77 MILLION REASONS TO BE CHEERFUL – BUT LAWWELL FIRES WARNING

CELTIC have announced another robust set of financial results to reveal the club’s bank balance has increased to a record £77.2million.

But chairman Peter Lawwell has still fired a warning against complacency as the champions go from strength to strength.

The Hoops welcomed back Brendan Rodgers in June last year for his second stint as manager at Parkhead and the 51-year-old Irishman delivered the team’s third successive Premiership title while also making sure the Scottish Cup came back to the east end of Glasgow for the 42nd time.

The club are now bidding for their 55th crown in their history and are determined to make an impact in Europe with the new-look Champions League poised to kick off when Slovan Bratislava visit tomorrow night.

Lawwell said: “As well as delivering domestic success, we are determined to progress as far as possible in European competition and improve upon our recent record.

“We cannot and must not be complacent and we must strive for progression as a club as the football industry evolves at a remarkable pace.”

The announcement also revealed that revenue increased by 3.9 per cent to £124.6million, compared to £119.9million in 2023, attributed to a rise in Champions League participation money and stronger retail performance.

Operating expenses increased by 10.4 per cent to £105.4million while the income from player sales was £6.6million, down from £14.4million the previous year.

The figures do not include the recent club record transfer of Matt O’Riley to Brighton for £25million-plus, which will be included in next year’s financial results.

There was also an increase in transfer spend from £13million in 2023 to £16.6million with Celtic’s overall spend on player registrations now standing at £68million over the past three financial years.

Lawwell also stated Celtic had spent a further £31.2million in the 2024 summer transfer window, twice breaking the club’s previous record transfer for Adam Idah and Arne Engels, bringing the total transfer spend over the past four years to within touching distance of a remarkable £100million.

“I should start by congratulating Brendan, in his first season back at Celtic Park and the men’s team for securing the Scottish Premiership and Scottish Cup.

“I also extend my congratulations to Elena and our women’s team for securing the Club’s first ever SWPL Championship. Elena joined Celtic in February 2024, and led a competitive and exciting title run, which went to the final few minutes of the season.

“Success is something we can never take for granted. It is important to celebrate and appreciate these wins, but also to recognise that we should always strive continuously to improve.

“The results for the year ended 30 June 2024 show an increase in revenue to £124.6m (2023: £119.9m) with a corresponding profit before tax of £17.8m (2023: £40.7m).

“The £4.7m increase in revenue reflects several factors including higher participation fees in the UEFA Champions League in season 2023/24, when compared to the previous season, alongside stronger retail performance in the year. The £22.9m decrease in profit before tax, although significant, was in line with expectations due to a number of known and anticipated factors.

“In relation to football activities, our gain on sale achieved in the year was £7.8m lower than in the prior year. We also invested higher sums into the men’s team compared to the prior year in the form of salaries. In addition, we have experienced a rise in overhead costs driven by the high inflationary environment in which the business has operated over the last year.

“There was also the absence of £13.5m of non-recurring other income which was specific to the prior year.

“Our year end cash was £77.2m (2023: £72.3m). Despite Champions League qualification, the increase in cash was more modest than it may have been owing to the investment into the team in terms of transfer expenditure and wage costs in the year under review.

“This was coupled with the commencement of significant capital expenditure projects, including the Barrowfield re-development and a number of stadium maintenance projects.

“Further to the investment in player registrations of £13.0m in the previous financial year ended 30 June 2023, the Club made significant investment by committing an additional £16.6m in the year under review. This took our total spend to £68.0m over the three financial years to 30 June 2024.

“Since the year end, and up to the closure of the transfer window on 30 August 2024, we have invested a further £31.2m into player registrations (including transaction costs). Over the summer transfer window, we twice broke the Club’s previous record transfer.

“As a result of this period of sustained investment, our current squad carries the highest value and resulting amortisation charge in the Club’s history, by a considerable margin.

“In the summer 2024 transfer window, we have acquired the permanent registrations of Kasper Schmeichel, Viljami Sinisalo, Paulo Bernardo, Adam Idah, Arne Engels, Auston Trusty and Luke McCowan and the temporary registration of Alex Valle.

“We permanently transferred out the registrations of Hyeon-gyu Oh, Sead Haksabanovic, Matt O’Riley, Michael Johnston, Yuki Kobayashi, Ben Siegrist and Tomoki Iwata. We also temporarily transferred out the registrations of Gustaf Lagerbielke and Hyeokkyu Kwon.

“Winning the Scottish Premiership in 2023/24 resulted in automatic qualification into the new UEFA Champions League format for season 2024/25. This new structure brings more variety, the opportunity for more teams to participate at the highest level and a fresh dynamic for fans to enjoy.

“Last year’s Scottish Premiership and Scottish Cup trophies brought our total men’s team honours to 118, including 54 league titles, 42 Scottish Cups, 21 League Cups and a European Cup. When compared to the 80 trophies won by the start of season 1999/2000 this represents a truly remarkable achievement over the last 25 years.

“We are also firmly established as a European club from a participation perspective. Over the same 25-year period we have participated in either knock-out round or group stage European competition in 23 seasons, 12 of which were in the Champions League.

“As well as delivering domestic success, we are determined to progress as far as possible in European competition and improve upon our recent record. We cannot and must not be complacent and we must strive for progression as a club as the football industry evolves at a remarkable pace.

“Notwithstanding the domestic success we have enjoyed and the establishment of Celtic as a regular European football participant, it is important that we do not deviate from our strategy, which has been successful over many years, based on maintaining a self-sustaining financial model.

“This involves targeting Champions League qualification each year along with introducing young players into our team, either from our academy or through recruitment, with a view to developing them and helping them to progress their careers. This is not without its challenges as domestic media rights have been unable to keep pace with the media rights environment of our competitor markets and football industry inflation in general over recent years.

“This means that securing the best players is more challenging and we must work harder than ever to bring success. Our strategy has been crucial to the domestic success of recent years, and it is one your Board intends to maintain.

“In line with all other clubs who compete in European competition, we must also be cognisant of the UEFA Financial Sustainability rules and look to balance the short term and long-term objectives of our Club. This is a difficult balance, but a vital one.

“As a Club we are well represented domestically with the governing bodies. Through my capacities as Vice Chairman at the European Club Association (ECA), a member of the ECA Executive Committee and a Board member on the newly formed joint venture between the ECA and UEFA, we are able to have close proximity to, and influence over, the future of European football. This is important to the interests of Scottish football as a whole.

“I wish to express my condolences to the family of John Keane who sadly passed away in June of this year. John served as a Non-Executive Director of The Celtic Football and Athletic Company Ltd (“CFAC”) for over 20 years, and in 2013 was confirmed as the Honorary Chairman.

“John was a Celtic supporter all his life and played a pivotal role in saving our Club from insolvency. He was there when Celtic needed him most and for that we will always be grateful.

“I would also like to take this opportunity to pass on my gratitude to Michael McDonald. Michael retired from the CFAC Board on 30 June 2024. He was a Director for 30 years and a true lifelong Celtic fan. His involvement with Celtic from the 1990s demonstrated that he always had the interests of Celtic at heart, through thick and thin, and for that I wish to thank him.

“Thanks also go to all of our Celtic colleagues for their contribution to delivering another successful year and to all the Club’s supporters who give the Club their crucial and relentless backing, year after year.”