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. I am a tory as well now.


    Well I say tory I mean a believer in the Union.


    well I say the Union, I actually just mean Great Britian.


    Staying in this arrangement will save the catholic schools, protect us from hordes of Orangement, and keep us say from the general populations of scotland who are ready turn us in as soon as independence is declared,



    all those peersuavive argument that are put up here have tunred my head, and my betters have shown me the way.

  2. Hi Bhoys



    Gonny leave out the religous arguments on the blog it will not end well.



    i’m not arguing or debating about this i’m just asking.




  3. TONYROME on 3RD SEPTEMBER 2021 5:07 PM


    Hi Bhoys







    Gonny leave out the religous arguments on the blog it will not end well.







    i’m not arguing or debating about this i’m just asking.














    aye but what faith to keep ?

  4. Question……



    If they want me to go home (considering i can’t get Irish passport cos it was my great grandparents that were irish) will i now get an Irish passport???

  5. Wee Bobby Collins – surely you are not in favour of curtailing political discussion? The SNPcult would love that.



    Since 1987 until Commie Corbyn took over, I was a fundraiser, campaigner and member of the Labour Party. I fought with all I had against the Tory Party & their ideology, and the SNP and their’s. The SNP have a detailed history of ‘getting into bed’ with the Conservatives – independence and expediency are the only principals that guide them- we see it again in the last couple of days with their pact with the most discredited Green Party in world politics, to showboat at the Climate Conference and proclaim a parliamentary majority for the doomed & forlorn IndyRef2.



    I detest Nationalism in all its forms. The SNP will reduce Scotland to a poverty-stricken, more divided, bigoted and bankrupt state within ten years of independence. I respect my fellow man, neighbour, colleague, family and friends too much to allow that to happen.

  6. Often the Scottish churches get together for ecumenical reasons. Sunday morning tv is a good place to start.


    How powerful, then, if the Scottish churches would come out and speak as one voice on recent events.


    I appreciate the CoS is not compelled to, but imagine the optics had the moderator stood outside the Glasgow church, where a Catholic priest had previously been assaulted, as another hate march walked past.


    Picture that scene? What would the marches be representing? What would the moderator?


    The walk would be shown up for what it is.

  7. Great summary by Celtic By Numbers – complete article deserves a close look






    Firstly, this has been a “successful” window in terms of starting to reshape the squad to Postecoglou’s requirements, bringing in some real talent, and being pragmatic in some positions to stop the bleeding.



    From an Asset Management perspective, it’s a doozy.



    No one sensible thought all Celtic’s squad woes would be solved in one window and I estimate it will take two more.



    Glaring and highly uncomfortable risks will need to be navigated between now and January. Add in the fact the style of play is high energy, high pressing and fast movement. Add in the propensity for certain challenges in Scotland to go unpunished. Injury and burn out risk is high probability.



    This all adds up to a highly stressed environment.



    I am far from comfortable even though I am certain the direction of travel and the start of the journey are on point.



    This will be some rollercoaster.




    Wonder who will label the author a hun first?

  8. One’s output is easily looked at in its entirety…………we all make evaluations on our Club – the good, the bad and the improvers………


    Seldom is the output monotonously in the doldrums…….where every silver lining is merely a cloud-in-waiting., every breakthrough a false dawn……and any triumph a mere precursor to an inevitable disaster……….



    O’ to be so lofty of thought!

  9. Watching the limited footage of our new no 7, what I was impressed with more than his goals was his ability to hold the ball up, often causing the opposition to foul him. This will be a great asset for us when and if we change our game plan giving us more options. HH ☘

  10. Paul 67,



    For years I gleefully accepted that the huns would fold again. Their financial situation was so dire that they couldn’t possibly survive.


    Phil predicted this continually.



    Now I have reluctantly realised that their financial situation doesn’t really matter they will survive in some form.


    Doesn’t make it right, but I am over the glee of impending doom.



    Now I prefer to concentrate on Celtic. Exciting times ahead. A potentially league winning transfer window.



    We are playing Exciting football and it’s great to see. Our rebuild will be built on the traditional Celtic style of football and the journey will be intriguing.



    Personally our most crucial game was the game in Holland. We may have lost the game, but we won European football.



    European football is crucial for us. It is no exaggeration to say it will define our season and has probably defined our recent transfer aspirations



    HH. Hold on to your hats, the journey may be bumpy but we will reach our destination the Glasgow Celtic way.

  11. The bigot and chief hun propagandist D Edgar is now threatening daily record employees that he will out there social media misdemeanors if there are any. They are raging, no one likes us 😂 No they don’t.

  12. Currently Huns are 9/4 on & we are 13/8 to win SPFL.


    So Huns are Bookies favorites.


    We were favorites well into last Season despite trailing the Huns.


    Last year we were perceived as having the more settled team, currently the Huns are quite rightly regarded as the settled team.


    Ange has to find his best eleven, we have to be able to grind out the wins as well as putting on a flamboyant show.


    We also need a bit of luck, we can only take points off the Hun in Derby games. If they go anywhere close to last Seasons total against the rest it will be an extremely difficult League to win.


    I think we can win it, but it won’t be easy,

  13. Greenpinata,



    I think we have a good Window as well but the way Ange has transformed Celtic in such a short period is impressive IMO.



    Its a pity we couldnae move out the ones who obviously have no future @ Celtic in this window.



    On a seperate point I cannae believe I am going to be excluded from Celtic Park. Interesting she declined to say if this was a temporary measure.

  14. Some of the comments towards JHB today have been shocking, in my opinion.



    If you don’t like a poster, that’s fine, ignore them or debate with them. If you start getting personal, that’s not in the spirit of this good blog.



    Peace ✌️




    The tie against AZ must have given everyone huge amounts of belief, “trust in the system” is a bit of a nasty catchphrase in the game at the moment but Joe Hart used it recently and it does show how important getting results against a good team like AZ are for a coach with new ideas.



    Next up a decent showing in the EL and an overdue victory against the Huns.

  16. Bhoy From the Boyne,



    Great post 👍🏼



    I’m still not sure what Rangers changed in the second half to over run us, but it made a massive difference.



    We’ve made progress but as you say, they have a group of players that know how they play and can all step in and cover for any injuries or suspensions. We will hopefully be the same soon – though we may need another couple of transfer windows for that

  17. A semi final against them at Hampden in November would be a very good test of where we are



    Lots of football to be played between now and then, of course, but after Sunday, and with Julien, MCarthy and Jamesie fit, and GG, Jota and CCV to be settled in by then I have us winning it



    Some of the comments towards JHB today have been shocking, in my opinion.




    Thanks for that – it’s nothing to me, I am just sorry that others have to read it. I will continue to post my opinions and attack no one personally.



    To be frank if any of those who think it’s good to abuse actually agreed with me, then I would be concerned. Hope nothing is directed at you because of your intervention.

  19. I’m not sure what good tim and occasional CQNer Celtic by Numbers has to say about him but the data on CCV suggests he excels in defending corners and set pieces and has similar, excellent,heading duel stats as Harry Maguire, albeit against inferior opposition



    A bit dry, but certainly cause for optimism for when we face the Huns next

  20. glendalystonsils on




    CCV will be an asset in that regard . Hopefully Giorgios ,with his heading ability , will also be useful defensively at set pieces , as Chris Sutton used to be . Sutton , I believe , was a CH turned striker .

  21. Evening all,



    Today Mrs BelmontBrian’s uncle, Mungo Seggie. (83) was laid to rest.


    The kind words and prayers offered were greatly received and appreciated.



    Many thanks




  22. I like stories where a manager took a player and played him in a totally different position with great results



    I’d try Ralston in midfield! he has shown he can adapt to the inside position , has drove into the box on many occasions and scored as well as delivered good crosses. I think he would could add a lot of strength and power to a weak midfield (assuming McCarthy can’t set up)

  23. Majestic Hartson



    Fair play. MH.apologies to you and the Blog




    but not to the troll.



    I know him.Tam is a known attention seeking troll.


    I know why he is here and it is not Celtic.



    No learning from him at all.


    His duality gives the beetlejuice head a run.


    His interpretations on accounts are wrong.


    its constant and intended to generate learning at all .the posts being a conflation of bile theory/wishful thinking from rm/ff and hold that hand/knuckle are again just wrong.


    Today was about someone who is not of the Catholic faith,(and its nothing to do with the education debate)




    Anyways MH.peace time for a wee bunnahabhain.




  24. JHB, you personally attack anyone in favour of indepence within the EU as being a member of a cult. If that’s not deliberately provoking inflammation take your range of bowls elsewhere and try try try yet again.




    Condolences to you and the wife on Uncle Mungo’s death.



    May he rest in peace with God.







    It looks like we’re actually plugging the gaps and signing players to do the jobs we need them to do



    I read on another forum that GG’s YouTube reel includes plenty of defensive clearances from corners.



    I know this sounds like I’m making stuff up, now. But I’m not honest :)

  27. The Blogger Formerly Known As GM on

    BBC Scotland inform me of more arrests for ‘sectarian singing’.



    If that mob had been referencing Pakistanis, Indians, Muslims, (pick a minority who live in this country), would it still be described as ‘sectarian’?



    Some of the comments towards JHB today have been shocking, in my opinion




    Agreed. It’s the whole gang against one man. Nasty stuff.

  29. glendalystonsils on

    CELTIC40ME on 3RD SEPTEMBER 2021 9:00 PM



    Good headers of a ball in Celtic shirts are a bit like buses . Nothing for ages then two come along at once !




  30. The Blogger Formerly Known As GM on

    Got to say it’s been a confusing few days and weeks for media…………say something perceived as anti-English and it’s a row about racism whilst a mob given a police escort whilst singing anti-Irish songs are ‘sectarian’.



    Now I read ‘scientists’ do not recommend jabs for 12-15 year olds. I’m sure he media were telling me about ‘experts’ recommending this course of action fairly recently.



    Who to believe? Scientists or experts?



    If I wasn’t a half-wit, I’d begin to question seriously what the media tell me.

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