“As a Board, we take responsibility for the failure,” Michael Nicholson

In partnership with

The Celtic Star

·20. September 2025

“As a Board, we take responsibility for the failure,” Michael Nicholson

Celtic PLC accounts were released last night and the headline numbers include a jump in revenue to a record breaking £143.6m, up from £124.6m last year, this of course being boosted by UEFA’s new Champions League distribution model and stronger match-day income as a result of more matches, mostly caused by the new Champions League format. And profit after tax more than doubled to £33.9m, compared to £13.4m in 2024.

Peter Lawwell, Michael Nicholson and Chris McKay applaud during the Scottish Premiership match between Celtic and Livingston at Celtic Park on August 23, 2025. (Photo by Ian MacNicol/Getty Images)

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Player trading brought in £31.5m, while spending also hit record breaking levels or our football club. Celtic twice broke their transfer record and invested £42.6m on new recruits, the largest outlay in the club’s unbroken history.

The key financial items listed in the accounts are as follows:

* Group revenue increased by 15.2% to £143.6m (2024: £124.6m). * Operating expenses including labour increased by 11.1% to £117.1m (2024: £105.4m). * Gain on sale of player registrations of £31.5m (2024: £6.6m). * Acquisition of player registrations of £38.6m (2024: £16.6m). * Profit before tax of £45.7m (2024: £17.8m). * Profit after tax of £33.9m (2024: £13.4m). * Year-end cash of £77.3m (2024: £77.2m).

Peter Lawwell and Michael Nicholson watch on as Celtic draw 0-0 with Kairat at Celtic Park in the UEFA Champions League play-off match, worth over £40m to the winners.

Both Peter Lawwell, the Celtic Chairman and Michael Nicholson the Celtic SEO provide some commentary on the accounts and the events in the course of the financial year that has shaped the numbers. Lawwell wrote:

‘Revenue increased to £143.6m (2024: £124.6m), with the increase driven by a significant uplift in match-day income and UEFA rights distributions following a successful Champions League campaign. This reflected the expanded Champions League format which now guarantees eight matches over the previous six and the fact we reached the play-off round. Profit after tax increased to £33.9m (2024: £13.4m), driven by the strong revenue growth and substantial gains from player trading of £31.5m (2024: £6.6m). These gains were largely reinvested into the playing squad, aligned to the Club’s commitment to sustained on-field success.

‘Despite these strong earnings, year-end cash remained broadly flat at £77.3m (2024: £77.2m). During the year we invested heavily in the first team, both by way of player transfers and wages along with infrastructure across our estate. First team labour costs were the highest levels in the history of the Club. In total and including committed agent fees, £42.6m was invested in player acquisitions during the year, more than doubling the prior year spend, marking the highest single-season investment in the Club’s history including twice breaking the Club transfer record. As a result, the carrying value of the squad is the highest it has been in the history of the Club. Over the past three years to 30 June 2025, total investment in player registrations including committed agent fees has totalled £77.5m.’

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Peter Lawwell, former CEO of Celtic, is seen in attendance prior to the Premier Sports League Cup match between Celtic and Falkirk at Celtic Park on August 15, 2025. (Photo by Ian MacNicol/Getty Images)

There’s some recognition for the support’s wishes in one of the shorter paragraphs in Peter Lawwell’s report and while it starts off promisingly enough there’s a ‘but’ and the reasons why it won’t happen follow.

‘The Board shares the ambition of our supporters to see the strongest possible team on the pitch and will continue to balance short-term performance with long-term financial stability, and we must factor in the long-term implications of all decisions made today. This strategy is vital to Celtic and has been pivotal to our success over the last 20 years.’

Nicolas Kuhn scores during the UEFA Champions League 2024/25 League Knockout Play-off second leg match between FC Bayern München and Celtic FC at Allianz Arena on February 18, 2025 in Munich, Germany. (Photo by Matthias Hangst/Getty Images)

Domestic success in mostly a one horse race, Peter, not in Europe where Celtic’s record in that 20 years period has been truly awful bar one or two shining moments that proved to be the exception rather than the rule.

After listing ins and outs in the recent shambles of a transfer window, the Celtic Chairman has this to say:

‘We recognise and share the frustration and disappointment of our supporters with respect to the timing of some of the incoming acquisitions. We will always look to improve how we operate and overcome challenges where possible.’

Celtic Chairman Peter Lawwell and Chief Executive Michael Nicholson in the directors box. Celtic v Kilmarnock, Cinch Scottish Premiership, 17 February 2024. Photo Stuart Wallace Shutterstock

Peter Lawwell finishes off with a message of gratitude and thanks to the Celtic support but no apology. Sorry really does seem to be the hardest word.

‘My sincere gratitude and thanks go to the Club’s supporters who season after season give their unwavering support.’

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Michael Nicholson then has his own ‘statement’ within Celtic’s cash-rich accounts. After making the women’s team update sound much less of a shambles than it actually was the Celtic CEO turns his attention to the recent Champions League play-off debacle against Kairat, the lowest rated team (by a long way) in the play-offs, with the standout sentence being this:

“As a Board, we take responsibility for the failure to achieve that key objective and commit to improving going forward,” Michael Nicholson

Celtic CEO Michael Nicholson at Rugby Park, Kilmarnock v Celtic, 14 September 2025. Photo Vagelis Georgariou (The Celtic Star)

‘Our objective each year is to compete in the Champions League. Unfortunately this season, we suffered a loss on penalties in the tie against Kairat Almaty, which resulted in Europa League entry instead. As a Board, we take responsibility for the failure to achieve that key objective and commit to improving going forward. We now look ahead to our Europa League fixtures against FK Crvena Zvezda, SC Braga, SK Sturm Graz, FC Midtjylland, Feyenoord, AS Roma, Bologna FC 1909 and FC Utrecht, where we will hope to perform strongly and progress in the competition.’

Celtic Director Brian Wilson with CEO Michael Nicholson at Rugby Park, Kilmarnock v Celtic, 14 September 2025. Photo Vagelis Georgariou (The Celtic Star)

The Celtic CEO continues by noting the Board’s ‘core objectives’ are ‘competing in the Champions League and ‘a successful player trading model’. Nicholson admits ‘This year, regretfully we did not achieve all of our objectives in the transfer window,’ but doesn’t acknowledge his own responsibility for the Champions League failings.

‘Aligned to our core objective of competing in the Champions League is successful player trading. Last year, we invested record sums between transfer fees and first team player wages. This year, regretfully we did not achieve all of our objectives in the transfer window. We share and understand our supporters’ disappointment and frustration, and we will continue to seek to review and improve our strategy and execution as the market continues to evolve.’

Michael Nicholson, Chief Executive of Celtic FC looks on from the stands prior to the Premiership match between Celtic FC and St Mirren FC at Celtic Park on May 17, 2025. (Photo by Ian MacNicol/Getty Images)

The CEO then talks about the improvements to Lennoxtown the new training facility for the women’s team and youth players at Barrowfield which ‘coincidentally’ officially opened yesterday. After talking about various commercial deals and things like the new app for supporters Michael Nicholson rounds off with a message to the Celtic supporters.

‘Reflecting on an incredibly busy year, I would like to thank all of my colleagues who work tirelessly for the best for Celtic. As we look to the season ahead together with optimism, we have started off the domestic season well. We must and will strive not only for success, but also to continuously improve our Club both on and off the pitch.

‘I will close by thanking our supporters for their continued and relentless support of Celtic. It is never taken for granted. Supporters underpin everything we do and seek to achieve at Celtic.’

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Michael Nicholson, Chief Executive Officer (CEO) of Celtic, looks on prior to the UEFA Champions League match between Celtic FC and Club Brugge KV at Celtic Park on November 27, 2024 . (Photo by Ian MacNicol/Getty Images)

If the support isn’t taken for granted then why is it that when collectively the Celtic support asks a number of very reasonable questions the Celtic Board cannot even acknowledge this never mind provide answers to are going to be needed to do as Brendan Rodgers has been talking about, in bringing the club back together again.

Clearly the Celtic Board feel that they have nothing to apologise for or perhaps they feel that saying sorry to mere supporters is beneath them? The failure to answer a set of reasonable questions put to them collectively by the Celtic support is entirely unacceptable.

Michael Nicholson’s failure to speak directly to the Celtic support has become a real problem now, especially after that Saturday night statement that was prepared and released at the highest level in the Celtic boardroom and just before that a so-called Celtic Insider briefing against the Celtic manager in the Sun newspaper.

Brendan Rodgers, Manager of Celtic looks on prior to the UEFA Champions League Play-offs Round First Leg match between Celtic and Kairat Almaty at Celtic Park on August 20, 2025. (Photo by Ian MacNicol/Getty Images)

All Brendan Rodgers had done was from his first media conference ahead of flag day, which was attended by The Celtic Star, basically plead for the new signings that were needed to get Celtic into the Champions League. The Champions League draw could not have been more favourable, yet Celtic – yet again – as has happened under the watch of this Celtic Board for Ronny Deila, Brendan Rodgers (in both spells), Neil Lennon and Ange Postecoglou, failed in the qualifiers because of the failure to sign players ahead of these games.

Sack The Board banner at Rugby Park, Kilmarnock v Celtic, 14 September 2025. Photo Vagelis Georgariou (The Celtic Star)

It’s complete and utter stupidity and it’s something that has to change because the Celtic support has had enough and the protests will continue and increase until the Celtic Board are prepared to address the concerns of the year-on-year biggest investors in club, the Celtic support.

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