Low crowds and player sales see Celtic post loss
Celtic won the delayed Scottish Cup final (pic: SNS Group)
Celtic Football Club plunged to an £11.5 million pre-tax loss last year from a profit of £100,000 a year earlier as the absence of supporters saw revenue fall 13.5% to £60.8 million (2020: £70.2m).
The club also blamed “significantly lower gains” of £9.4 million on player transfers in the year to the end of June against £24.2m in the previous 12 months.
It was a year in which the club retained the delayed 2020 Scottish Cup, but won no silverware in season 2020/21.
Chairman Ian Bankier said: “In the face of this adverse swing in financial performance, we are satisfied that we took sufficient and appropriate steps to mitigate the losses and control costs in the business.
“Our year end cash, net of bank borrowings, was £16.6m (2020: £18.2m). This gave us a base to invest in the summer transfer window.
“The entire season captured in the year ended 30 June 2021 was characterised by the absence of supporters in football stadiums and the huge disruption to our operations.
“On behalf of the Board and everyone at the Club, I thank the Celtic support for their backing and understanding last season whilst also sharing their frustration and disappointment.
“I must also express my gratitude to our sponsors and partners, who were also challenged by the unique circumstances.
“As we progress through the current season, our objective is to work with the authorities to ensure that we can continue to operate in a safe manner and in a way that facilitates our players being able to give their best and our supporters being able to attend matches at full capacity.”
Mr Bankier noted that Dominic McKay, who was appointed CEO on 1 July “chose to step down on 10 September for personal reasons”.
He said: “I thank Dom for his contribution over the summer and everyone at Celtic wishes him well for the future. “
Michael Nicholson, director of legal and football affairs, was appointed to the board as acting chief executive.
“Michael carries the confidence of the board, he is experienced in Celtic, highly regarded in football circles and is a most effective leader of our executive team,” said Mr Bankier.