Celtic have today published their plc Interim Report for the six months to December 31st 2020.
The club has announced a revenue decrease of 23.7% to £40.7m. This drops down from the £53.3m figure in 2019. In addition to that, Celtic has suffered a loss from player trading of £0.3m. Unsurprising given we refused to sell any of our top targets in the summer.
The net cash in the bank amounts to £19.7m. Again, this is a substantial drop from 2019, in which the Hoops recorded £32.9m. Not forgetting the pre-tax loss of £5.9m either.
It’s clear the impact that Covid has had on the football club financially from these figures. Especially considering we haven’t sold any key assets in over a year now also. However, chairman Ian Bankier inexplicably used the pandemic to cover for this season’s failings ON the park too.
Speaking in his Interim Report statement, Bankier said: “The prolonged summer transfer window, the impact of Covid-19 and, crucially, the loss of our passionate support at matches have undoubtedly had a damaging effect on our performance levels in domestic and European competitions, but we recognise that our performance has not been good enough.
“Amidst this challenging environment, however, we secured victory in the postponed 2019/20 Scottish Cup Final to deliver an incredible fourth consecutive treble, following on from securing our ninth consecutive league title. The scale of this achievement cannot be underplayed and should be a cause for pride and celebration for years to come.
“The two key factors that adversely affected our financial results for the period under review were: firstly, reduced gains from player trading as we sought to keep intact our squad this season; and, secondly, the unforeseen and prolonged value destructive impact of Covid-19.”
Celtic Interim report was never going to be pleasurable reading
This was never going to be a good read for the Celtic supporters. Not when you take into consideration a multitude of factors.
A failure to qualify for the Champions League, a refusal not to sell any key assets, and the banning of supporters from football stadiums. These are three of the most important elements of Celtic’s financial results. Even at the best of times, one of these circumstances would have a massively negative effect on the club.
The fact that all three have happened in the one year was always going to be damaging. However, some may be surprised that the effect hasn’t been more severe. Then again, we still have the rest of the pandemic to charge through.
What isn’t on however is any excuse for the on-field failings this season. Trying to shift blamed for the season onto the pandemic just isn’t on. It lacks credibility and accountability. It’s fine for Bankier to say that the board recognises how poor we’ve been, but its effect decreases when you’ve just tried to blame outside factors.
Celtic are where they are on the pitch because they’ve stuck by a manager that should’ve been sacked long ago. Their refusal to act has been utterly shameful.
You can read the full report for yourself by clicking here.