Pakistan, India or the windiest are playing. Great atmosphere, the best of London

  23. celtic40me on

    Test cricket is wasted on the English, an all-day game played in the summer that starts on a Thursday, finishes on Monday and where you’re encouraged to drink all day.

  24. petec on

    celtic40me on 5th September 2021 9:46 pm

     

     

    Test cricket is wasted on the English, an all-day game played in the summer that starts on a Thursday, finishes on Monday and where you’re encouraged to drink all day.

     

     

     

    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

     

     

    Its the Weather Heather….. Incredible the Swing just by the atmosphere, getting to the end of the 4th Davie Hay and Anything can happen,

     

     

    Love it. Usually good Commentators on that dinnae churn out cliche efter cliche.

  27. celtic40me on

    PETEC on 5TH SEPTEMBER 2021 9:54 PM

     

     

    Test match Special is one of the best things about the bbc

     

     

    The sky commentators are really good as well

     

     

    The women really are as good as the men on both

  29. petec on

    setting free the bears for Res. 12 & Oscar Knox on 5th September 2021 9:55 pm

     

     

    The Herald has Neil Lennon as favourite to replace Stephen Kenny as ROI manager

     

     

    ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

     

     

     

    A Tough gig but I wish Neil well.

  33. petec on

    There wusnae a Big crowd @ the Downpatrick Cricket match, there wiz nobody…… I just popped into order a Taxi, when the Barman finally arrived (I could have had a field day) and let me phone a taxi. If I recall right.. it was a Long Time (2 David Gowers) so I just walked it. I’d have Loved to have stayed and watched the game unfold but we were meeting TriColouredRibbon (Danny frae Derry/Clydebank).

  34. drew1967 on

    Quite like test match cricket.was cheering on the Indians when out wi ma engliah mates on holiday.

     

    The Ashes is great sport

  37. Back to Basics - Glass Half Full on

    Re Test cricket .. Highlights programmes with computer analysis make it much more interesting.

     

     

    I personally don’t have a favourite team.

     

     

    Quite like India, Pakistan, New Zealand, Sri Lanka, Bangladesh, West Indies and Australia.

     

     

    Does that make me a bad person?

  40. gerry123 on

    Q F

     

    If you send your children to a state school you tell the school your children

     

    are not Christian. Do you imagine non Christian parents allow their kids

     

    to be taught another religion at their school, but i guess you know that, or

     

    maybe you have another reason for spouting your garbage

  41. Greenpinata on

    Jackanory, sweetie wife tale or is there some truth.?

     

     

    Bolingoli to Lokomotiv Moscow on loan, after altercation with James Mccarthy.

     

     

    Time will tell.

     

     

    HH to all.

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