Celtic supporters have been keeping a close eye on the club’s finances during a turbulent period of managerial change and boardroom shifts.
Celtic chairman Brian Wilson’s latest statement, covering the six months to December 2025, paints a detailed picture of revenues from European competitions, player trading, and ticketing, yet merchandising and retail income are completely absent.
For some Celtic fans, that might be surprising. But in reality, it’s nothing new. Last year, Peter Lawwell’s statement on Celtic’s interim financial results followed the same pattern highlighting transfers and European earnings rather than commercial revenue linked directly to fans.
You have one message for interim chairman Brian Wilson. What would it be?
So while Celtic fans might have been hoping to see how the Not Another Penny campaign has hit the Celtic board hard, they will need to wait until the full financial figures are released.
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Analysing Brian Wilson’s 2025 Celtic Interim results statement
The statement emphasises the impact of European competition on the club’s finances. With Celtic participating in the Europa League rather than the Champions League, revenues fell to £59.4m for the six months to December 2025, down from £83.5m the previous year.
Profit from trading, excluding player-related gains, dropped to £4.2m, while net gains from player sales amounted to £14.1m, including the departures of Nicolas Kühn, Gustaf Lagerbielke, Marco Tilio, and Adam Idah.
Despite its relevance to fans, particularly during the Not Another Penny campaign, merchandising and retail revenue are nowhere to be found in Wilson’s statement.
Why Celtic’s merchandising revenue is missing from 2025 Interim Results
This isn’t a one-off. Peter Lawwell’s statement for the previous financial period followed the same pattern, focusing on European income, transfers, wages, and infrastructure spending rather than retail.
Merchandising has not been mentioned in the previous two statements by both Celtic chairmen, however in the 2021 and 2022 statements, a brief mention referred to how ‘retail income’ was predicted to fall in the final half of both seasons.
For supporters actively monitoring where their money goes has been a focal point this season, particularly as investment in the Celtic first team comes under heavy scrutiny.
Brian Wilson’s statement reinforces a clear focus on footballing revenue and, strangely, player investment, but merchandising, one of the few revenue streams directly influenced by fans, continues to go unmentioned.
For the Celtic board, it’s a reminder that some aspects of the club’s finances are consistently being monitored by supporters, even in detailed chairman updates.
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