Celtic fans were far from impressed by the Stock Market announcement that revenues will be significantly higher than expected for last year.
Selling Liel Abada and securing the domestic double were the drivers for the bump in income with the club reporting £67m sitting in the bank account on 31 December 2023.
There is a very obvious reason for the increased turnover and profit and that is the freeze of investment in the squad of players. Selling Abada and replacing him with Nicolas Kuhn showed a clear profit just like the summer sale of Jota who was ‘replaced’ by Marco Tilio, Yang Hyun-jun and Luis Palma in the first team squad.
Celtic have said their earnings for the year ending on June 30, 2024 will be “significantly higher” than expected.
A year ago they hit a record £119.9m in revenues & announced they have £72.3m in the bank.
They’ll announce their latest financial results in September. pic.twitter.com/WKxwz56jeV
— Anthony Joseph (@AnthonyRJoseph) August 6, 2024
In the Interim Report published in February Chairman Peter Lawwell expressed his frustrations about struggling to invest in the notoriously difficult January transfer window.
While Lawwell was away from the front line Ange Postecoglou had no difficulties bringing in Reo Hatate, Daizen Maeda, Yosuke Ideguchi and Matt O’Riley to strengthen the Celtic Starting Xi and deliver success on the park. Those signings could be sold for a profit far in excess of the £5m they cost in transfers.
Since Mark Lawwell was appointed as Head of Recruitment in July 2022 followed by his Dad becoming Chairman six months later there has been a distinct downturn in the quality and value of recruitment.
Over the course of four transfer windows driven by Lawwell Junior Alistair Johnston is the only player signed that has nailed down a regular first team place.
When Rodgers selected his team for the Scottish Cup Final in May none of Lawwell’s summer signings were included as he reverted back to the squad he inherited from Ange Postecoglou.
There were some signs of progress last month when Peter Schmeichel and Viljami Sinisalo to replace the departed Joe Hart.
That suggested that there may be a strategy and contingency plan at play but starting the SPFL season with Paulo Bernardo as the only outfield signing in a squad with one left-back and one striker is a high risky business.
With three matches to be played before the transfer window closes the Celtic support is braced for more disappointment with the sale of O’Riley far more likely than signing established quality capable of improving on the underwhelming Champions League performances of the last two seasons.
Had the club made three or four quality signings the loss of O’Riley would be easier to accept but since his arrival in January 2022 Tomoki Iwata, Odin Thiago Holm, Kwon Hyeok-kyu haven’t made any impact on the first team with Bernardo the only effective back up to the established midfield trio.
The sales of 50,000 Champions League ticket packages should bring in around £10m on top of UEFA appearance money plus match by match ticket sales and hospitality.
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Ripping the pish right out of us.
Surely you should be calling this out Anthony. The window isn’t just a farce it’s a GIRUY to all the fans.
— Mordecai67 (@MordecaiFly) August 6, 2024
November 2023. Before Abada, Oh, Haksabvic sellings. Guaranteed CL and probable MOR getting sold. pic.twitter.com/JXzyQMCj81
— Stephen (@Stephen55767497) August 7, 2024
This board has no interest in developing the club or the team, only the bank balance and their bonuses. They are not fit for purpose.
— Tictop1888 (@toptim77) August 6, 2024
Celtic board MILKING the interest off that 100m in the bank.
A payday after a payday plus a giant bonus. Maybe they deserve it?
— Jamie (@Userisjamie) August 6, 2024
Stock market fc preparing us for player sakes and trying to justify it this board are just insulting the fans
— paul (@WexfordCelt) August 6, 2024
Off the back of supporters who they continue to fleece while actively downsizing. I couldn’t care less what the earnings are when we see them providing less and less quality for the manager to work with.
— Marco Firenze (@mfirenze1986) August 6, 2024
Just an absolute shame that they don’t seem to be helping the manager by not investing that money back into the playing squad.
Doesn’t matter if we get 40 million for a player these days his replacement will be a punt and they will sit there looking at the money 😬
— Velocity (@chivs1O5) August 6, 2024
I suppose that’s what happens when you constantly take take take without spending a penny.
— Champions, that’s who we are. (@bladdered_plank) August 6, 2024
We can be happy in the knowledge there’s 90 odd million in the bank while we get scudded in the CL as the board don’t care. As long as they are slightly better than ibrox. Buy those replica tops and keep quiet
— Marco Tardelli (@didyeayemate) August 6, 2024
Of course it’s higher, they don’t spend any money.
— 𝐒𝐭𝐞𝐯𝐞𝐧 (@Steviebarry89) August 6, 2024
All that money and zero ambition. Yet they’ll demand fans pay more and more for the same mediocrity.
— |||||| (@DM21___) August 6, 2024
2 Comments
by TicToc
If ever there was a time for prolonged, serious protest against the Board it is NOW. And I’m talking shareholders as well as supporters, united in a two-pronged attack BEFORE we get any nearer to the close of the transfer window. Since Peter Lawwell returned (make your own mind up but that’s where I’m sure the problem lies) there’s been no support for our elite manager and that is nothing short of scandalous after the disgrace of the last TWO transfer windows. Be in no doubt, Brendan managed to get us over the line in the League but there was a point when it was in the hands of the new huns and they blew it. This is an absolute disgrace and our supporters deserve better, MUCH better. Our club is being run like Desmond and Lawwell’s private business and that is totally OUT OF ORDER.
Of course, those two leeches stand to make a fortune in the event that the club is sold but there ARE rules governing the conduct of officers of the company (which Celtic PLC is) and it will be interesting to see what result may come if the correct questions are asked by our shareholders. A football company is unlike nearly every other business as its income arises directly from supporters’ funds and footballing success. There should, of course, be supporters on the Board and this is something we should pursue with vigour.
Apathy in our support only encourages the types of behaviour that seems to flow freely from within the boardroom as it has done for far too long. They’re only good at offering lame excuses for their incompetence and yet they get away with it.
Anyway, Brendan can only be as good as this Board allows him to be. He’s a top manager but he needs the players to bring further success and it’s our DUTY to help him achieve this for everyone and that, unfortunately, INCLUDES those at the top, those who have held us back year after year.
NB Peter Lawwell’s son was employed by the PLC in a role he was almost certainly not qualified for and the signings during his short tenure were nowhere near the quality we need for success. Who’s at fault here? Did Mr Lawwell still have influence when he should have had none at the time of that appointment? These and many other questions need to be asked of the PLC Board and our supporters, the life-blood of our club, are absolutely DUE answers. So let’s get united here and go FORWARD.
by Wulle
This is right out of order this board has to go get a protest started asap it’s the same every season they milk us dry promise us players and we never get the real thing do they think that we are soft or something GET THEM OUT NOW