The Adidas deal, Hearts first to move


It is a bit early to call Ann Budge’s early move to cut all Hearts’ staff wages by 50%.  The accompanying offer of termination, which could be accepted by many in the first team squad, indicates what Hearts anticipate the value of footballer contracts will settle at when the crisis is over.

The economic basis that current football contracts were established on no longer applies.  Footballers are worth less money today and going forward than they were a month ago.  Clubs have less money, fans have less money to spend and advertisers have less money to give to TV companies.  Practically every non-discretionary asset class in the world is worth less than before.

I suspect Ann Budge knows this.  She also knows that whether Hearts are relegated or not, they will be better off investing what money they have in the football player market of the future, than keeping what they have.

We have not had a chance to discuss the Adidas deal in any detail yet.  Getting it over the line before the crisis added at least £10m to the value.  If there is a general retail shutdown over the summer, the Adidas contract could be worth £20m less than we got for it.  The importance of this deal grows in tandem with the crisis – and it was stunning to begin with.  Thankfully we have professionals running our commercials.

We’ll talk soon about the consequences and, just as importantly, opportunities in the game going forward.  Celtic are in a good place.

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  1. Canman,



    Not a good word for PL about the Adidas deal?Or was it somebody else who brokered it?

  2. ernie lynch from 10:24 am



    ” Even if they are what happens if you have an accident when eg cycling or hill walking?



    Would you be calling for, or expecting, others to come to your aid?”




    Surely that would already have been considered before allowing the two activities to continue?



    On a personal level, as you seem interested, I would still cycle and accept the consequences of any immobilising accident.I think the same applies to crossing the street or going to the pub.

  3. Turkeybhoy on 19th March 2020 2:47 pm




    Most criticism of the board centres, not on their financial acumen, but on their involvement in the 5 way agreement, their failure to challenge the same club agreement and their general timidity in dealing with the club’s adversaries.



    As an example, Sky. A lot of bluster followed by nothing.



    Another. Res 12, disingenuous ambiguity, feet dragging, procrastination followed by dismissal and derision.

  4. I hope Celtic play all there remaining games with 9 in a


    Row in there,don’t won’t any favours from The S F A,as for this new development on Dalriada Street some shed that will hold 770 People,I think we can forget the Hotel etc,does any supporter really know what’s going on regarding the Superstore ,Musuem,

  5. Celtic 40 me,



    I think it’s a bit soon for a statue,but depending of the outcome of this crisis,we might yet see a 100 foot ,brazen idol,to this Celtic hero.Canman,laying the first Garland.Would buy a ticket for that.

  6. Neustadt-Braw on



    GoldCommodity % change dollars per ounce$/oz




    Gold (Forex Index am fix)









    smiley good old auntie fecking aboot thing




  7. Hot Smoked on 19th March 2020 2:52 pm



    ‘I would still cycle and accept the consequences of any immobilising accident.’






    If you’re splattered across the tarmac you might not be the one phoning for an ambulance.

  8. Timbhoy2,


    I think that’s the only way we will get the 9.Depends what England do.

  9. AN DUN for as much as JJ really has a go at sevco, he is an old school bluenose at heart, he truly has no time for us especially NFL and PL, think he might be living in Sydney now lol.

  10. ernie


    I don`t imagine the humming of ` Always Look on the Bright Side` is a regular in your daily life :-)


    Then again, you DID say `might` .

  11. The EPL has committed to ending this season however long it takes. Null and void has taken a big blow.



    Yep,OK,Ernie it was meant as a light hearted comment,but as you have your,normal,very serious head on,knowledgeable,on all things Celtic,a bit strange,because you don’t mention them much,I will bow to your all encompassing knowledge.

  13. AN DUN,


    Great news.Looks like”Null and Void”the last refuge of those Masonic scoundrels,is off the table.God spare us,the games will have to be played BCDs,to make completion.

  14. Celtic Statement



    I know you will be very aware of the continuing developments in respect of the COVID-19 crisis. Clearly for some time now, the Club has been monitoring the situation closely and, of course, its potential impact on our supporters, our colleagues and our organisation.



    We continue to do this, and through daily executive management briefings we are doing all we can to play our part in tackling the spread of this virus.



    This is a worrying time for us all. In such a difficult situation for everyone concerned, above all, the health and well-being of people is of paramount importance. I would like to thank all our staff for their ongoing commitment and professionalism in very challenging circumstances, and I thank our fans for their understanding and tremendous ongoing support and engagement.



    We all continue to navigate our way through these unprecedented times with continued teamwork and support for each other. We urge all our colleagues and supporters to do all they can to stay safe at this time.



    With regard to the present domestic Premiership League situation, our strong preference is, of course, to complete all remaining matches. To date, we have had a magnificent campaign, undefeated in this calendar year, completing 30 league matches already to create a commanding lead and we are now on the cusp of winning our ninth successive title.



    As many have already said, the season cannot be voided as the consequences of that are so severe. In the event that the matches cannot be completed, then the responsibility to find a fair and reasonable solution for the finalisation of all domestic leagues will be with the Scottish football governing bodies.



    We hope that the governing bodies are able to provide some clarity to clubs and supporters as soon as possible on the way forward, although we appreciate that this is a hugely demanding time.



    During such a difficult period, we also extend our thoughts to all other football clubs who are affected by these events and facing such uncertainty. We realise the hugely damaging effect these circumstances will have on clubs of all sizes across Scotland, Europe and beyond.



    The health of everyone in football and society is always the priority, but we hope clubs find a way through these testing times and ensure that the game we all love can thrive again as soon as possible.



    Everyone at Celtic Football Club and Celtic FC Foundation is aware of how Coronavirus is impacting on our communities. We are pleased to announce today that we are putting resources in place with the aim of helping the most vulnerable in our society during this period and we will make an announcement shortly with regards to these plans. Our aim is to do as much as we possibly can to help those in need.



    We know Celtic supporters are famous for their spirit of solidarity and togetherness. We understand that this is a hugely difficult situation for everyone across the globe, but by working together we know we can overcome these challenges.



    While this is a situation which is developing constantly, we will

  15. I know this may not be a popular view. But those of you who know me will realise that that won’t keep me quiet.



    If the league can’t be completed, Celtic should call for it to be void.






    I don’t want any alleged asterix year(s) sullying our second 9IAR and subsequent 10 IAR.



    We should also propose that all prize monies be divided equally among all teams in the league.






    Because it’s the right thing to do……we can’t win any league if we have nobody left to play and….. I presume the Huns would end up with far less money with 8% of the prize money as opposed to the amount designated for 2nd place.



    Do the right thing and stiffen the stickies. You know we should be actively seeking to do both.



    HH Jg

  16. continue to keep our supporters updated as much as we possibly can. We thank you for your continued support, we wish you and your families well and we look forward to you being back with us as soon as possible.



    With sincere best wishes from everyone at Celtic Football Club.



    Peter Lawwell


    Chief Executive

  17. James however this season finishes, there will be asterix next to our 9 IAR.



    It was earned on the field of play while we abided by all football registration rules and paid our dues.



    I’ve paid good money following Celtic this season, got up at 4am to get to games and I won’t see that wasted.



    Null and void is not an option.

  18. I suspect the EPL will find it difficult to stick to their stated intention of finishing the league regardless of time.



    But if nothing else emerges today, null and void must be clearly taken off the table.

  19. Neustadt-Braw on

    “stiffen the stickies” ?



    smiley is that Dunblane rhyming slang thing




  20. The Government have promised huge loans to distressed companies to keep them in business with attractive interest rates. This is a godsend for Sevco who had been unable to get any bank to lend them money and they have had to borrow from a lender of last resort in Close Brothers. I am sure that a loan of £30 million with Government backing would secure the Rangers from the worries of Administration.



    Would the Tories go for it?

  21. Finish this League whenever football resumes & then plan forward from there. It should be as simple as that.


    Only issue that could arise is will all Clubs who started in the League still be in existence when the football returns,

  22. Corkcelt 4.01



    If an SPFL club cannot fulfill its fixtures then we should apply the rules that exist in such a case.







    The details of the Tory plans lay out that any business applying for loans need to be sustainable.



    That would rule out Sevco.

  24. tic- tock………………




    Good, clear statement from Big Peter.




  25. With the greatest respect to the situation, clubs that are living month to month will only have themselves to blame if they run out of cash in the short term (by June 30th). Every club should have at least two months worth of liabilities in hand for a rainy day.



    There fact that bottom of the table Hearts, 3rd or 4th biggest club in the country, are running out of cash after just 1 week without football is pitiful. Budge is doing an awful job there.

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