With Celtic falling to second place in the SPFL Premiership Peter Lawwell seems to have changed his mind on the wisdom of running up a massive bank balance.
As Celtic’s position at the top of Scottish football slips away fans are turning their attention towards finances with the product on the park deteriorating significantly from last season’s Treble winners.
Who exactly is driving policy or the strategy isn’t clear with Chairman Lawwell carrying a higher profile than the club CEO while major decisions such as managerial appointments seem to be the responsibility of Dermot Desmond.
It is a confusing picture, more so by the notable shift in thinking from Lawwell, commenting on the 2023 Annual Report that revealed £72m sitting in the bank account on 30 June, he explained:
It is important to highlight that, given the increasing gap between the sums able to be earned between the Champions League and the Europa League, it is vital that we retain a cash buffer in reserve.
History tells us that we will not always qualify for the Champions League and the benefit of holding cash reserves affords us the optionality of managing through seasons where we participate in the Europa League with the ability to retain our squad as opposed to selling key players to bridge the income shortfall between both competitions.
Five months later after failures in the League Cup and Champions League, within a week of Celtic slipping to second place in a two horse race, Lawwell appears to have changed his mind on ‘the benefits of holding cash reserves’.
In yesterday’s Interim Report the club Chairman stated:
The Board recognises the inherent inefficiencies of holding excess cash, and, in conjunction with other cash commitments, the importance of investing in strengthening the team to deliver football success. The Board shares the frustrations of the supporters regarding the less than anticipated activity in the recent transfer window.
In a business that only has one function Lawwell seems to have changed his mind very rapidly on club policy.
The sales of David Turnbull and Yosuke Ideguchi will almost have covered the fee paid to Rapid Vienna for Nicolas Kuhn.
Whatever the policy/strategy is supporters expect that the priority will always be to put out the best team possible on the park rather than building up a cash buffer.
After four transfer windows that haven’t provided any improvements on the Starting XI Celtic are now left with a number of players sitting on long term contracts with little chance of first team football including summer signings Marco Tilio, Kwon Hyeok Kyu and Gus Lagerbielke.
Mr Bonus has tae go….
It’s far, far, far too late.
He has impeded our club long enough while earning bonuses he scarcely deserves.
I notice some stories emanating last night about Dermot having a clear out at board level. We’ve heard all this before yet all we end up with are the same faces with a failed strategy and tired excuses.
Typical Tory spin we’ll spend further down the road.
We’ve been here and done that.
Lawwell’s out now.
Sections of the support still seem to think that the Board runs us as a FOOTBALL CLUB…Well I will clarify that profit…dividends …and bonuses take priority…and if the team happens to be successful…well that’s another bonus…but NOT a requirement.
Absolutely correct and spot on Terence Nova.
Lol what belter of a statement on e again pissing on the fans from great height and rubbing it in.
He has just contracdicted himself with that statement, talking about keeping players for champions league,but he sold Jota for £25 million while we had been in the champions league.
The guy is full of shit,but he is in Parkhead with bricks and ain’t leaving it anytime soon hence his £3 million a year wage plus bonuses and expenses,who the fuck is going to give that up.
But don’t worry the sane 60,000 mugs will still be showing every week,even when we don’t qualify fir the champions league don’t be thinking it’s the group stages of the Europa we ain’t going there either we will fuck that up,the best case scenario if we are lucky with Conference league in European football,and even that is to good for us.
Watch next season as we set new records for being the worst team to ever play in European football,even worse than sevco’s current record breakers.
No plan and no idea. Just a bunch of tories getting rich off the back of fans hard earned money.
They are an utter embarrassment.
SACK THE BOARD!
Can’t argue with that!
He would say that as time to renew season tickets approaches.
GET THAT TORY BOARD TAE FUCK BEFORE THE FANS TURN ON THEM.DIRTY RATS
If we put the shocking [non] transfer strategy to one side…
For me this quote confirms all you need to know about our Board,
its incompetence and lack of accountability:
“…The Board recognises the inherent inefficiencies of holding excess cash…”
As in:
“We admit we’ve f’d up. So, there you go.”
That PL statement was not nonsense fed to a pet SMSM contact,
but an official, regulatory filing to the AIM.
Not a hint of apology – nevermind any Director taking responsibility.
That hoarding of cash is actually costing the sharerholders,
who could use that money elsewhere, to get a better return.
It’s not “inefficient” it’s incompetent, imo.
And, because the Board operates in secrecy, nobody knows what the hell
the reason is for accumulating so much cash.
It didn’t happen overnight: this cash accumulation is a planned strategy, imo.
But, why and what for…?
Forget any ‘rumours about a clearout’,
would love to hear – direct from DD himself – what HIS plans are for CFC plc?
We’ve got to make it really uncomfortable for the plc .
He is JUST waking up to that fact?
Our board is not fit for purpose!
Our absent billionaire is nowhere to be seen!!
Can only hope BR called DD regarding the current state!!!
Lol remember Liewell and his cohorts need a strong sevco,just think when Rangers died and sevco took a great number of years to get back into the top league.
Look back at those attendances at Parkhead they had to close part of the stadium as the crowds went down by 10-20,000 punters,that’s a lot of dosh to lose.
So now hence the hold back with spending money,the money sevco will get from winning this league will put them back to being neck&neck with Cektic and back to full stadiums again with money still flowing in,that’s all LIEWELL is interested in,the old firm gravy train is alive and well,and we have FAT PETER to thank for that.
Have you noticed the number of chins Lawwell has?
Lawwell is doing his usual lying in his teeth. He is not to be trusted.
He will say whatever it takes to keep fans on board, but he will not mean it.
Once he gets his way he goes back to his old ways. Sleekit as they come.
There are people in our support who believe that we fans are not as stupid as those from Ibrox, but we have no right to say that when we see what we have let this board away with.
We should not be spending hard earned cash on merchandise. This would make a dent on the income and is the only way to draw their attention to us.
Lawwell and his son should be chased down London Rd by the support brandishing pitchforks.
Why did they sign Khun for £3 million instead of adding a few million to his fee and chasing Miovski or Shankland who we know can score in this league.
Every season ticket holder should cancel their automatic direct debit and watch any European games in the pub until change happens as money is the only thing this board understands or cares about
Lawwell is an embarrassment to Celtic FC he has shafted Scottish clubs , in the name of good business, for years !!
Ask any chairman who has dealt with him .
It would not be any surprise to find that our “Biscuit Tin “lived under his bed even when he was supposedly not working for us
Editor: No need for a biscuit tin when your former Clydeport buddies top your wages up with a bonus to reach £3.5m despite getting pumped by ARK Athens and signing Mulumbu rather than McGinn.
“History tells us that we will not always qualify for the Champions League” That would be the same Peter Lawwel who is the VICE CHAIR of the European Clubs Association yeah ?
https://www.ecaeurope.com/about-eca/structure/board/peter-lawwell/ This fella.
So If he was on this board and KNEW that WINNING this seasons title GUARANTEED entrance to next seasons CHAMPIONS LEAGUE .. with it a pot of around 50-60 MILLION quid..
HOW exactly were we NOT going to qualify Mr Chairman (Even this site and indeed the Club itself have dropped the “Non Executive” part) .. also ask yourselves WHY we didn´t qualify for the Champions League every season since 2012 when the other mob went into oblivion?? Could it be that Mr Chairman (CEO at the time) WOULDN´T strengthen the team UNTIL we qualified for the Group Stages .. which obviously is counter productive just as it has been this season. Plus they are spinning that the EPL didn´t spend so the market was obviously dead … err isn´t that an opportunity in that case ??
Editor: ECA is a talking shop that pats itself on the back, they are in contact with UEFA with no influence. It allows small time CEO’s and Chairmen the chance to portray themselves as big hitters when in reality they are on a jolly, much like the Westminster House of Lords but with much less power and influence.
You misunderstood what I meant I think Joe … surely during these meetings they would have discussed the new format and he therefore should have known about the fact that Celtic after winning the league would qualify directly .. and with that bank the increased prize money.
Editor: Perhaps to an extent but ECA is a back slapping exercise while the dozen big clubs push and push at UEFA for a bigger share of the broadcast and sponsorship deals. Lawwell knows the rewards, tries to succeed as cheaply as possible and has the comfort of knowing if Celtic fail the prizes go to his business partners across the city, #winwin for pistol Pete.