Celtic, during their Annual General Meeting (AGM), cleared the air regarding the inclusion of Jota’s transfer fee to Al Ittihad in the financial report for the year ending June, despite the deal being confirmed on July 3rd.
This clarification came amidst earlier uncertainties and speculations about the club’s financial status and incoming funds
In the year-end financial statements released earlier, Celtic’s robust financial position was evident, leading many to speculate that the club was yet to receive a significant sum from Jota’s transfer.
The ambiguity arose due to the timing of the deal’s confirmation, which fell just after the closing of the financial year. However, as reported by CeltsAreHere.com at the time, the deal was indeed included in the June financial report.
This confusion was addressed at the AGM, attended by CeltsAreHere, where Michael Nicholson and Chris McKay, confirmed that the proceeds from Jota’s transfer were accounted for in the June financial statements.
The clarity provided at the AGM reassures stakeholders of Celtic’s commitment to financial responsibility and strategic planning.
The astuteness of Celtic’s financial strategy is further exemplified by their anticipation of the upcoming 6 percent increase in Corporation tax in the next financial year.
By ensuring that as much profit as possible, including the proceeds from Jota’s transfer, was accounted for in the last financial year, the club demonstrates shrewd financial foresight.
This move is not only about adhering to fiscal regulations but also about maximizing financial efficiency. Whether the deal was officially concluded in June or July is less significant compared to the fact that the groundwork and negotiations for the deal were completed within the last financial year. This strategic decision to capitalise on the existing tax rate before the hike is a testament to Celtic’s proactive and prudent financial management.
The clarification at Celtic’s AGM dispels any misconceptions regarding the club’s financial report. The club is in great shape financially.
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