13 Feb 2026 19:17:36
6 month figures released and it looks like everything I said was correct.
Our revenue has taken a beating and actually might be worse than my predicted amount. I said it was likely to be down from 145 million to 100 but I think it may actually be closer to 90 by the time our season concludes.
I also said despite having a massive drop in revenue we would return a profit, which again is reflected in these figures.
So I would like to point out that I was not being negative I was being honest and providing good analysis. Therefore, I hope more people can see why I am so pissed off with the board. Their lack of investment and lack of planning and execution has cost us a loss of 55 million in revenue and at least 2 trophies and this is going to have a massive impact on next season as well.
13 Feb 2026 20:05:42
I also said despite having money in the bank we could not freely spend in the transfer window, again this was proven correct.
13 Feb 2026 20:50:32
I agree with you Joe. Even if they didn't want to spend big money I think they should have had players ready to come in when the signing windows open instead of the boards seemingly plan to wait until the last day of any window craziness too me.
CL qualifiers was ridiculous to me also no forward planning that is down to the board. And lost the club a barrow load of money also.
13 Feb 2026 21:15:22
Hi Joe, like we said last week your numbers are way off. You actually said we would be 90m on lost revenue. Now your predicting 55m, can you break down what your initial 90m lost revenue was based on, and what you are basing your new figure of 55m lost revenue on?
Only thing you called right was the profit return which was easy enough based on our player trading.
You also said we would have 45m left in cash reserves and we actually have 67.5m in there. Which is 50% roughly more on what you predicted. How are you accounting for your error there?
Our revenue numbers are lower only because of our drop down from knockout stage in CL to Europa.
We got loans in January because the board didn't want to spend on players that the new boss doesn't want.
I'm just pointing it out as people may take your numbers as correct and assume that the world is doom and gloom for the club, it's really not.
We can also spend just fine in the summer (if the board want to) based on the financial sustainability rules where our books are reviewed in terms of 3 years with a 70% cap.
Based on today's numbers that's £42m plus £67.5m that we have in bank. So IF the board wanted they could throw £100m at the first team in the summer.
I think you are spinning a doom and gloom financial narrative when it's just not there. I'm happy to sack the board, but not for the financial strength we have, more because they don't use it.
13 Feb 2026 21:29:34
Have to completely disagree with you Joe and your basic understanding of economics.
By making a profit the balance sheet will improve not retract.
Based upon these figures and historical trading patterns Celtic will easily turnover 100-106m.
The reduction in revenue would have been forecast known as soon as CL football was not achieved.
The loss of Champions league football would also incur a significant reduction in costs to offset some of the revenue reduction.
Celtic can afford to spend just choose not to.
Celtic could easily register a significant loss this year and reclaim some of the previous years corporation tax paid to turn that back to a profit.
13 Feb 2026 22:29:51
@dr Phil - you either have the memory of a goldfish or don't understand what I have actually said.
We never had the 90 million but we lost the opportunity to make it. That number is made up of the failure to sell Engels and maeda at 25 million each and 40 million lost from failing to make champions league. That sums to 90 million.
With regards my prediction of 55 million drop in revenue. In the 6 months accounts there was a drop of about 25 million. However, there is going to. be at least another 20 million drop because we didn't get into champions league and we also sold Kyogo last January, so that is another drop of 10 million as we didn't sell anyone this season in the same period. So 25+20+10= 55 less than last season and it will likely be worse as merchandise sales and match day revenues will also be down.
With regards my predicted cash balance you are forgetting I was predicting over a longer period than the accounts, so there will be less money now than the 67.5 million shown at December 31st. My guess is probably about 10+ million less, which would be 10 million expenses for the extra month and also fees and wages paid for loan signings. So it was a pretty good estimate considering I don't have live data which I pointed out.
Where are you getting the extra 42 million from?
I also need to point out that you are wrong about the 70% calculation being over a 3 year period. I even linked the part of the UEFA sustainability regulations that said it was over a 1 year period. If you dispute that then you should link the UEFA regulations that says it is over 3 years but I bet you can't.
@tbhoy - you say you are disagreeing with me but then say our revenue will be 100-106 million this years which is exactly what I said. ? Are you as bad as Dr Phil and you don't actually understand what I am saying?
I also did not say Celtic could not afford to spend, I said they cannot spend freely and cited the massive drop in revenue as the reason. Which again you are agreeing with. ?.
13 Feb 2026 23:07:17
Weejoe
Problem is you don’t understand what your saying you categorically say the revenue will be closer to 90m
I said 100-105 if 15m is not that different then I’ll happily take the extra 15m. That’s almost a 20% swing on revenue that’s a big deal.
Sales and Purchase of players don’t work how your explaining because we sold Kyogo for 10m doesn’t mean we make 10m on Kyogo we have to take the amortisation of his original fee from that plus costs.
When buying players we also don’t book the full purchase value out we spread over a number of years to mostly match the contract term
Given the accounts today it looks like another very strong set of financials and I would be really really surprised if Celtic didn’t book a profit for the entire year.
The cash in the bank is a snapshot in time. And if we book a profit I cannot see how that can drop £10m unless we want it too. Ie we pay bills a day or two early to show a lesser bank balance on the day we report or we pay bills a day or two later to show a bigger balance.
13 Feb 2026 23:16:05
Also weejoe
Just some basic maths. You are predicting a £55m drop in revenue and I quote £25m+£20m+10m=£55m
Our revenue the year before was £143m 143-55 does not equal 100 it equals 88.
So going to pick a set of numbers and stick to them cause it can only be one or the other not both.
14 Feb 2026 02:46:48
@ Dr Phil - I went back and found my post about how much money I thought we had left in the bank and I had actually calculated it over 8 months and it was in response to someone saying we had 80 million in the bank. So based on that my prediction was near enough bang on and that was without me having complete data to work from.
And here you are telling me for the second time that my numbers are way off but it would appear that these figures have shown the complete opposite. In fact they have shown that weejoe was bang on the money, if you pardon the pun?.
14 Feb 2026 09:06:43
'Failing to sell' is a new one. I'm all for criticising the board but just accepting bids for players isn't the aim. It's also confusing. Do you want us to keep good players or sell them?
14 Feb 2026 09:48:01
It’s all a bit pointless, as a club we’ve never been close to pushing boundaries of what can be spent or not, and we won’t going forward, Joe I don’t disagree with what you say, it’s commercial facts that’ are by products of not qualifying for cl, but you have repeatedly tried to sensationalise it into a negative, i'll take the example you shared of saying Celtic cannot spend freely, they never have spent freely Joe, I don’t see them spending freely or wanting to either .
That's obviously a different discussion as some would want that, regurgitating a story of how much we could have made or how much we can spend when neither the money in bank affects the teams performance or our spend boundaries matter as we won’t test the boundary “ever” I think is sensationalising negative rhetoric,
As I said I can’t disagree with what you’ve said ( partly because I’d trust your figures and knowledge a lot more than mine).
14 Feb 2026 09:50:28
Henke, selling players for profit is a big part of our business model and is one of the best ways to grow our club. Maeda should have been sold in the summer and there was a deal in place. However, because we didn't have a replacement, the deal got cancelled. As a result we got stuck with a player who has underperformed and has now saw his value dramatically decrease.
Also last summer hatate should have been sold when his value was high and we should have signed 2 midfielders that summer, that would have got rid of player who wants to leave and gave us two players got each position in midfield. If we had done that then we could have sold Engels in January for a healthy profit. Are we going to get as good an offer in the future?
To me, both instances were missed opportunities to cash in when players were at peak value.
14 Feb 2026 09:53:30
Tbhoy - I was talking about my initial prediction being 100 million, which coincided with what you are saying. So you obviously don't understand what I am saying or are trying to twist things. Which is it?
You then say you prediction is based on historical trading patterns but I would like to point out that many of our revenue streams will be below historical trends this season. Do you not agree and did you factor in the drop from the historical trend?
Now let me get to your figures. I noticed you are trying to portray the biggest difference between my 90 million and your prediction but there would be a range, i. e. 10-15 million. You also calculated the percentage from the lower value to try and paint a particular picture and didn't even calculate it correctly. ?
15/ 90 x 100% = 16.67%, which is not 20%
If you had calculated it as a drop from 105 it would be:
15/ 105 x 100% = 14.29% and closer to 10% using your rounding method. ?
Let us deal with the sale of kyogo. We bought him for 4.5 million on a 4 year contract. That means an annual amortised amount of 1.125 million. He left after 3.5 years, which meant there was still 0.5625 million left on accounts. That means we made a profit of 9.4375 million and that would have shown on the accounts I am talking about.
Obviously neither of us have a full set of data to work with so there will be inaccuracies in our predictions. Obviously the sensible thing to do is revisit this when our annual accounts come out and we will see who had the best prediction but I can categorically state that my last set of predictions were pretty on the money.
With regards my prediction of 90 million it was based on a revenue of 145 (I knew that was not the exact value but couldn't be arsed finding the exact value) .
14 Feb 2026 12:18:43
My 42, m was based on 70% of this years total revenue.
14 Feb 2026 15:21:47
Dr Phil could you explain to me why you are counting the 42 million twice and why you did not factor in the affect expenditure for the next 6 months will have on that money we have in the bank? Could you also explain to me why that means we will have 100 million to spend next summer.