Celtic’s robust financials celebrated but Simply Wall doesn’t tell the full story

In partnership with

The Celtic Star

·07 de agosto de 2025

Celtic’s robust financials celebrated but Simply Wall doesn’t tell the full story

An article by Simply Wall at the start of this week has annoyed this writer a wee bit, and it might do the same for you. So why not share it and spread the frustration?

St Mirren players form a guard of honour as Celtic captain Callum McGregor walks on to the pitch carrying the Scottish Premiership trophy. Celtic v St Mirren, Scottish Premiership, , Celtic Park, 3 August 2025. Photo Stuart Wallace, IMAGO / Shutterstock (The Celtic Star)

The article in question has praised Celtic plc’s 31% stock rally, solid Return on Equity (ROE), and five-year earnings growth. The article concluded that, since the club doesn’t pay dividends, it must be ‘reinvesting all its profits back into the business’.

Vídeos OneFootball

On the surface, that sounds like good news for supporters as well as investors. A financially healthy club, reinvesting for future success. What’s not to like? But that’s the frustrating part of this article, the fact we as supporters know different.

We know, when you look more closely at the club’s financial accounts, a different picture starts to emerge. And for fans who want to see their club competing at the highest level this matters.

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)

So, let’s start with the numbers. Celtic’s retained earnings—essentially, the profits kept within the club rather than distributed or reinvested – have been growing rapidly. In June 2022, retained earnings stood at around £11.5 million. By June 2023, they had jumped to approximately £44.8 million. As of June 2024, they’ve climbed again to £58.2 million.

That’s an increase of over £46 million in just two years. Clearly, the club isn’t just breaking even—it’s generating significant profits and holding onto them. The key question is, is that money being put to work as the article insinuates?

After all, there’s an important difference between retaining profits and reinvesting them. A business can hold onto cash for many reasons—stability, future projects, or simply as a buffer. But unless that money is being actively spent on growing the club—whether through infrastructure, squad improvement, youth development, or operations—it’s certainly not being reinvested.

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

The Simply Wall St article assumes that because no dividends are being paid out, the money is being reinvested. That assumption doesn’t hold up to scrutiny.

Yes, Celtic has spent on training ground development and other projects, but not on a scale that matches the rapidly growing surplus. In fact, the club now reportedly holds over £77 million in cash. That suggests a far more cautious approach, one focused on saving rather than reinvesting.

This disconnect is likely frustrating, not just for supporters, but also Brendan Rodgers, who has publicly expressed concerns that the club’s investment plans may not match his own ambition. With just over three weeks left in the transfer window, Celtic have sold players for over £20 million but have spent only around £3 million on new signings. This imbalance makes it harder for Rodgers to build a squad capable of competing at the highest level, and fans can appreciate his tension between financial prudence and footballing ambition.

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)

Supporters who read the Simply Wall St article may come away frustrated—not because the numbers are wrong, but because the conclusions are incomplete. The piece praises Celtic for reinvesting profits, but it doesn’t investigate whether that’s actually happening. Instead, it jumps to a flattering conclusion based solely on the absence of dividend payments.

This kind of assumption gives Celtic positive publicity in financial circles, while overlooking a key issue that supporters are aware of. Profits are being retained, but they aren’t necessarily being invested back into the team or the infrastructure at the scale we might expect.

From a supporter’s perspective, this raises real questions. We’re told the club is financially strong—and it is. But we’re also told that strength is being used to grow the business. That’s not nearly as clear.

We’ve watched seasons come and go where transfer activity has felt cautious at best. The money is there—but the reinvestment, at least in football terms, hasn’t always been obvious.

Vagelis Georgariou

It would have been nice if the article had asked some questions before reaching its conclusions. Such as. What’s the strategy for the cash reserves? If we’re not investing heavily in players or infrastructure now, when will we? Are we being prudent—or are we missing an opportunity to push the club forward?

The article celebrates Celtic’s financials—and rightly so, to a degree. But the claim that the club is reinvesting all its profits doesn’t stand up to closer inspection. Retained earnings have grown from £11.5 million to over £58 million in two years, with over £77 million in cash now at hand. That’s a financial cushion—but without clear reinvestment into football operations, it also becomes a point of concern.

Celtic Manager Brendan Rodgers Celtic v St Mirren, Scottish Premiership, Celtic Park, 3 August 2025. Photo Stuart Wallace, IMAGO / Shutterstock (The Celtic Star)

Supporters don’t want money for its own sake. We want ambition, and a clear vision. It’s time for Celtic to move beyond financial security and start matching that with visible footballing investment.

If the club is building for the future, supporters deserve to know what that future looks like and how the money is being used to achieve it. Indeed, given the reported bravery and workaholic nature of our CEO, perhaps after four years of silence, Michael Nicholson might fancy communicating his vision.

Two things I know for an absolute fact. No rumour, no guessing, not gossip. 1. Michael Nicholson lives an breathes Celtic and works 24 hrs a day during transfer windows. 2. He is hard as nails and thick skinned and will not panic or be influenced by fans on Twitter or the press.
– quarta-feira, 6 de agosto de 2025

Because as things stand, we are seven days away from our Champions League player registration deadline. Our best striker is playing left wing because our first choice left winger is injured, and we have no back up. Our back up striker has been promoted to first-choice striker, yet anytime he starts a game he seems a very different player to when he’s used off the bench. And on the right wing we have no first-choice pick because we sold him to Serie A. Instead it’s perm any two from three for a matchday squad from – a 34 year who scored his only goal of the season on the final minute the last campaign, an Aussie project we’ve played for 29 minutes in two years at the club, and a hard working young lad who is famous, almost exclusively, for his inconsistency.

It was interesting to see Celtic discussed outside of sports journalism. It’s just a shame they didn’t delve a little deeper. Because it would have been fascinating to see what conclusions they’d reach.

Niall J

So why have one brilliant David Potter book when you can enjoy two?

Celtic in the Eighties by David Potter. Foreword by Danny McGrain. Published on Celtic Star Books on 5 September 2025. Click on image to pre-order.

Help raise funds for Celtic Youth Academy by playing the Celtic Pools Weekly Lottery and you could win up to £25,000. The lottery is £1 per week. Click on image to join.