Club cashes in on coach
Rodgers £9 million departure boost to Celtic’s profits
Brendan Rodgers: boosting Celtic’s profits (pic: SNS Group)
Celtic said a ‘material compensation” package from Leicester City for the departure of head coach Brendan Rodgers will mean the club’s profits will be higher than previous forecasts.
It is understood that the Midlands cub paid £6m to lure Rodgers and £9m in total for the Irishman and his backroom staff. It is one of the most expensive deals by an English Premier League club for a manager already in work.
Celtic inserted the figure into the four-year deal Rodgers signed as manager in April 2017. Rodgers took assistant manager Chris Davies, first-team coach Kolo Toure and head of performance Glen Driscoll with him to the King Power Stadium.
In a trading update to the stock exchange Celtic said it has “continued to enjoy favourable trading performance, including receiving a material compensation payment in respect of the departure of Brendan Rodgers to Leicester City FC.”
Because of this, Celtic now expects to exceed market expectations for the current financial year. In a curiously worded statement, it concluded that the club’s financial performance continues to remain subject to the outcome of a number of key events and fixtures, “which typically are not known until the end of the football season.”
Following Rodgers’ exit, global equity fund Lindsell Train raised its holding from 17.1% to 18.4%, valuing its stake at £28.1 million at a price of 160p.