Paul Larkin’s Dermot Desmond claims worthy of consideration | OneFootball

Writer, producer and Celtic supporter Paul Larkin is a name on the lips of the Celtic support following a Substack article he published at the end of last week ie BEFORE Brendan Rodgers spoke the media on Friday afternoon. And that one’s on the back of another he wrote on 28 July. Both of which have made for some interesting reading.

Larkin, just as a wee reminder for those who may recognise the name but can’t remember from where, is the man responsible for Anyone but Celtic and the Asterisk Years. Indeed, he has a new book out soon on the Martin O’Neill era ‘MONBALL’ – Celtic versus the (D)EBT Rangers.

Firstly, here’s where you can read Paul’s latest piece titled. ‘Has Dermot Desmond given up?’ and also, the article from 28 July he references in his latest article.

Both articles are NOT behind a paywall.

And here’s the bit that has caught the attention of a Celtic support experiencing the eerily familiar feeling of another transfer window on repeat…

Alfred Dunhill Links Championship 2024 Dermot Desmond and Thorbjorn Olesen DEN winners of the team event receiving there silver salvour from Peter Dawson Alfred Dunhill Links Trust after the final round of the Alfred Dunhill Links Championship 2024 on the Old Course at St. Andrews Golf CLub, Fife, Scotland. 06/10/2024. Picture Fran Caffrey / Golffile.ie

‘My understanding is there are six players lined up but Dermot Desmond has refused to sanction any of them. As I’ve said in a few articles, I’ve been told time and again that Desmond has already stood down Peter Lawwell and, by some accounts, the PR Department (I say department; there’s two of them) and therefore no briefing is going on at all.

‘One of my many bug bears regarding Desmond is the way he acts like he owns the club. He doesn’t. In fact, if he bought 100% of the shares then he could do what he wanted, whether we liked it or not but he hasn’t so he can’t.’

Peter Lawwell, Chairman of Celtic, Dermot Desmond, Non-Executive Director of Celtic, and Michael Nicholson, CEO of Celtic, are seen in attendance prior to the Scottish Premiership match between Celtic and theRangers at Celtic Park on March 16, 2025. (Photo by Ian MacNicol/Getty Images)

Now, I’ve no idea if Paul Larkin’s article is factual, however I’ve no reason to doubt it’s not. But if by now you have read the article in question, and you wonder, if Dermot Desmond doesn’t own Celtic then why is it possible he could exert so much influence, then here is a general run through on that matter.

Paul is quite right when he says Dermot Desmond does not own Celtic Football Club. That may come as a surprise to some, especially given the way he apparently exerts influence and presents himself in relation to the club. But the facts are straightforward: Desmond owns approximately 34.7% of the shares in Celtic PLC, making him the largest single shareholder, but not a majority one.

So how is it that a man who doesn’t own half the club could be able to behave as if he does? The answer lies in a combination of shareholder disengagement, historical quirks in how Celtic’s ownership was structured, and the silent power of what are often referred to as “dormant shares.”

Fergus McCann Celtic director MD with model of new east Stand for Celtic Park

In the mid-1990s, Fergus McCann famously saved Celtic from financial collapse and ushered in a new era of supporter involvement. As part of the restructuring, McCann offered shares in the club to ordinary fans, and over 30,000 individuals bought in. Many fans purchased small lots of shares — 10, 50, maybe 100 — giving rise to the belief that Celtic had become a genuinely democratic institution, with a broad base of support and accountability built into its corporate structure.

But time has eroded much of that idealism. The shares issued in the 90s were predominantly paper-based, and over the years, thousands of them have fallen into disuse. Some shareholders have moved house and failed to update their details. Others have passed away, leaving shares unclaimed or languishing in probate limbo. Many more simply forgot they owned them or never learned how to exercise their voting rights.

The result? A large portion of Celtic’s shareholding base is now functionally dormant — estimates vary, but somewhere between 20–25% of shares are not being voted on at all. In practical terms, they are dead weight in the democratic process.

And this is where Dermot Desmond’s real power comes from — not from majority ownership, but from majority influence in a landscape of apathy and inaction.

At Celtic PLC’s Annual General Meetings (AGMs), voting turnout is historically low — typically under 30% of the total shareholding. In that context, Desmond’s 34.7% stake becomes overwhelmingly powerful. If only a third of shares are voted on, and he controls the lion’s share of that third, Desmond could, in theory, effectively dictate outcomes without ever holding an actual majority.

Tom Grant sitting to the left of Fergus McCann at Celtic Park

This is what former Celtic Trust chair David Low described along the lines of de facto control Fergus McCann’s adviser fears Celtic are vulnerable to Qatari takeover | The Herald. In his view, Desmond doesn’t need to own Celtic outright — because the combination of dormant shares, low turnout, and the fragmented nature of fan ownership gives him near-absolute authority regardless.

Low also noted that, unlike Desmond, the thousands of small shareholders rarely act in concert. Even when they do participate, their votes are scattered and diluted. Meanwhile, Desmond’s votes are consolidated, strategic, and reliably counted — the very definition of political efficiency.

Celtic PLC, as a public limited company, does have legal obligations under UK company law — specifically the Companies Act 2006 — to maintain an accurate and up-to-date register of members. This register, managed by Celtic’s appointed registrar (currently Computershare Investor Services PLC), must include the names, addresses, and shareholdings of every registered shareholder.

However, while the club is required to update this register when notified of changes, it is not legally required to proactively trace or re-engage shareholders who: Move house and fail to notify the registrar. Lose paper share certificates. Or pass away, with no action taken by their estate.

In other words, Celtic is legally compliant if it keeps the register updated based on the information it receives — but has no duty to chase missing or dormant shareholders. Some companies voluntarily employ tracing services to locate lost shareholders or clean up the register, but Celtic has not publicly pursued such efforts in a significant way, as far as we know.

Dividends left unclaimed for more than 12 years can be forfeited under the company’s Articles of Association, but the shares themselves do not expire. However, if shareholder contact is lost, voting rights may be suspended, and mail may no longer be sent.

This legal framework arguably helps entrench the status quo — because unless shareholders take active steps to maintain their position, their influence fades, and control consolidates in fewer hands.

Dermot Desmond prior to the Celtic vs St Mirren Cinch Premiership match at Celtic Park on May 20, 2023 (Photo by Ian MacNicol/Getty Images)

The Celtic Trust, then under David Low’s leadership, attempted to mount a response. Their aim was to consolidate small shareholders into a single, active voting bloc capable of challenging Desmond’s influence. They launched campaigns to educate fans about their rights, encouraged people to digitise their old paper shares, and proposed motions to reform aspects of the club’s governance.

Their core argument was simple: Celtic belongs to its people. But those people must speak up, or risk losing their say altogether.

The task, however, is immense. Tracking down thousands of shareholders, many of whom may not even realise they still own shares, is no small feat. Even harder is convincing people to engage with a complex and often intimidating process — from registering with share registrars to understanding proxy voting procedures and AGM rules.

And all the while, Desmond could exercise effective control — not because the rules are rigged, but because most fans and shareholders are absent from the game being played.

Dermot Desmond

So, when Paul Larkins posits that Desmond “acts like he owns the club.” On paper, he doesn’t. He could not, for example, sell Celtic without significant shareholder support. But in day-to-day governance, strategic planning, and influence over the board, Desmond’s word is final more often than not.

He doesn’t own Celtic. But for all practical purposes, he may as well.

This brings us back to Paul Larkin’s observation — that Desmond may have ’given up’.

If Dermot Desmond has truly given up on Celtic, as suggested, it poses risks on and off the pitch. As the club’s de facto controller, his disengagement could create a leadership vacuum, weakening strategic direction and exposing Celtic to instability or opportunistic investors as David Low once also considered.

Topically, it could also impact the transfer window — without Desmond’s backing or intervention, the club may become overly cautious, miss key targets, or fail to invest adequately. This risks weakening the squad and undermining both domestic success and European ambitions.

Auston Trusty of Celtic during the pre-season friendly match between Celtic and Newcastle United at Celtic Park on July 19, 2025 in Glasgow, Scotland. (Photo by Ian MacNicol/Getty Images)

But what is more likely is not that Dermot Desmond has “given up” on Celtic. It’s equally possible he may be, in his view, taking a tactical approach to this transfer window. He may see value in waiting out the market, expecting selling clubs to drop their demands later in the window — a strategy that, whether we agree with it or not, reflects a calculated stance.

Arne Engels of Celtic Sporting Lisbon v Celtic, Pre Season Friendly, Football, Estadio Algarve, Portugal – 16 Jul 2025 Estadio Algarve Portugal Photo Carlos Rodrigues Shutterstock

Last season’s arguably inflated fees for players like Adam Idah and Arne Engels may have countered that view somewhat, but Desmond, though not a majority shareholder, can still act with control — and continues to play within the rule if he does. So, if Paul Larkin is correct, the supporters get stuck playing the waiting game.

Adam Idah celebrates. Aberdeen 1-5 Celtic. Photo Vagelis Georgariou (The Celtic Star)

True democratic control isn’t just about issuing shares — it’s about ensuring those shares are used. Until that happens, Celtic may remain, in governance terms, a one-man show operating under the illusion of plurality. And, if anyone wonders why there’s growing interest from U.S. investors in Scottish football — despite Celtic’s clear financial dominance — it may be because they sense an exploitable weakness.

Niall J

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