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. Celtic40me @ 1:44



    ” Our form is better than theirs,”



    I can’t agree with this, I’m afraid. What are you basing this on?


    Does our most recent head to head have any bearing on such a statement? Our relative league form over the first 4 games?

  2. Catholic schools will never be shut down in Scotland.



    Our Asian Muslim and Hindu families need them for their kids to attain a great education.

  3. 31003 on 3rd September 2021 2:03 pm



    Don’t get mislead by this creep.


    The “we” in those posts is not Celtic, its a unionist, right wing, catholic only group that he/she/it won’t ever tell us about. I can assure you the vast majority of the tims on this site do not feature in that “we”.

  4. Paul67…



    Precedent tells us that they may fold this incarnation but a new one will surface and everyone (our board included) will double down on the continuation myth. The only real losers are those foolish enough to be waiting to be paid when the cards collapse.



    A wee nosy on the Onion Bears arrests on FF is an asbolute hoot in mental gymnastics if you fancy a laugh..



    Why don’t you go home is apparently only a question and not a statement and so can’t be racist. Like “why don’t you have some jelly n ice cream m’lud?”



    And, my favourite:



    They (UB) actually sang (allegedly) the ‘party’s over’ why don’t you come home”



    Absolutely hardwired headcases……




  5. big wavy on 3rd September 2021 2:24 pm



    They are an odd lot, how can the big bad scary British nationalists ready to take on the world be so very scared of a few words?



    No surrender?

  6. UNCLE JIMMY on 3RD SEPTEMBER 2021 2:19 PM



    I’m basing it on us winning 6 of our 7 games before ibrox scoring a ton of goals and only getting beaten 2-1 away against a good Dutch team



    In the 7 games before us they’d lost 3, drawn 1 and beaten Alashkert, a team who who are second bottom of the Armenian league and would struggle to make the top 6 in Scotland, 1-0 on aggregate.



    They aren’t playing well, we are

  7. Weebobbycollins on

    “Your posts are always “cold”


    Cold and always humourless.


    Takes himself much more seriously than anyone on here, I think. Maybe Ernie does, I don’t know.

  8. 31003 on 3RD SEPTEMBER 2021 2:03 PM





    Don’t take this the wrong way, but…




    I will not take it the wrong way. You ask a question and I will answer.



    I am not in the least cold. I have had many many warm and wonderful moments in my long years as a Celtic supporter and ST holder….through good times and bad; and God willing, look forward to many more.



    When coming on to a Celtic blog I believe it is necessary to express one’s opinion in a straightforward, tolerant and at times, a hard-hitting manner. If there are challenges to be faced, why not openly discuss them? I will not say anything on here that I would not be prepared to say face to face.



    If there is good news and bad news that can effect you – you must know the extent of both to make the right decision.



    ‘Whistling in the dark’ is what the legions at Ibrox do – we know where that led them in 2012, and who knows may do again.

  9. Timmy7_Noted,



    That constant anger raging inside them must be bloody exhausting…..



    Like a big lost tribe staggering about looking to belong and be loved yet putting everyone off who might take them in…



    Anyhow eff them….




  10. We’ll know much more about our chances of winning the league after fast approaching trips away to Livi, Aberdeen and Motherwell.



    Win these games comfortably and we’ve every reason to be confident.

  11. Our most recent form is played two lost two. One of those against the team we need to top to win this league. After only four league games, it is way too early to see who has the momentum. Come back in four months time when rubbish weather and rubbish pitches have kicked in.





    Why you and others are so obsessed beats me.


    People are different – people have different views – that’s the way of the world…..get used to it.



    Of course what you want is everyone singing from the same hymn sheet….your hymn sheet. Do you know what that kind of belief is called?



    Different strokes for different folks – an inclusive and tolerant context for life.

  13. JIMDOM on 3RD SEPTEMBER 2021 2:38 PM




    ‘After only four league games, it is way too early to see who has the momentum.’






    But it’s not too early to see who is ahead in the race.

  14. Our form is better than theirs. You only have to watch how both teams have played and who they’ve played agains.



    Even in the last 4 games we’ve been better than them

  15. “an inclusive and tolerant context for life.”



    WOW the hypocrisy from the creep is quite extraordinary.



    From the “we”.

  16. Apropros my ticket posts this morning.



    “Your order details



    If you have purchased a standard general sale ticket for an SPFL or Premier Sports Cup match, your Print at Home ticket will be emailed you shortly.



    UEL 3 match Package to Season Ticket Holders – Season Tickets will be activated for 3 match packages purchased by the Season Ticket Deadline, 5pm on Friday, 10th September.”



    To conclude, I have bought my tickets and all is fine :-))

  17. Weebobbycollins on

    JHB…you’re telling me, at 73 years of age, to get used to the way of the world. That is indeed laughable.

  18. While we’re correctly assessing our chances of lasting the distance, there’s question marks over this Sevco side.



    Yes they’ve a settled squad with a core that been there for years now. A settled system and won at a canter last season.



    But do we forget the two seasons that preceded last season ? Their functional style is not suited to playing teams with a low block and in previous seasons we’ve seen them drop points as a result of an inability to break teams down.



    While this Sevco team won easily last season, their core squad were also out of the title race by mid March in other recent seasons.



    Let’s see how they manage away from home with the crowds back in the stadium.

  19. Perhaps the reason the huns can be so apparently cavalier with their finances is because they know that their continued existence as a a viable opponent is an essential part of their rival’s business strategy.

  20. JHB on 3RD SEPTEMBER 2021 1:58 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.




    Just how brown



    I can put up with your britnazi view of Celtic accounts



    Utter shite posted!



    I can put up with the shite your britnazi shite posts of Celtic



    Please do not ever try and attempt to voice an opinion


    On Catholic schools when your fellow britnazi vermin walk our streets in a poor attempt at krystalnacht.



    You do not practice the faith so detatch yourself from commenting on something you know nothing are attempting in your normal shite.



    Stick to being an amateur cat/sycghophant to George


    Galloway now he is a tory rent boy

  21. Bhoy From The Boyne on

    Would prefer we focus on our own matters instead of the zombie huns debt. No win in 7 games and against them and now looking light in midfield. We have lost two number 8’s this summer and not replaced them IMO, despite Angeball requiring two number 8’s with McGregor as the 6. An injury to McGregor would also be very concerning given McCarthy’s injury record. Playing both Turnbull & Rogic against the better sides hasn’t worked against the Dutch away or the zombies and therefore doesn’t offer much encouragement for the bigger games ahead.



    The zombies have 5-6 midfielders who are well drilled and can fit in/out seamlessly to their system. They have overran and out-thought our midfield these past 18 months. One only needs to look at the last 7 games and even beyond when we won in NL’s early games against the run of play, to see this.



    It would be premature to think we will win the next 3 derbies having not won any of the last 7. Taking pleasure on their debt and likely non compliance to FFP doesn’t give me much comfort given the rewards available for this seasons winners.



    I trust Ange has the coaching ability to better them eventually but has he got the MF players needed up to Jan transfer window? Particularly given that his high press/high energy game is likely to result in some injuries in the months ahead.



    I’m concerned…..does that make me a zombie hun?





    I am not in anyway telling you anything. I am merely saying that you should accept people are unique and have different views. Disagree by all means – but really what good do repeated pokes and jibes do?



    I would never deem to criticise your held beliefs and I am sure that you know “the ways of world”. That being the case, why would you deny others of their views.



    What is it that you really want – I and anyone else with a different view from you censored and banned from posting on this site? There are a few others who have said so much. How sad!!!

  23. Bhoy From The Boyne on 3rd September 2021 3:25 pm



    Can’t disagree with any of that mate.



    Are you a hun :-)



    I’m concerned…..does that make me a zombie hun?




    Of course it doesn’t. You are setting out the possibilities and variables that affect our club in the near future.



    There are difficulties ahead and we are not ideally equipped – any fair-minded Celtic supporter will recognise this.



    We all hope for the best and accept the possibility of falling short – just as we do in life itself.

  25. Not beating the huns in 7 makes for grim reading.



    Then I remember that 5 of those 7 games came last season.



    A season like no other for all the wrong reasons.



    I’m confident this Celtic side is stronger, better coached and more engaged than the side that capitulated against them last season.

  26. Weebobbycollins on

    “I would never deem to criticise your held beliefs…”


    Perhaps you would not deem to criticise MY held beliefs but you certainly do of others, those who consider themselves independence supporters, for example. Constant sleekit sniping. That’s what annoys me. That and your pontificating to the mediocre minds. I am blessed with a mediocre mind but it will not be influenced by hypocritical politicians nor their acolytes such as yourself. An opinion given is acceptable, that same opinion given every other day becomes a bit of a pain in the bum, especially when you know it is not welcomed.


    You dear sir, are a hypocrite.


    BTW…I would never ask for you to be banned from the blog.

  27. JHB on 3RD SEPTEMBER 2021 1:58 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.






    Last paragraph used to be called pub-talk …. Complete drivel

  28. ERNIE LYNCH on 3RD SEPTEMBER 2021 3:03 PM


    Perhaps the reason the huns can be so apparently cavalier with their finances is because they know that their continued existence as a a viable opponent is an essential part of their rival’s business strategy.









    It’s much simpler than that Huns mission statement is We are the peppil … all the business nonsense flows from this unshakeable world view … despite it crashing around their ears not so long ago



    Simplest answer almost always the right one … conspiracy stuff is just more pub talk

  29. CoViD19 and the UK medical establishment — you know the mob all flu experts and herd immunity freaks.



    Well the JCVI have added another element to that long list of failure — no recommendation to give out the vaccine to 12-15 year olds.



    It seemingly went to a vote — majority given as the result — so there must have been some sense in the room but no matter the one club golfers / herd immunity fanatics won out. Too few children seemingly need intensive care after a case of CoViD19 for the vaccine roll-out to be worthwhile.



    What a bunch of complete wallopers.



    You only have top look to the schools going back in Scotland to see the damage this virus is doing to our teenagers and their education. And then you have the active cases in the school population re-seeding the adult population — both teachers and parents.



    Hopefully there will be a full shake up of public health in the UK — too many careerists stuck on the gravy train with no intention of getting off.



    Not Jacinda needs to tell them to get lost and just get on with it.


    The stable door is open and the horse has bolted but there are other horses in the stable.

  30. What 3sy said………………….



    I’d add -there is no love apparent, none.


    The bare interjections devoid of comfortable, familiar camaraderie. None of our care-worn wry observations or humour, ever.


    Not even after a win or great performance.


    Following Celtic tends to knock the hard edges off ye. Its a Love affair with blessed highs and unfathomable lows……….rarely is it a flinty-eyed, forensic prognosis.





    31003 on 3RD SEPTEMBER 2021 2:03 PM







    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?

  31. Why don’t you go home?



    (b)The Equality Act 2010 says you must not be discriminated against because of your race. Within the Equality Act, race can mean your colour, or your nationality (including your citizenship). It can also mean your ethnic or national origins, which may not be the same as your current nationality.(/b)



    Not for the feint hearted or even the difficult to offend ,is the full Rainjurz lyric, ‘why don’t you go home’ sure is as racist as it gets, but there’s a lot worse in the song though the marchers might find it difficult to remember more than one line. From a game at Celtic Park in 2008 whilst Rangers were busy on the slippery road to becoming Sevco 5088, Celtic and Timdom was treated to 9,000 voices singing this song, Celtic Football Club did nothing. A question was raised in the Irish Parliament, Celtic Football Club said nothing.



    Here we are all these years later with racism all around us, has it caught up with Sevco? You bet it hasn’t, firstly SNP tried to take out football with the highly offensive Offensive Behaviour at Football Act, so blatantly it not only discriminated with Scotland’s shame, it discriminated against football in general. ‘Target a Taig’


    is racist, they marched to its tune twice to George Square but unable to distinguish any,were left with only their unique, bear on bear action.



    Celtic overly conscious and fragile of any criticism ,no doubt anticipate the tsunami of faux racial whataboutery fuelled by the ones as bad as the other Scottish Brigade. We’re running with Rainjurz once a week racism reported on Monday forgotten by Friday, c’est la vie no succulent lamb and they’re getting banned by the bushell for their ‘banter’.








  32. SAINT STIVS on 3RD SEPTEMBER 2021 2:20 PM


    Catholic schools will never be shut down in Scotland.





    Not so sure about that one.


    Every time there’s a sectarian outrage in Scotland, some commentators find Catholic schools responsible.


    Until very recently, the ‘Greens’ stated policy was to end denominational schooling in Scotland. They are now in government.


    Last year, SNP MP, Tommy Sheppard, advised the Humanist lobby on how best to get rid of Catholic schools.


    These events suggest resonance for exclusively secular education within elite levels.

  33. Our resident Tories – Ernie & JHB – were telling us all yesterday that there would never be an independence referendum. So why do they continue to post malicious and fictitious reasons not to vote for independence? In other words, why post shit you don’t even believe yourselves?



    ‘Our resident Tories – Ernie & JHB –’







    What makes you claim that I’m a Tory?

  35. Good call FRITZSONG .



    At Holyrood anyway, there is definitely momentum in favour of a secular education system. Probably as a result of most MSP’s being of no particular religious persuasion. Harvie would shut denominational schools in a heartbeat. Ms Sturgeon would probably “prefer not to answer”.



    I wouldn’t say that they are particularly anti-Catholic schools, more anti organised religion of any kind. They have no faith at all and would prefer the link to be home and church and not home, church, and school.

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