Ange Postecoglou’s exit to Tottenham Hotspur and business interruption insurance recovery in relation to Covid-19 landed Celtic a one-off windfall of £13.5m in the last financial year.
Celtic today announced a record turnover of close to £120m, as well as a pre-tax profit of over £40m. The cash net of borrowings as of 30th June 2023 was an eye-watering £72m.
Part of that was due to the £13.5m received by the club listed as other income – a significant portion. And the club explained what that other income was made up of.
Chairman Peter Lawwell said in a statement to the London Stock Exchange: “In addition, we recorded £13.5m of other income that came from a combination of compensation received following the departure of Ange Postecoglou and a business interruption insurance recovery in relation to Covid-19, with the two items mentioned being one-off in nature and typically non-recurring.”
It was reported back in June that Celtic landed north of £5m from Spurs for the Australian, despite him only having a 12-month rolling contract with the club.
That means that the insurance received by the club as a result of business interruption due to the pandemic was also a significant seven-figure sum.
Business is booming at Celtic and it has allowed to club to invest in infrastructure at the club including an expensive project at Barrowfield as well as renovations at Lennoxtown.
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Questions remain about the quality of business done in the most recent transfer window in the context of all this money flowing through the club, especially if the team struggles at the European level.
Nonetheless, Celtic have never been in a better position in the modern era when it comes to financial stability and, hopefully, the board use it as a platform to progress and invest in a bright future.