Celtic’s £20m revenue blow after Champions League exit
Celtic chairman Ian Bankier (left) and chief executive Peter Lawwell will continue to follow a self-sustaining financial model (pic: SNS Group)
Celtic’s failure to reach this season’s Champions League saw the club’s revenue fall by £21.5 million, according to its interim report for the six months to 31 December.
The Glasgow club, knocked out by AEK Athens in the qualifiers, announced income of £50m compared to £71.5m the previous year, a drop of 30.1%.
Pre-tax profit was also down £700,000 at £18.8m (£19.5m), though the bank account sits at a healthy net total of £38.6m (£30.9m) after tax.
The big-money transfer of French striker Moussa Dembele to Olympique Lyonnais helped the profit from player sales rise considerably.
Dembele’s reported near £20m deal which took him back to his homeland, saw Celtic post a profit on player transactions of £17.6m compared to just £500,000 the previous year.
Commenting on the figures, Celtic chairman Ian Bankier said: “These results reflect the absence of substantial UEFA Champions League revenues in comparison to the same period last year.
“The profit on disposals of intangible assets of £17.6m (2017: £0.5m) largely represents this sale.
“Our period end net cash at bank was highly satisfactory.”
He added: “Our financial commitment to the playing squad, including transfer fees and first team salaries, and the coaching, technical and performance departments is at an all-time high.
“My fellow-directors and I continue to be highly alert to the uncertainties inherent in football and our long-held strategy of operating a self-sustaining financial model has delivered stability and success.
“The board and Brendan Rodgers are committed to maintaining that crucial balance between competitive performance for our immediate targets this season and developing the club for the longer term.”
Celtic, who won a seventh successive trophy under Rodgers with their League Cup victory over Aberdeen in December, sit six points clear of Rangers in the Premiership and face Hibs at Easter Road in the quarter-final of the William Hill Scottish Cup as they chase an unprecedented third treble in a row.