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EPL Index
·17 de septiembre de 2024
Revealed: Celtic Announce £13.4m Profit From Impressive 2023/24 Campaign
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Yahoo sportsEPL Index
·17 de septiembre de 2024
Celtic’s latest financial statement reveals a profitable year with noteworthy contributions from both domestic achievements and Champions League participation. This analysis delves into the financial intricacies of one of Scottish Premiership’s top clubs.
Celtic continue to demonstrate financial prowess, reporting a post-tax profit of £13.4 million for the year ending June 2023. Despite a decrease from last year’s pre-tax profit which stood at £40.7 million, this year’s £17.8 million figure aligns with the club’s expectations. This shift largely stems from a £10 million hike in operating expenses. Nonetheless, the club has seen an encouraging increase in revenue, rising nearly £5 million to a total of £124.6 million. Similarly, their year-end cash balance has improved, matching the revenue increase to reach £77.2 million.
Photo: IMAGO
Celtic’s financial success has paralleled their performance on the pitch. The men’s team clinched both the Scottish Premiership and Scottish Cup, while the women’s team celebrated their first SWPL title. These achievements underscore Celtic’s dominance in Scottish football, contributing to their robust financial health.
Participation in the Champions League has been a significant financial boon for Celtic. Chairman Peter Lawwell remarked, “The decrease in profit before tax, although significant, was in line with expectations”. The financial year also saw a £6.6 million gain from player sales, a decrease compared to the previous year’s £14.4 million. The period was marked by notable player transactions, including the sales of prominent players and key acquisitions like Luis Palma and Nicolas Kuhn.
Lawwell also highlighted extensive capital expenditures, such as the redevelopment of the Barrowfield training facility and various stadium maintenance projects. Such investments are pivotal as Celtic aims to enhance their infrastructure to support sustained success on and off the field.
Following the reported financial year, the club made significant moves in the transfer market, including the record £25 million sale of Matt O’Riley to Brighton and the acquisition of Arne Engels for a club-record £11 million. These transactions reflect Celtic’s strategic approach to player management and financial investment.
Despite their strong position, Celtic face challenges, particularly from the stagnation in domestic media rights revenues, which have not kept pace with those in other markets. This discrepancy poses difficulties in attracting and retaining top talent. Lawwell expressed, “Securing the best players is more challenging and we must work harder than ever to bring success,” underscoring the need for strategic financial management in an evolving football landscape.
As Celtic gear up for their upcoming Champions League fixtures and continue their campaign in the Scottish Premiership, their financial health remains solid. With strategic investments, shrewd player market activities, and consistent on-field success, Celtic are well-positioned to maintain their status at the pinnacle of Scottish football. The club’s commitment to progress in European competitions and to overcome industry challenges highlights their ambition to not only sustain but also build on their recent successes.