We tend not to look into financial analysis too much in the diary, largely because I’m not an expert. My financial expertise stretches only to making sure I’ve got some money left when the barman shouts last orders, and avoiding that meltdown of running out before he does.
However, over on Twitter, @swissramble seems a little more astute…and a big thank you for the work he’s put in, as it makes it clearer for the rest of us.
It’s a long piece, but it’s worth sticking with, as it is entirely factual. sure, he draws plenty of conclusions, but they appear to be entirely neutral, so don’t expect the SMSM to pick up on it any time soon.
Oh, and so have I, which are in italics.
#CelticFC 2020/21 accounts cover a “most difficult financial year”, badly impacted by COVID. Also disappointing on the pitch, as they finished runners-up in the league, were knocked out of both domestic cup competitions in early stages and eliminated after Europa League group.
#CelticFC swung from £0.1m pre-tax profit to £11.5m loss (£12.6m after tax), as revenue fell £9m (13%) from £70m to £61m and profit on player sales fell £15m from £24m to £9m, partly offset by £5m other income (business interruption coverage) and £9m (9%) reduction in expenses.
No surprises in there, of course revenue was going to be down during an interruption to business. What’s notable is that although the support retained their, er, support, the board still managed to keep the lights on without too juch trouble
#CelticFC revenue “attrition” was driven by match day, which dropped £15.0m (42%) from £35.8m to £20.8m, and broadcasting, down £2.4m (18%) from £13.7m to £11.3m, though the net effect was eased by commercial, which rose ££7.9m (38%) from £20.8m to £28.7m.
#CelticFC mitigated revenue losses by “tight cost control” with lower wages, down £4.5m (8%) from (restated) £56.2m to £51.7m; player amortisation, down £0.4m to £11.8m; player impairment, down £2.1m; and other expenses, down £1.7m (8%). Includes £0.6m for Neil Lennon departure.
If there are any headlines generated by this piece, they will be around the news that Neil Lennon got a pay off of £600,000. It will have been in his contract, and therefore unavoidable. Given the uncertainty surrounding the early months of the plague, it’s unlikely that he would have easily been replaced if sacked, and stories that he wouldn;t resign so as to secure his pay off may have been close to the mark, but looking at it in context, it’s a small price to pay for what appears to be a change of culture at the club and possibly a huge step forward.
Alright, almost certainly a huge step forward.
#CelticFC £12.6m loss after tax is obviously not great, but to put this into perspective it was only around half the £24.2m deficit reported by their rivals Rangers. The much smaller losses (and profits) at other Scottish clubs are from 2019/20, less impacted by COVID.
Clearly, the pandemic has had a major impact on the financials at all clubs with the cumulative revenue loss for #CelticFC over the past two years estimated as £24.7m (2019/20 £9.4m and 2020/21 £15.2m), mainly due to playing games behind closed doors.
It’s a massive loss, however you look at it, and comparing it to other clubs isn;t really the point. The point is that the losses have been recouped with the sales of Ajer, Edoaurd and Christie
COVID had a major impact on football in 2020/21 with many leading clubs posting huge losses, e.g. Barcelona £422m, Inter £215m, Juventus £184m & Roma £163m. In contrast #CelticFC relatively small £13m loss “demonstrated the importance of maintaining a sustainable business model.”
You can see why some clubs looked to form a breakaway super league, with their eyes firmly on a new television deal. They panicked, and again, when looked at in the context of the early plague days, you can see why.
We can criticise our board for a lot of things, but in this instance, they “kept the heid “.
Furthermore, #CelticFC profit on player sales fell £14.8m from £24.2m to £9.4m, though still by far the highest in Scotland, e.g. Rangers only made £1.7m. Included Frimpong to Bayer Leverkusen, Klimala to NY Red Bulls & Hendry to KV Oostende, while prior year had Tierney to #AFC.
#CelticFC pre-tax loss in 2020/21 is the first since 2014/15, breaking a sequence of five profitable years in a row. In fact, they have generated profits in seven of the last nine seasons, amounting to a net £42m gain over that period, despite last year’s £11m deficit.
This will be overlooked by everyone in the media. Curiously, where Celtic make money consistently, it’s overlooked, almost as though any previous profits don’t count in the overall welfare of a club, because a little pixie steals the debit card and runs off with it. If a club or company loses money year in year out, however, only the current figure is reported….
#CelticFC player trading is “fundamental” to their self-sustaining business model with an impressive £68m profits delivered in the last four years (excluding this summer’s sales). Money earned also includes sell-on fees from past sales, e.g. van Dijk from Southampton to #LFC.
#CelticFC 2020/21 accounts do not include the big money sales of Odsonne Edouard to #CPFC, Kristoffer Ajer to Brentford and Ryan Christie to Bournemouth, which are worth around £34m in sales proceeds, so will return the club to profit in 2021/22.
Profits from player sales have made a big difference to #CelticFC bottom line. As a result, in the last nine years they have generated £112m profit from player trading, compared to just £8m in the same period for Rangers.
In a nutshell, all of the money lost by “rangers ” in their short but hilarious existence would have been recouped of they had raised the same in transfers as Celtic….though that would have been easier if they had similar levels of quality to put on the market, and not just fat forwards, Liverpool reserves and a right back who is limited to penalty kicks.
#CelticFC operating loss (i.e. excluding player sales) improved from £24.5m to £20.7m in 2020/21, though this is still down from £5m profit 4 years ago. Although most clubs post operating losses, Celtic’s is second highest in Scotland, only surpassed by Rangers £23.5m deficit.
#CelticFC revenue has fallen £41m from £102m peak three years ago to £61m, which is the lowest since £52m in 2016. The decline is due to a combination of COVID and failure to qualify for Champions League, which has driven decreases in match day £22m and broadcasting £23m.
There, in black and white is our business model. Champions League football and selling players that have been develped to such a level as to earn lucrative moves to wealthier clubs.
On that basis, it’s quite unfathomable that Neil Lennon ever got a second shot at managing the club.
Better players leads to more champions League money which allows for a higher level of investment and more success in the champions League which leads to higher revenues from player sales and matchday and other merchandise.
Piece of piss this financial analysis lark.
#CelticFC have enjoyed a substantial revenue advantage over their rivals Rangers in recent times, but the gap has narrowed over the last four years from £69m in 2018 to £13m in 2021 (Celtic £61m vs. Rangers £48m).
Following on form the revelation that the money we need to prosper comes from outwith Scotland, it again becomes unfathomable why we need “rangers ” at all….
Of course, the big two Glasgow clubs generate significantly more revenue than the rest of the Scottish Premiership. Even after the impact of COVID, #CelticFC £61m is still more than four times as much as Aberdeen £14m, followed by Hearts £12m, Hibernian £9m and Kilmarnock £5m.
Thats down to the misgovernance of the SFA, and their obsession with the old firm brand, in particular one half of it.
If they had generated more money through sponsorship and tv deals, then other clubs would have had a bigger share. Their refusal to promote the game beyond the old form is a shocking dereliction of duty.
Factor in the toxicity of one club, and the way they’ve been allowed to infect everyone else, and you can see why no one wants to be associated with Scottish football.
Maybe change here should be the focus of all fans, and not just on how it affects Celtic.
However, like others outside the Big Five leagues, #CelticFC are still faced by a major revenue challenge, e.g. their £70m revenue in 2019/20 was less than half the £130m required to be in the Top 30 European clubs, as shown by the Deloitte Money League global ranking.
This might seem like a spurious comparison, but the fact is that in 2004 #CelticFC were placed as high as 13th in the Money League. Since then, their revenue is essentially flat, while the club in 20th place has increased by £97m and the top club by £456m (higher pre-COVID).
In 2004, Celtic were genuinely feared on the pitch across Europe, and with more investment would have grown even stronger. However, austerity kicked in, cutting back on expenditure, largely recognised as untenable, where perhaps a drive for more investment to fund such growth may have been wiser.
thanks, Peter, thanks Dermot….
This is at the heart of #CelticFC issue, i.e. they are the proverbial big fish in a small pond. In 2019/20 the Scottish Premiership generated £221m revenue, miles behind England £5.1 bln and Germany £3.2 bln, but also below the likes of Austria £266m and Switzerland £229m.
They conservative nature of our board seems to have accepted that, and indeed encouraged it. Remember the top deck beng closed under Deila ? They sold that to us as a reason to perpetuate the Old firm myth, and the support are not entirely free of blame here, becuase we largely bought into it.
Some still see beating an entirely new entity in the same way as when they were a real club. That has helped their regeneration, and encouraged the media to promote the brand.
Of course, any comparison is a little misleading, as English clubs benefit from huge TV money, but if we compare #CelticFC £61m revenue with, say, Ajax £110m, there is still a £49m shortfall. Celtic’s match day is higher, but commercial and Europe TV money are much lower.
Ajax are the model we should be studying. they make money and have success in Europe. Many years ago they studied Jock Steins total football and improved on it from a business point of view. We should copy their business model to improve from a playing point of view.
#CelticFC broadcasting revenue decreased £2.4m (18%) from £13.7m to £11.3m, due to dropping to second place in the Scottish Premiership and not progressing beyond the Europa League group stage. This revenue stream has now fallen three years in a row and is below Rangers £18.9m.
The SPFL has not yet published details of TV distributions for 2020/21, but #CelticFC only received £3.4m for winning the title the previous season, which pales into insignificance compared to many European leagues, e.g. last place in Premier League is worth around £100m.
Incredibly, despite poor relations with tv companies and media, including blackouts and sulks, there is still substantial broadcast revenue going into Ibrox, which may be down to Gerrard’s name, but could also be that more people watch them. Many Celts watch them,. whereas I’d doubt too many of their fans watch Celtic. After all, they’re not interested in quality football.
There was a new 5-year Scottish TV deal with Sky Sports worth £30m (€34m) a year from 2020/21 (up from £25m), but this is not going to move the needle by much. It’s still much lower than Poland Ekstraklasa €58m & Belgium Jupiler League €83m, let alone Premier League €3.6 bln.
Again, a major failing by those who are responsible for generating income for the Scottish game. Over reliance on the Old Firm has backfired, as it seems to outsiders that is all our game has to offer. We’re not being paid for coverage of the game, we’re being paid for four old firm games.
Based on my estimate, #CelticFC earned €8.7m from Europe in 2021: €8.0m from the Europa League group stage plus €0.7m for 2 Champions League qualifying rounds. This was €3.7m less than prior season €12.4m (Europa League last 32 €11.2m plus CL 3 qualifying rounds €1.1m).
European qualification is extremely important for #CelticFC, who have earned €98m from Europe in last 5 years, €69m more than Rangers €29m. Champions League is the real differentiator with Celtic receiving over €30m in both 2017 and 2018, when they reached group stage.
It is therefore crucial that recent good performances in Europe by #CelticFC and Rangers have improved Scotland’s UEFA coefficient, so that the 2021/22 Scottish champions have a decent chance of automatically qualifying for the Champions League group stage.
#CelticFC match day income fell £15.0m (42%) from £35.8m to £20.8m, as all games played behind closed doors, though fans’ generosity limited the damage. Season ticket holders given streaming service and £50 retail voucher, but that could not fully compensate for live experience.
The success of all Scottish clubs in Europe should be prioritised. Qualification for group stage football is a big earner, and efforts should be made to restructure the game around European qualification, oinstead of hoping for the best, which can be exciting but not really much use when planning a business strategy.
#CelticFC £20.8m match day income, net of £2.8m merchandising vouchers, was still higher than Rangers £18.2m, even though this has fallen from an impressive £43.3m two years ago before the pandemic struck. Next highest in Scotland were Hearts £5.1m (2019/20 figure).
#CelticFC average attendance in 2019/20 was 57,857, nearly 9,000 more than Rangers 49,238, so they will be delighted with fans’ return to the stadium. The 55,000 season ticket holders in 2020/21, despite uncertainty around return to the stadium, “exceeded all expectations”.
Match day revenue is particularly important for Scottish clubs, given the low TV deal. According to Deloitte, this accounted for an incredible 48% of total revenue in Scotland in 2018/19 (pre-pandemic) with the next highest being significantly lower, i.e. Belgium 26%.
It’s common knowledge that the percentage of the population in Scotland that attends football matches is on a par with anywhere else, and there’s room for improvement even here. Get people into grounds and create the atmosphere that tv companies want. Even if it means freebies for kids, or a push for local companies to back their local teams, anything that shifts focus to the game, and that way it’ll be easier to sell.
Summer football ? Well, we’d have the airwaves and the far eastern gambling markets to ourselves….
And , of course, better weather. Let’s face it, as much as we enjoy the game , sitting on a wet seat with the wind around your whereabouts isn’t top class entertainment.
#CelticFC commercial revenue rose £7.9m (38%) from £20.8m to £28.7m, comprising retail £15.1m, sponsorship £12.4m and other income £1.2m, mainly due to “exceptional” merchandising (record online sales). By far the highest in Scotland, well ahead of Rangers £10.7m.
#CelticFC new 5-year kit deal with Adidas started in July 2020, reportedly worth £6m a year. The Dafabet shirt sponsorship, described as “the most lucrative sponsorship agreement in Scottish football history”, has been extended until June 2025.
In addition to reported revenue, #CelticFC accounts include £5m other operating income, which “represents a recovery derived from Business Interruption coverage”, i.e. some compensation for matches being played behind closed doors.
#CelticFC wage bill fell £4.5m (8%) from (restated) £56.2m to £51.7m, which means that this has fallen by £7.6m (13%) from the £59.3m peak in 2018, due to payments from Job Retention Scheme, reduced activity due to COVID and lower performance bonuses.
It’s worth remembering that most players took a pay cut during the pandemic. that would have helped, and it didn;t get the coverage it deserved, presumably in case another club felt that they would have to follow follow.
Similar to revenue, Rangers (£48m) have closed the wages gap to #CelticFC (£52m) from £35m in 2018 to just £4m. However, there remains an abyss between the top two and the other Scottish clubs, e.g. the next highest are Aberdeen £10m, Hearts £9m and Hibernian £7m.
If, indeed, the wage gap between the two glasgow business allies has shortened, then sooner or later it will become apparent that only one of these clubs can afford to keep paying it. Like the old cold war when the US simply outspent the USSR and caused it’s collapse.
Hang on, have we underestimated our board ? Was that the plan all along ?
Probably not.
#CelticFC wages to turnover ratio worsened from 80% to 85%, so has shot up from 58% just three years ago. However, this is still better than Rangers, who are now up to 100%. This metric should improve in 2021/22 following the return of fans to the stadium.
One wonders when the media will cover that bit about all of the income at Ibrox is going out on wages….who’d be a face painter these days ?
Despite investment in the squad, #CelticFC player amortisation, the annual cost of writing-off transfer fees, decreased by £0.4m (11%) to £11.8m, though has more than doubled in five years from £5.0m in 2016. Still more than Rangers £10.6m, while all other clubs less than £500k.
#CelticFC spent £13.5m on player purchases in 2020/21, which was down from prior season’s record £20.7m, but still meant a £71m gross outlay in the last 5 years. Net spend was less than £1m. In fact, the last time the club had meaningful net spend was £10m in 2017.
#CelticFC £13.5m player purchases in 2020/21 were lower than Rangers £16.8m. Both clubs spend significantly more than the rest of the Premiership combined. Acquisitions included Albian Ajeti, Vasilis Barkas and David Turnbull with Shane Duffy and Diego Laxalt arriving on loan.
It is worth noting that #CelticFC splashed the cash this summer (relatively speaking) by bringing in £20m worth of players after the arrival of new manager Ange Postecoglou: Furuhashi, Starfelt, Abada, Juranovic, Giakoumakis, Hart, Scales, Shaw and Urhoghide.
This time it does seem we’ve spent wisely. Pre pandemic, money was spent, but frankly we’ll be lucky to recover it, and happily those behind those moves appear not to be involved in that decision making process any more.
#CelticFC gross debt decreased from £5.3m to £4.1m, comprising £2.9m Co-operative bank loans (LIBOR + 3%) plus £1.2m finance leases. The revolving credit facility was increased from £2m to £13m as a buffer, but that had not been utilised at the date of the accounts.
#CelticFC £4.1m debt is the third largest in Scotland, but is a long way below Rangers £13.2m, which would have been even higher without them converting £60m of loans into shares in the last three seasons. Note: Celtic’s figure excludes £4.2m convertible preference shares.
After adding back non-cash items and working capital movements, #CelticFC had £12m negative operating cash flow, covered by £12m net player sales (sales £26m, purchases £14m). Spent less than £1m on capex, interest and tax, but repaid £2m loans and paid £0.5m dividends.
As a result, #CelticFC had £2.9m net cash outflow, so cash balance fell from £22.4m to £19.5m, though still by far the highest in Scotland, almost as much as the rest of the Premiership combined. The club said this gave them “a base to invest in the summer transfer window”.
Over the last 10 years #CelticFC have had £48m available cash, entirely generated from their operations and player sales. Highest expenditure: infrastructure £20m, debt repayment £10m, dividends £5m, tax £4m and interest £1m. Bank balance increased by £9m.
When we criticise the board, we really aren’t going to cut much ice if we mention the books. They seem to have got the hang of that in a way that has escaped our friends across the river. Yet if they were to put the same amount of effort and expertise into taking the club to the next level, you do have to wonder if they’d be equally adept….
They do seem to know what they’re doing, and if they weren;t so conservative, we might have been contenders…
All ifs and buts, but how can men of proven ability be so lacking in ambition ?
Comparing #CelticFC with Rangers since 2013, we can see that net cash flow is very similar (£11m vs. £3m), but there is a big difference in approach. Celtic have made much more from operations and player sales, which Rangers early matched via £70m loans and £34m share capital.
#CelticFC are in good shape financially, despite the pandemic, thanks to their sustainable model, though their fans might prefer more investment in the squad. The club will hope that the arrival of a new manager and expenditure on summer signings will deliver better results.
• • •
We are in good shape, but there appears to be a glass ceiling, a reluctance to leave our comfort zone, combined with a fear of losing another Ibrox based club.
When our business strategy is based on the performance of a rival, and a rival that has been consistently losing vast sums of money since it’s inception, then surely it’s time for change ?
The present set up, where the old firm brand is crucial to our financial structuring , isn’t going to last.
They’re going to fold, and the game will have to adapt.
Celtic , the board that is, need to be proactive and start to move away from that model.
They had the chance back in 2012, but chose to foster the new club and that is a form of negligence.
With the writing on the wall for a second Ibrox club, Celtic need to show ambition beyond the city, and the rest of Scottish football needs to wake up and move with them.
We are getting a drenching from the Celtic plc board members. Is there at least one not bent, just the one at least ?
Bentness is endemic.
Pissing all over the support compulsory.
Keep hearing that they are going bust, that they are struggling to keep the lights on (copyright Phil Mac) but still they keep going. The advantages that we had over that mob were vast and yet we managed to make a complete cant of it.
Peter’s strategy of keeping them afloat so we could beat them every year (and pick up the money from the TV deals etc) has backfired spectacularly. The SPL trophy now residing in their trophy room next to the world class ceramics.
Get them gone, I won’t miss them. Don’t miss the original rangers either.
60000 for a sevco game. What are you wanting? A sevconian walking past to batter?
Played so the so.
Hi Guy’s changing the subject and referring back to the sleep – out that was held in the Bro. Walfrid Park, Ballymote, Co.. Sligo. My cousin’s (RIP) daughter fed(or helped to feed the sleepers, she is a chef at the adjacent nursing home in Ballymote, when they they awoke from their admirable slumbers at 6-00amon Saturday morning. I believe they raised £15000 – 00p for their efforts. Hope you don’t mind me saying this folks but I think we can say take a bow Lorraine Tonry and supporters in feeding the sleepers. Hail. Hail
A wonderful achievement, bravo, well done Lorraine and a big thank you to everyone involved. Hail Hail.
Gerald, never forget to remind.
GREEN MACHINE YOU asked yesterday. John Kennedy is not the Celtic defensive coach . As most if not all successful clubs don’t employ defensive coaches , neither will Celtic . Teams attack as a unit & defend like an unite . Would Ralston spend his time under a defensive coach or attacking coach . With our first team training squad approximately 30 players, I would thing Ange would need many coaches including Kennedy. The defensive coach is now confined to FIFA and other Computer games .
It is not a making up of the numbers weekend game. If a player is asked to play a position they should know to play that position. That is 90 minutes professionalism.
Cheers, DJ, no wonder our defence is a shambles.
I agree Ange needs many coaches but it looks like the ever present Kennedy, whose face could sink battleships, and IPad Strachan is all he’s getting, or at least all he’s got.
So what does Kennedy actually do at Celtic Park, aside from telling Peter everything that’s going on in the dressing room?
Was this also the case under Lennon, DJ?
Where no one had a clue what anyone else was doing?
I guess it would least explain why we were, and still are, so useless at defending against corners or free kicks around the area.
But as you say, why would a defender need to learn any defensive duties at all when all he has to do is run up the park and score a goal?
After all, as you also point out, he can now learn how to defend off the FIFA computer game instead so why don’t they just sack Kennedy and spend £100 of his saved wages to buy the latest FIFA game in advance thereby stealing a march on their rivals ..?
I thought you were interested in serious discussion. Your stupid reference to asking Kennedy & spending £ 100 on FIFA game is particularly stupid even for u . I repeat for a slow learner , clubs do not employ defensive specific coaches . Play is fluent and everyone has defensive duties when opposition has the ball . It’s Ange ‘s responsibility to decide our defensive placing of players at corners & free kicks . It’s all our first team coaches duty to see his instructions are carried out to full . One of our problems this season is a serious lack of height with too many of our players & consequently leaving miss matches . Although I am sure Ange & coaches will want to reduce number conceded, we still have best goals conceded record in SPL .
Better teams than us can suffer too, L’pool recent Champions League winners & EPL winners conceded 2 goals on Saturday from corners. I appreciate we are completely in the dark about Strachan’s usefulness, but IMO Kennedy has been coach at Celtic when we won 10 SPL’s , numerous cups & L cups including an unprecedented quadruple treble. Again I think he must have offered much valuable service & assistance to Lennon, Rodgers & Lennon again . I don’t think any of us would be excited be his stint as acting manager at end of last season .
I don’t know how many coaches Ange has started at Celtic, I never thought he would bring any from Australia or Japan . I am delighted with how Ange has started his career as Celtic manager , I would be deeply disappointed if Ange wasn’t able to persuade Board on particular coaches he wanted . It would augur badly for future if
he couldn’t
You don’t do jokes, do you, Damian?
I have to say I always reply to jocular remarks with jokes . I regard your comment to be usually of a pompous nature rather than jocular . I try to remember to seek out jokes in your future comments .
they will keep the poppy money again this year, that’s their finances sorted
Leading edge Lana is to be had with the poppy donations
She is the bloo room bear pear ceramic.
According to the sources.
Got any pics?
That fraud lennon makes me sick! Tho lawell made him a rich as to have his wee ” yes” man do as he was told, ridiculous that he was ever Celtic manager never wanted it and ” Celtic man” no a chance we know our Celtic men, ie Paul Mcstay big Roy , Danny and plenty more but least we never see that fraud near our club agsin tho makes me sick especially how he atagonised the fans and with his crap record and misfit character which is there for all to see , and we stood by him through all that crap he took from the poisonous vile creatures this country but thank God he well finished
FK OFF ZOMBIE
If Lennon hadn’t insisted on hanging around the place, we might have saved some money. He looked like a feckin zombie hauf the time. Celtic man my erse!
I would have willingly paid double to get him out months before.
But you didn’t, did you, soft lad?
Makes me sick when huns pretend to be real people.
Like you pretend to be a writer, Steptoe?
My heart bleeds for Lenny. Who knows where his next half million will come from? Monti is always criticising the board for not paying the living wage but he’s happy to see money squandered on an useless dud who cost us 10 in a row! Of course, last season he went from ‘Lennon out’ to ‘we are all NL’ and back again that often it’s hard to remember where he ended up. I’d ask him to spell consistency but the only thing consistent is the pish he spouts.
Neil Lennon will always be special to me, yes there has been mistakes made but I love the man, that won’t change.
A player Subjected to a level of hatred not seen before or since, a man forced to stop playing for his country because of the shirt he chose to wear, our shirt.
You nor I could have functioned under the conditions Neil had to.
I didn’t want Neil to get the job first time around, I was happy to see him come in to guide the side to the 9, I didn’t want him to get the job after that, it’s history & it’s done.
When I look back at Neil Lennon & his contribution to Celtic, especially as a player it is with admiration.
I will always be Neil Lennon!
And your missus will always be Walter Smith!
🙂
Loved him as a player, not so much as a manager.
As a man, all Celtic fans stood with him when he was being targeted by the Hun, irrespective of their thoughts on his managerial ability.
Its not just hindsight to say that his second coming was all wrong, given his very poor post-Celtic managerial record.
Of course, the board and specifically Lawwell bear responsibility for that and the laziness of the latter meant it was always going to be made permanent no matter what.
He does, however, bear culpability for sticking it out so long, long after it was clear that the 10 was gone, when, if he had walked a year ago then that would have allowed the chance of recovery.
Of course, the board would have still cocked it up but that would have been fully on them.
He’s also not helped himself subsequently by blaming the fans, players, governments, the flu ((c) TGM) etc and being there for whenever the MSM fancy a pop at us.
The flu’s just the flu, Cha.
But it was the Convid Con that got you and it’s there that your judgement is called into question.
Just cos they say something on the telly doesn’t mean it’s true.
In fact, quite the opposite, as the Sevco lie proves.
Yet still you believe them …
Such lack of discernment is unconscionable.
Should a wage be immunity of pretence ?
Kennedy pretends to be a coach and he’s still getting a wage.
Though no one can tell us what, exactly, he actually does for it.
Apart from grassing up the squad to Peter but that’s common knowledge.
Disappointed that covid was mentioned so little in this article. Have people forgotten the tens of thousands of fit and healthy people dropping dead into roadside ditches on an hourly basis due to the omnipotence of the all consuming ‘virus’
People have short memories.
If it only took £600000 to pay off lenny, it should have been activated in last October.
A man that has won a treble as a player and manager had clearly lost it by then.
Me, myself, I had to dry out after 9IAR. Bedlam if an Aussie did 10IAR.
A player on the left up front to head to reason of the game to be won. Took years to see again.
January window. Not a chance are the Board paying for both Jota and Cameron.
Who to chose in an usual excuse of a difficult windae.
Lawwell law.
Great stuff from Swiss Ramble. Covid made such an impact on everything, most of all on people, business’s too suffered as life became curtailed. The EPL are sheltered by the vast sums of money pouring into the game down south, I see the clubs there are following Celtic’s lead with “Rail Seating”. I would just like to know which direction the club, our club is going, it seemed just a few years ago that DD was looking to get us into the EPL, that IMO was why he shackled us to the Huns, that suprised me big time, because I felt that, that is the last thing that we should be doing. They are what holds us back, you would have thought that they would have known that, but no, apparently not. The one good that they do for Celtic is to show the difference between the club and the supports, the proof of that is in our range of quality sponsorship. Then it was the “Atlantic League”, now that too is blown out of the water, so what’s left? Limbo?. Prove that we don’t need them or their crimpolene fans, find a source of Pay Per View, for supporters who cannot access games, did I tell you about my Norton VPN 😉 Good scouting for players, quality sponsors, great loyal supporters, invest in the ground, there’s a lot to be proud of, but please change the record.
Excellent analysis from Swiss Ramble. The first thing that you think about Covid-19 is the people who lost their lives, business came a poor second, non the less it affected every business badly. For me, it’s about which direction the club going, for a while its been in Limbo. It’s not going into the EPL, it’s not going into an Atlantic League, it’s static. The ‘OF’ no, just no, they are holding us back, staining everything that we hold dear, strangle’y illustrated by the sponsorship deals, good club, trusted club equals good sponsorship deals, bad club, untrusted club, sh!tey sponsorship deals.
Add to team quality, focus on the CL Qualifiers, build up the stadium and ditch the Huns.
The writing is not on the wall for Sevco, that’s been getting said for nearly the decade of their life,it ain’t gonna happen, some jiggery-pokery will take place to prevent a second humiliation for their fans and it’ll be done by their fans in whichever guise they come in so don’t get your hopes up.The most shocking fact in all this is Celtic will always put the brakes on to let them catch up and we’ll all buy into that fact so please spare us the Jam Tomorrow.
Arsehole
Yes, sally is.
Excellent analysis from Swiss Ramble. The Cream alway’s rises to the top, today, ‘I Feel Free’. If only our club was free, free of the ‘OF’ mantle, free of prejudice, free of secretiveness, free to get in. What a club we would have. So, put on your headband, bare your chest and sing your hearts out, release your inhibitions, sing out loud, for Celtic. We, Feel Free, we, feel free.
‘but how can men of proven ability be so lacking in ambition ? ‘
I’ve explained what happened at length over these past 6 or 7 years, Ralph, but unfortunately my observations & analysis was largely, and somewhat dimwittedly, mocked by your readers so I won’t bother explaining it again.
A more pertinent question would be, How can a club with a £100 million turnover just 4 short years ago still have a £4.1 million debt?
In whose interest is it to have kept this debt running unpaid and why?
That aside, good work.
My impertinent answer would be your financial acumen is on a par with your medical/scientific knowledge.
If there was anything untoward then it would be mentioned in this or other exhaustive analysis of our accounts.
You need to join forces with John Stevens, affectionately known as the State Aid Nutter, as he’s always predicting that we’re about to succumb under our mountain of debt.
So where did all the money go?
Did YOU lose much money?
Well, Red, we all know you didn’t.
You couldn’t find Parkheid with a compass, Google Maps & a guide dug.
Over a billion quid spent since Desmond took over, indeed 1.25 billion & counting.
Where is it, smartarse?
Because it’s not itemised anywhere in the accounts.
Sure, it’s hidden under some miscellaneous headings here & there but not actually Itemised.
You think billionaires don’t know how to skim off the top, Cha?
You think they’re all straight arrows, aye?
Well, that’s the same reasoning that has you pumped full of a toxic poison that you don’t even known what it contains.
That is, No Reasoning At All.
Nae luck, Cha Cha.
Now away and dance fir yer dinner.
Oh ffs
And how would you know anything about my decades of study and knowledge when ye’re too scared to even click on the links I’ve repeatedly sent you down the years so you can check for yourself?
You won’t learn anything by living in the dark, Cha Cha, and especially not by being a shitebag.
Which is clearly what you are.
You just sit there and ignore everything then sneer down yer runny nose at me without one word of argument or debate in return and all this because you know that if you did look at those links that you’d soon see that I’m right after all.
I stead you sit there pontificating like the frightened clueless useless old clown that ye are.
That’s some rage you’ve got there soft lad, I’m sure its not good for you.
Its bound to lower your immune levels and leave you at risk of a dose of the flu or even pleurisy.
Its very astute of you to observe that I haven’t opened any of your links due to being frightened…of splitting my sides.
Aye, Cha, I’m rageist 😀
Surely that’s a tad ageist.
Tut tut
Or in your case, Tit Tit.
🙂
A four year deal and pay the transfer fee of £6.5 million, for Jota? Oh yes, money in the bank, the benefit of the loan move with a buy out clause. Same with Carter Vickers but pair him up with Julian. Joe Hart’s been a steadying influence at the back, I still love his attitude, his Celtic-ness is beyond doubt. Slippy to Villa? I couldn’t give a monkey’s, because the bearded goat would only take his place and the sight of his greeting puss, makes my chocolate melt. This January transfer window is crucial, get it right and it’s “Champions Again” get it wrong and its bring back the Inquisition, stretchy stretchy, rack on, rack off.
All that analysis and he still managed to miss the elephant in the room at Celtic.
Not A Customer Just A Fan Saiz
6 days ago
Statement of capital following an allotment of shares on 28 August 2020
Statement of capital following an allotment of shares on 30 August 2019
Statement of capital following an allotment of shares on 31 August 2016
Statement of capital following an allotment of shares on 1 September 2015
Statement of capital following an allotment of shares on 1 September 2014
Statement of capital following an allotment of shares on 2 September 2013
Statement of capital following an allotment of shares on 31 August 2012
Statement of capital following an allotment of shares on 31 August 2011
Statement of capital following an allotment of shares on 31 August 2010
https://find-and-update.company-information.service.gov.uk/company/SC003487/filing-history?page=1
05 August 2021
CELTIC PLC
Scrip Dividend Price
Celtic plc confirms that the scrip dividend reference price for the full year dividend for the financial year ended 30 June 2021, is 111p (“ScripReference Price“) and will be payable on 31 August 2021. The scrip dividend is available to any shareholders of Celtic plc’s Convertible Cumulative Preference Shares of 60p each who have elected to receive ordinary shares of 1p each in the Company (“Ordinary Shares“) in lieu of cash dividends through participation in the Scrip Dividend Scheme.
The Scrip Reference Price has been calculated by taking the average middle market quotation price of Celtic plc’s Ordinary Shares derived from the London Stock Exchange Daily Official List for the day on which the shares were first quoted as ex-dividend (29 July 2021) and the four subsequent dealing days (being 30 July, 02 August, 03 August, and 04 August 2021).
Any shareholders entitled to the full year dividend who do not already participate in the Scrip Dividend Scheme and wish to do so, may obtain a mandate form by contacting the Company’s Registrar, Computershare on 0370 702 0192 or from the Company’s website http://www.celticfc.com, or from the National Storage Mechanism. This form must be completed and returned to Computershare to arrive no later than the close of business on 10 August 2021 in order for it to be effective for the full year dividend.
The exact number of shares which will require to be issued will be established after 10 August 2021 the final date for receipt of elections to participate in the Scrip Dividend Scheme.
https://www.londonstockexchange.com/news-article/CCP/scrip-dividend-price/15088009
Eyes wide shut.