With three starts in our first five domestic games this season, I expected Alex Oxlade-Chamberlain to see some action on Sunday. He made a substitute appearance at Ibrox when we were already 2-0 down, and although the game continued to move away from Celtic, he was able to retain a pass and turn with the ball, the exact quality so badly missing in our play.
He has only just turned 33, with a full preseason behind him and suspended from Europe, he should be one of the freshest players in the squad and ready for action. On the walk down London Road after the game, his lack of appearance made no sense. Surely, he is exactly the player we needed?
Maybe it is not just about him. Callum McGregor is two months older than Alex and the prospect of two players of that vintage in the engine room is a prospect that Martin O’Neill was not prepared to consider in such a game. Despite his alertness being less than it has been, Callum still plays a crucial role for Celtic. He is a leader on the field, the one others look to for tactical signs and who Martin had a note passed to on Sunday.
The manager will have time with Callum, Alex and Oliver Sorensen during the international break. A three week break is enough to get some endurance training done and more than enough for a tactical overhaul. We need to make the most of it.
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Any news of the board succession planning for Callum?
Maybe it’s the Ox….
CHIEF EXECUTIVE’S REVIEW
We were delighted to end season 2025/26 on a high, winning the Scottish Premiership on the final day of the season and adding the Scottish Cup and Women’s Scottish Cup in the weeks following, but last season was a challenging one for the Club, both on and off the pitch. Following a period of stability, which has borne fruit in terms of success and growth over recent years, we experienced turmoil which affected the Club’s performance. We will address and learn from the challenges faced and mistakes made.
The final weeks of the Premiership season; the final match at Celtic Park; the Scottish Cup final; these will live long in the memory for Celtic fans, whose support was a decisive factor. I thank Callum McGregor and all of the players and staff for their hard work and determination throughout the season that made the success possible. As the Chairman has noted, the environment was unstable, following Brendan Rodgers’ resignation and our decision to move on from Wilfried Nancy. We owe a debt of gratitude to Martin O’Neill and his management team, who stepped up for Celtic, twice, and who guided the team to success.
We were therefore delighted that Martin agreed to lead the Club again this season and we have worked with Martin and his team over the summer transfer window to invest in the squad. Having started well in the Premiership this season, we experienced disappointment in the UEFA Champions League play-off. Reaching the league phase of the Champions League is an objective for us all, and we are sorry not to have achieved it. On top of that, the losses in the last week have been painful for us all. We will now come together and support Martin and the players, as we focus our efforts on achieving success domestically and in the Europa League.
Last season also brought change for Celtic FC Women. After a successful period in charge, during which we won our first SWPL title, Elena Sadiku moved on with our best wishes as we appointed Grant Scott as manager in January 2026. I congratulate Grant and Stewart McGuire, our Women’s Team Operations Manager, our captain Kelly Clark and all of the players and staff on our Scottish Cup victory. We are ambitious not only for the development of Celtic FC Women this season, but also for the women’s game as a whole in Scotland.
Alongside football success for the first teams, we remain committed to our strategic objective of creating Champions League players, in our men’s and women’s programmes. During the year we have continued to invest in the development of our training facilities at Barrowfield and Lennoxtown, as well as evolving and improving our recruitment and technical functions, which develop the talent in our boys and girls academies as well as players recruited from Scotland and beyond. We will also continue to work with the Scottish and European football authorities to develop opportunities for growth in youth development and innovation in competition that will allow our talented players to maximise their potential.
Despite the challenges experienced during the season, thanks to the dedication and assistance of our supporters, colleagues and partners we continued to make progress off the pitch. We appreciate the support of adidas, JD Sports, Dafabet and all of our partners as we look to grow our Club. As we saw at the end of the season, we are at our strongest together. Following our comprehensive supporter survey, and through listening to supporter feedback through the season, we have made progress with our supporter engagement and digital strategies. We are investing in our approach to supporter engagement with additional resource and new and refreshed structures (including our supporter engagement group, Celtic Connect) along with making improvements in matchday experience. On the digital front we have launched our Club App and Celtic Player and are progressing our plans on membership. We trust that these investments together with additional communication resource will hopefully continue to bring us together and unite us behind our teams.
The work of Celtic FC Foundation is the heartbeat of the Club. Celtic FC Foundation honours the founding ethos of Brother Walfrid as it works to create opportunities for society’s most marginalised and vulnerable groups. I would like to express my thanks to all who support and contribute to Celtic FC Foundation, without which it would not be possible to deliver such valuable work.
During the year, there were also changes on the Board of the Club. I echo our Chairman’s thanks and appreciation to Peter Lawwell and Tom Allison, whose contributions to the Club have been immense. I also note my gratitude to Brian Wilson, for stepping into the role of Interim Chairman and for helping bring unity and progress at a difficult time. I join with Brian and my colleagues on the Board to welcome Mark Keane, who was appointed on 17 September, and Raymond Buchanan, whose appointment will take effect following the conclusion of his current role, as we work to take the Club forward.
This season, we will commemorate the 60th anniversary of the Club’s proudest moment, and celebrate the Lisbon Lions, their legacy and our supporters’ role in that journey. The success of the Lisbon Lions continues to inspire us all. As we look forward together, I thank my colleagues for their hard work, dedication and skill, and on behalf of everyone at the Club I thank our supporters for everything they do for our Club. We all want the best for Celtic.
Michael Nicholson, Chief Executive
22 September 2026
CHAIRMAN’S STATEMENT
Season 2025/26 was more turbulent than anyone would have wished for, though ultimately it ended with one of the most dramatic title wins in our history as we secured the SPFL Premiership in the final moments of play before adding the Scottish Cup to complete a double a week later. I congratulate Martin O’Neill, the backroom team and players for demonstrating extraordinary resilience throughout the title run-in and thank our supporters whose backing was crucial to the outcome.
Turning to a summary of our financial results, revenue decreased to £111.0m (2025: £143.6m) primarily as a result of dropping into the Europa League as compared to the Champions League in the prior year. As well as directly impacting UEFA distributions, this also had a knock-on effect on other parts of the Club including ticketing income and retail. The loss after tax amounted to £4.8m (2025: profit of £33.9m). This was driven by a combination of revenue decline, an increase in operating expenses primarily through wages and salaries, a reduction in gains from player trading to £16.0m (2025: £31.5m) and an increase in amortisation to £15.4m from £13.8m in 2025.
Year-end cash decreased by £10.9m to £66.4m (2025: £77.3m) mainly due to cash consumption at the operating level coupled with net investment in players and capital items in the year. Committed player acquisition costs, including all agent fees, amounted to £17.5m in the year on top of the £42.6m spent in the prior year. The reduction in spend was in part down to a strategic decision in the January 2026 transfer window to adopt more loan signings with permanent transfer options in order to combine flexibility with the immediate strengthening of the playing squad.
Going into the summer 2026 transfer window post year-end, the Club has brought in the permanent registrations of Kasper Høgh, Camilo Duran, Mika Baur, Haïssem Hassan, Joël van den Berg and Jordan Lotomba at a total cost of £31.6m as well as acquiring the temporary registrations of Landon Emenalo, Shumaira Mheuka, Sam Johnstone and Oliver Sørensen. Prior to the year-end we permanently disposed of Luis Palma and Hayato Inamura and post year-end permanently disposed of Maik Nawrocki, Daizen Maeda, Arne Engels, Reo Hatate and Johnny Kenny. A number of players’ loans and playing contracts came to an end and they have moved on to new clubs or returned to their parent clubs.
The early stages of the 2026/27 season have brought mixed fortunes. Our league campaign started strongly and the first leg tie in the Champions League qualifier gave cause for optimism. The second leg defeat to LASK was, accordingly, all the more deeply disappointing for every supporter of the Club. This has been followed by our exit from the League Cup. We now move into the Europa League as well as pursuing our defence of the Scottish Premiership and Scottish Cup, with renewed commitment to success.
The events of the past 12 months have been dramatic, sometimes joyful and at other points deeply frustrating. The departure of Brendan Rodgers was an unanticipated event which initiated a period of instability. In other circumstances, the appointment of Wilfried Nancy might have worked but his arrival in mid-season and the changes which followed clearly did not. Parting ways with Wilfried was hugely disappointing but decisive action had to be taken. The return of the great Martin O’Neill, supported by his backroom team as well as a fine squad of players, then proved to be a triumphant success. It is also worth noting that eight of our players were selected by their countries for the World Cup finals.
We welcomed Grant Scott as women’s team manager in January 2026 and while we were disappointed to finish the SWPL in 5th place after Grant transitioned into the role, we rounded off the season in style by winning the Scottish Cup. The season has started strongly with 5 straight league wins and progression into the quarter finals of the Sky Sports Cup.
In December, Peter Lawwell retired from the chairman’s role. Peter’s contribution to the Club’s success over more than 20 years was outstanding and, as Celtic supporters, we owe him our appreciation.
I was asked by colleagues to step into the role of Interim Chairman and have done my best to bring people together in order to maximise the team’s prospects of success and to encourage improvement in areas where we could have been doing better including communication and supporter engagement. This work is ongoing. Tom Allison retired from the Board after long and sterling service for which we all express appreciation. The need for new Board appointments was apparent, and I welcome the immediate appointment of Mark Keane and soon to be appointed Raymond Buchanan. This process of refreshing the Board will continue including identification of a successor to myself.
We have many fine people working for Celtic Football Club, each and every one committed to its identity, values and continuing success. I thank them all for their contributions in every aspect of the Club’s affairs. Our appreciation also goes, as ever, to the supporters who always were and always will be the lifeblood of the Club.
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Brian Wilson, Chairman
22 September 2026
We criticise them for their silence but when they open their mouths it seldom fails to make matters worse .
The departure of Brendan Rodgers was an unanticipated event which initiated a period of instability. In other circumstances, the appointment of Wilfried Nancy might have worked but his arrival in mid-season and the changes which followed clearly did not. Parting ways with Wilfried was hugely disappointing but decisive action had to be taken.
Wonder who was to blame for the shit show above? No doubt Brendan Rodgers will get it on here….FFS
There’s a financial value given for the players brought in after the trading year end (£31.6m) though no similar figure for those sold.
There is no obvious reason for the omission.
For full transparency, it would have been better to include the value of sales also
glendalystonsils on 24th September 2026 12:15 pm
We criticise them for their silence but when they open their mouths it seldom fails to make matters worse .
———————
The Chairmans and CEO statements follow the same format as any other PLC.
Highlight the numbers, keep it all in accountancy speak, thank top performers , say who moved on or came in in that financial year. ALWAYS ALWAYS say how tough things are while claiming trading environment is difficult. but hey our stratgey delivers.
Give some insight to what happened after yeard end closure, and a wee heads up of what might happen in the next cycle.
So analyst know the scriot, and take an unemotional view on whether the company delivered what they said they would.
An unemotional investor, lets call them LT, might actually say on the call with the CFO for the year end review, hey buddy why didnt you sell an asset (player) in the financial year, to remain in profit.
The answer might be, the assets had to be retained to give the best outcome (league win) and the chance to operate in the bigger market (champions league), ………….
but then they sold the assets anyways, just to late to make a financial difference to last year, and to early to make a contribution in the qualifier.
I say it failed in all directions.
But dont worry, profits will come back this financial year.
its all the fault of kafflik skools
The “unanticipated” departure rips my knitting.
Every normal business has the succssion plan drawn up for that eventuality.
Your critical performers could be struck down ill overnight, the business needs to have a continuity plan.
That they even use that comment (again) is pathetic.
And they didnt lose 1 member of staff, they lost 5.
Glenowen on 24th September 2026 12:23 pm
There’s a financial value given for the players brought in after the trading year end (£31.6m) though no similar figure for those sold.
There is no obvious reason for the omission.
For full transparency, it would have been better to include the value of sales also
—————
Corporate SOP, they dont need to add a value at all, other than a cover your arse by saying look we are spending money.
SS
I don’t disagree
There is no legal or regulatory reason to include the player acquisitions nor to exclude the sales value.
Doing both or neither would make sense.
To include only one seems disingenuous.
Glenowen on 24th September 2026 12:40 pm
same generic paragraphs every year.
The detail in the annual report will be interesting this year.
Surely, surely, none of the executive earn a bonus in that financial year.
Also looking to see if there are any changes in significant shareholding, ie who did LT sell their shares to.
Not bad Paul, but (no slight intended) you’re probably guessing ?
Like you I was mystified by Ox’s absence on Sunday.
Straight swap for McCowan felt logical to me.
As well as midfield cohesion we desperately need other functioning outlets to bypass centre mid.
E.g.
a fit AJ for give and go moves on the right.
Jota’s sublime touch keeping early balls up to him even when back to goal and being hustled.
Hassan to be far more aggressive in his movement BEFORE he receives the ball.
Yep, you’re not the only one to question the omission of Ox. It is truly baffling. In fact it was so baffling that I actually wondered if it was incumbent on him to disclose his European ban and he “forgot” until the last minute, putting him on the naughty step.
A midfield of him and McGregor would suit me just fine – sit in the middle of the pitch, don’t venture too far forward, use your combined vast experience to read the game, break up play, win the ball and pass it forward.
Simples.
See Police Scotland have taken some time off from arresting Celtic supporters to arrest human traffickers.
Maybe they could spare some resources to ensure that our town and city centres are free of drug dealing scumbags.
Naw!
Back to the Trongate photos.
I won’t bother reposting my post from earlier which basically highlighted that participating in the EL will now be the target to aim for and the budget will be set accordingly. The chances of Celtic or r2ngers making it through three home and away ties to qualify for the CL must be seen as extremely low. Getting into the EL will not be a given either. No way will our board gamble in June on coming out top in a 6-game lottery.
If we thought they were thrifty this year, just wait until next summer.
Welcome to the slow lane. Again.
dosent matter if you have top defensive coaches trying to coach our very poor back 4 , if you have no talent you will still have no talent.
Firstly, if the bankers the bonuses the bankers the bonuses, its disgusting.
And secondly, if the Torys were really serious about it, they’d tax the bankers the bonuses 90%.
Harry Enfield CSC
vale bhoy on 24th September 2026 1:04 pm
See Police Scotland have taken some time off from arresting Celtic supporters to arrest human traffickers.
———
Lol, VB.
Haven’t you heard ?
Following the appalling, disgraceful, shameful drugs deaths data published yesterday …
… this lark is now being spun more prominently as dismantling cannabis factories.
Valebhoy
There always has been drugs in and around Glasgow city centre since the 1980s,a few camera phones today doesnt alter that.Glasgow is still as safe to go out today as ever.Societal problems surround us VB,but we gotta live and enjoy life.
The old boots ‘dizzy corner’ has been dodgy since the days I had hair!:-)) dont believe the negative hype. Inb
Deniabhoy
Re 3 qualifierz,there is also the possibility of Russian teams being reintroduced,bringing tougher opponents
Time for a plan youd think
HH
Paul67
Mibbees you should be in the dug out?
Sorensen and the Ox you say?
AOC plays on Sunday doesn’t play on Thursday, doesn’t play the next Sunday, Sorensen doesn’t play on Sunday plays on Thursday didn’t make the squad on Sunday.
No wonder MONs away for a break his head will be buzzing after juggling with his midfield ‘freebies’ as the club sells Engels and Hatate for £30M minimum.
In MON we trust 👍
So two 33 years old in midfield is going to solve all problems.What a joke.
The lot of freeloaders on our board have to be chased
The only card in the pack the supporters have is to walk away .leave the stadium empty ,don’t buy merchandise.
Will be hard to do but no pain no gain
The Chairman’s comments on Nancy is gaslighting to an incredible degree.
Our board decided to hire Nancy mid season – after NoN had won 8 games and got us to a cup final.
They could have brought Nancy in during the summer and left MoN alone for the remainder of the season – as he was clearly willing to stay on.
They decided to pay the compensation, get Nancy in and presumably they were aware of his systems and methods and would have known he’d be ripping things up mid season.
Today’s piece pretty much says what I always assumed – 3 weeks of inaction.
Our board have written off the season and are more than willing to have MoN front up this shitshow for the next 8 months.
Fingers crossed Van den Berg is back playing in October and gives us a more youthful option. He is described as a box-to-box number eight who offers a rare combination of physicality, defensive awareness, and technical ability. Standing at 6ft 2in, he is strong in duels and contributes significantly at both ends of the pitch.
Sure he is only a prospect but at 19 he has captained the Dutch U19 team. If we use him wisely he could be the solution to a lot of our problems. Alongside Sorensen and the more creative Baur there is maybe a future decent midfield in the making. Calmac and the Ox used to provide the experience required but the heavy lifiting would shift to the younger crew as the season progresses.
I imagine Nygren will be sold next summer, especially if he keeps his scoring up.
AN DUN @2.20
Good points. You were doing so well until you got to the bit “…… and presumably they were aware of …..”
That’s the bit I’m not so sure of. (smiley thing).
Ave Ave
GLENOWEN on 24TH SEPTEMBER 2026 12:23 PM
There’s a financial value given for the players brought in after the trading year end (£31.6m) though no similar figure for those sold.
There is no obvious reason for the omission.
Calm down, everything isnt a conspiracy. Its standard stuff in the Chairmans statement.
30 million talent sold from midfield and we are hoping 2 freebies and a 33 year old playing with the world on his shoulders is the answer !!!
Dear o fkg dear ….we have really sunk to a dreadful low ……
Sigur 4 million Mehmic 5 million …young dynamic mids …and in Ginitis 9 million if you wish …exciting…yep all under 23 …all mobile …all with a physical profile…oh and most importantly of all……could have sold them on for big money!!!!!
I love the idea that the Chairman writes the statement accompanying the PLC Annual Accounts with a load of haters who think its all about them in mind.
Dearie me…
Now that the Vietnamese are in the nick, Police Scotland can turn their attention to the Ibrox Stadium cameras and start to pick out those who weren’t singing racist and sectarian songs in the last Glasgow Derby there.Then ask the Ibrox paymasters to send them the addresses of all those that were. They can take their time, perhaps 50 at a time, arrested and sent straight to a specially arranged, or is it arraigned, court and fined or jailed on the same day. Canny wait, por cierto.
https://www.bbc.co.uk/sport/football/articles/cm1wx51gyly5o
Pretty good explanation of how data analytics is used to keep City at the top.
Since it’s ahem quiet , let’s have a look back at MON’s window,
Duran – good
Baur – fair
Hassan – poor, went backwards?
Hogh – poor,
JVDB – ineligible for EL, unseen injured
Lotomba – poor 10 minutes game time ( see accounts not a loan signing – released by his old club )
Loan signings
Mheukta – fair
Sorensen with option to buy – poor
Johnstone – poor
Emenalo – ineligible for EL, unseen injured?
With that, as his summer lot and the five very expensive loan signings ( see accounts ) last January all gone, it’s no wonder MON is playing Luke McCowan and James Forrest before going away on holiday for a very well deserved break.
15 players gone 10 in, not a penny of new money invested in the playing squad
Team selections, substitutions, formation and under coaching ( whatever that is ) all criticised
£66.4M in the bank CSC
Carrying on from yesterday’s leader…….
I have already pointed at the inconsistency of our message from a recruitment POV. The club and P67 say it’s critical and plays an enormous role in the clubs future and yet we neither fiancé or staff it effectively. We currently appear to have no DoF, Head of FO, or Head of Recruitment. Instead of this we have a hopeless CEO/CFO combo and out of touch manager (great man but out the front line for what 10yrs) and a failed first team coach. Is it any wonder our recruitment is poor – we pay too much or offer not enough. We cannot judge key positions to strengthen and cannot differentiate between must haves and nice to have additional back up. We say we have a plan and a strategy and yet the resource applied to the strategy is miles off it. The strange thing is that if we really took that stuff seriously and invested smartly in really good people they would actually save us a fortune but it’s money up front and we don’t like that – a bit like spending to ensure CL qualification. Circling down the plug hole………
We had 6 months to identify and recruit our manager for 26/27 but there is nothing surer that we did not lift a finger. It was Martin or if other rumours are to be believed Robbie K. Both of which were literally in the building and both of which showed a complete lack of imagination and the appetite to do some work. No other club in the football world employs Martin for this season if nothing else for his age. I love Martin, we all do but this was the laziest of appts. and we are absolutely paying the price for it now.
We had half a year to scout the market, to find the guy that we could build around for 3-5 yrs but once again we took the easiest of short term options.
Celtic needs vision and strategy – it has neither and until we are rid of DD I doubt we ever will. Constant underachievement and failure to maximise your potential only brings your competitors closer which is exactly where we are now and from our position of strength that is a complete failure.
Will anyone fall on their swords, will we see a dramatic change of attitude and action and a new modern era started – what do you think?
There’s an old adage that bad Celtic news sells newspapers, it also fills blogs tae, especially those with an alleged Celtic slant
The only results I’m really interested in…..are the ones Celtic get on the pitch…..
They haven’t been that great recently either…..
To be fair….
Celtic mac
Lost to LASK despite being 4-0 up
Well beaten by newclub twice in a fortnight
Manager throws – I’m considering my future – then nothing further.
Players openly questioning our on field plans.
Definitely not great
But we’re still 2 points ahead and top of the league – so not all bad to be fair
Celtic Mac on 24th September 2026 3:45 pm
The only results I’m really interested in…..are the ones Celtic get on the pitch…..They haven’t been that great recently either…..To be fair….
*well as I said yesterday we are NOT a European side and huvnae been for many years especially the Big Cup, the current set up puts paid to that, that arrangement was put in place by some of the biggest clubs in it to ensure that at least one of them prevails, one of the architects was unbelievably campbell ogilvie.
AC Milan owner Silvio Berlusconi wanted to design a closed-shop league of 18 teams, but it was ogilvie who proposed the winning plan of a round-robin format, unfortunately it was us and NOT them that benefitted from it.
As for domestic football, I said last week that we were NEVER going to be allowed to win the LC game but would scud them at home, it looks as if I got the wrong tae as early doors cheaton showed we wurnae being allowed tae win that one either.
Ok MON has taken off for a few days but with 11 players on Intentional duty what was he going tae dae anyway, its no secret that he NEVER takes training, didnae first time round, so no sense now.
As the song says, “we’ll be there are give the bhoys a cheer when the League flag flies and it cheers us up when we know the Scottish Cup is coming home to rest in Paradise”.
BTW when I first heard that song I thought, naw no in my lifetime, little did I know what was just round the corner, oh and there’s no such thing as a bad Celtic team, just that some are better than others, as I said the only happy clapper about me is when I wake up every morning knowing that I am a Celtic supporter, is was and always will be.