Celtic chairman Peter Lawwell has defended the increasing salaries paid to club directors in the last financial year.
Celtic’s annual report for the financial year ended 30th June 2023 showed that Chief Executive Michael Nicholson was paid £711,937 inclusive of bonuses and pension costs, while Chief Financial Officer Chris McKay received £565,324.
These figures are up significantly on payments of £572,349 for Nicholson and £465,573 for McKay, inclusive of bonuses and pension costs, for the financial year ended 2022.
Celtic director salaries raised at AGM
At today’s AGM, one shareholder said that the club has a ‘brass neck’ increasing salaries such as these in a cost of living crisis and Lawwell took the lead in response.
He said [Scottish Sun]: “It’s not by chance our profit was £40million, it’s not by chance we have huge value in the squad. Nobody knows the status of a Celtic director more than me.
“[In terms of salaries] We are benchmarking against the rest of the UK and the industry, which is about average. You get what you pay for.”
The chairman is always going to defend senior executives publicly, it’s a united front at Celtic. So his answer isn’t much of a surprise.
The fact it was raised does show that some in the support are keeping an eye on how much senior figures are taking out of the Scottish champions.
Ultimately as long as success is maintained, a vibrant squad full of potential is fielded and Celtic continue in a strong position financially, supporters won’t raise too much of a noise on this issue.
However, with ticket prices increasing and the club putting more merchandise on sale than ever before, to record effect, it is important to remember that ordinary fans power the financial power of the club more than anyone.
Record revenue and strong profits come from supporters, which allows the funding of quality players and staff. Yes, you have to pay for a competent executive team but the club should always put fans first and foremost before considering big increases in salaries.
Yes, it’s not by chance there was a big financial profit, but the fans shouldn’t be taken for granted either.
In other news, Brendan Rodgers and Michael Nicholson pledge action on squad issues, January investment at Celtic AGM.
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