Newco interims, vanity projects and inevitable conclusion


Interim accounts for the 6 months to 31 December 2017 were issued by Newco over the Easter break.  Income was up £3.1m, due to the new merchandise deal negotiated (paid for) with SportsDirect, higher ticketing and hospitality revenue, although no mention was made in the notes of the progress the club made with its first foray into European football.

Costs were up correspondingly, by £3.5m, leading to a loss of £926k for the period.  The previous year, a corresponding loss of £238k led to a season-end loss of £6.663m.  We can expect something similar for this season, leaving directors to find an operating loss in the region of £7m.

The good news is that “penniless” Dave King has convinced a Trust to provide the £11m required for him to make an offer for shares his concert party do not already own.  The offer of 20p/share is likely to be accepted by some who have tired of the episode, including those who were ousted by King and colleagues in 2015.

It is likely all the money is in place to cover this season’s deficit and the share offer but the big question remains, how to breakeven?  Competing with Celtic is not even a question.

If expenditure remains at current levels, reaching the Europa League group stage would bring in enough money to remove the spectre of running out of cash, but that is a huge challenge.  Newco would need to overcome four higher seeds to get there (something I doubt has ever been achieved).

They could increase the football budget, but that would expose them to higher-still potential losses, with associated risks.  Or they could downsize.  Stick with Murty, get rid of the Portuguese vanity projects and develop a team from the ground up.

Downsizing also comes with risks.  Vanity projects sell tickets and merchandise.  A first team full of teenage graduates from Murray Park would be a hard act to ‘follow’.

In short, I don’t see financial viability in this club, never mind competing with Celtic.

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    to DOC!!!!!






    to ONEMALLOY and SHEILA!!!

  2. Delaneys Dunky on




    Peter Tosh was relatively short then, compared to CQN’s Bermudan poster McTall. He is the only man I have met, who made An Tearman appear short. :)





    Downsizing doesn’t cut the mustard with the hordes. They deserve better.



    And,for sure,they will get what they deserve.





    MCTALL is well named. What with him and AT in the company,not to mention one or two others,no way our group was getting messed with that night!

  5. glendalystonsils on

    Every time I read an article like this I am buoyed up (or even bhoyed up) on a surge of op-tim-ism.



    Then, when it doesn’t happen, and they wriggle out of another seemingly hopeless position, I feel like someone’s let my tyres down.



    Maybe one day.

  6. Delaneys Dunky on

    The Clumpany



    I would love Roy McGregor to sack the Teeside thug Davies and send him back to English non league fitba to practise his thuggery. Scumbag of a man. Coward to boot.





    My apologies for not thanking you more often for your consistently brilliant piss-takes. With,of course,the accuracy of satire.



    But I think you may have surpassed yourself with this one…



    “Graeme Souness: 101 Misunderstood Tackles”

  8. Delaneys Dunky on




    I would not mess with SENGA either. Lovely lass, lovely West End hard as nails lass I suspect.

  9. i an waiting on cousin alberts view of the non-audited accounts.



    he will get it right.



    it looks a robust business model

  10. Delaneys Dunky on




    That is my motto too J.


    Once bitten, twice shy! :)


    Never say never is a better motto!

  11. this waiting on the fixtures for the last 5 games is so rubbidge. cant plan the rest of april and may, life on hold.



    if motherwell dont get a result tonight, then the top 6 is know, so hopefully the fixtures are out on thursday morning.



    who do we definately play at home ?



    sevco , aberdeen & kilmarnock is it ?

  12. Delaneys Dunky on

    Saint Stivs



    You would be better getting Delboy and Uncle Albert’s view of the hun accounts.

  13. -)))))



    on another topic, are the season book renewals getting earlier ? or am i imagining that ?



    remember it used to be during the close season.

  14. Paul67



    I’m sure the term was coined on here as far back as 2007/8






    Zombie companies are indebted businesses that, although generating cash, after covering running costs, fixed costs (wages, rates, rent) they only have enough funds to service the interest on their loans, but not the debt itself.[1] As such they generally depend on banks (creditors) for their continued existence, effectively putting them on never-ending life support.



    It will always be like this the longer Celtic are so skilfully commanded, as we have been since 1994 the wider the gap will become, after all its not even six years in the making.



    They spent all their pennies, and as widely predicted got rid of Caixinha but not his caravan and are left with his legacy of inferior players, a promoted untested nice guy youth coach, phoney baloney vaporizers, and masonic car salesmen.



    The verminous white trash that fill away ends are ridiculed and mocked where ever they follow, they don’t realise how lucky they are that with Paul Potlless and David Pennyless back at the helm of the sunken titanic they are very, very lucky to be anywhere never mind lucky to be a distant second.



    No spare tickets for Ross County 58,000 sold the Celtic support have answered the cause not only did the the rebels win, they are heading for world record, upon record , the rebel has fairly contributed to the latest treble.



    One club since 1887 CSC





    I wouldn’t bring a burst paypoke back to SENGA,for sure. Smashing lass.



    Sadly,not in the best of health at the moment,so I’ll be giving her a visit in June to make her realise how lucky she is.



    That I stay in Swindon,and she doesn’t have to put up with me too often!



    It works for everyone else…

  16. Delaneys Dunky on




    If I am Usher, can I bring Alicia Keys as my partner?


    My Boo CSC

  17. So sevco aren’t going bust anytime soon. I know that’s difficult for a lot of us on here who never want to play them again so we will just enjoy humiliating them and watch as they lurch from one catastrophe to another.


    For me though the toxicity that comes from them means our fans suffer comparison, our players suffer on the pitch with little protection from the mibs and the club suffers continual negativity from media outlets.

  18. Having “sold out” the tickets for Ross County, there were thousands of empty seats.


    Now lets assume its the Easter holidays impact, families are away.



    However, are people not passing on their tickets now because of the earlier comms from celtic park saying you cant ?



    whats the thoughts ?

  19. Delaneys Dunky on




    Give me a shout if you are planning a Three Judges or Dolphin Partick meeting.

  20. !!Bada Bing!! on

    SS- it’s a bit of a joke when clubs don’t know who they are playimg in a fortnight’s time, as for clubs like Hibs going to Poundland for a 3rd time,and similar, gate money should be shared.HH




    If you’re at a loose end this Saturday evening there is still some spaces at The Kano Foundation Annual Dance in the Kerrydale Suite at Celtic Park.



    Tickets are £50 and includes champagne reception, 3 course meal , entertainment and also includes your tenner to play the heads/tails game (so that’s really only £40 for your night!)



    So if you can, come along and support a great charity. One that began on this very blog!



    contactus@thekanofoundation.com if interested and for further details.



    Keeping football free for the kids.




  22. Saint Stivs



    If we had been playing Sevco on Saturday, there would have been no empty seats.



    Too many supporters are now looking for an excuse to miss league and cup games.

  23. DD/BMCUWP,



    Good afternoon, you’re smashing lhads yourselves (DD so glad you’re feeling much better) but I’m as soft as sh putty! ;)

  24. A huge thank you to all my friends on the blog for your good wishes from S and myself.



    Happy birthday to Doc.



    An Tearman – Continued thoughts and prayer with your friend and his wife.




  25. Delaneys Dunky on




    Great to see you back.


    My mammy declares she is soft too.


    Aye heard it. She survived Maryhill in the 30s and 40s.


    Hope to meet you again soon S.


    Keep well lass.







    Oh,that’s a cert.






    Missed you,doll. Hope yer feeling better. Gwt yer strength built up for a swally in June. Your choice of venue,natch. I’d just take you slumming it in The Horseshoe or summat.

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