The Times (London) has provided a rare breakdown on the Celtic investments of Dermot Desmond.
For most of the last 30 years the Irish businessman has very much been in the background. A significant shareholder, rarely interviewed, mostly pictured on the gold course and steering well clear of the day-to-day running of Celtic.
That perception changed forever on the evening of October 27.
RODGERS STATEMENT
Within 20 minutes of Celtic announcing the resignation of Brendan Rodgers a very different statement was appearing on the club website.
Desmond decided to make things very personal with the now former Celtic manager.
Suddenly Desmond was a central figure at Celtic. It was no longer speculation about how influential the Non-Executive Director was at the club.
If anything that issue was cranked up at the aborted 2025 AGM.
Midway through reading out a speech from his Dad, Ross Desmond was stopped in his tracks as he delivered an attack on the Celtic support.
For more than one generation of Celtic fans Desmond has been the power at the club. Calling the shots on the big decisions with a shareholding of around 35%.
Profiling recent events including comments from Jeanette Findlay, The Times reports:
Desmond has been a large shareholder in Celtic for three decades, having invested in 1994 when the club was struggling financially. Since then he has spent a little over £30 million to acquire nearly 35 per cent of the ordinary shares of the company and a tranche of convertible preferred shares that have given him about £7.6 million in dividends. It has been a fruitful investment, as his total shareholding is now worth nearly £99 million.
The club’s fortunes have improved dramatically. Its total revenues of £16 million in 1996 grew to more than £100 million in 2018, just before the pandemic. Last year it turned over £143.5 million and the club was sitting on accumulated profits of £92.1 million and cash of £77 million.
Neither Dermot or his son Ross have attended a match since the AGM was brought to a halt on November 21.
MANAGER ISSUES
With a new manager anticipated, a Europa League night with Roma and a cup final coming over the next 12 days there is every chance of another appearance from Desmond.
Whether he chooses to comment on recent matters remains to be seen. Celtic have suddenly become quite prolific with statements. Not normally a sign if stability. Club messaging has become erratic.
Other than a few statements about the abandoned AGM there has been no comment from Celtic on the events of November 21.
Many shareholders expected the event to be rescheduled but that seems unlikely.
This afternoon Martin O’Neill is expected to host a media conference, effectively to preview Wednesday’s match at home to Dundee. Questions about Steven Pressley’s side are unlikely to be a priority as news outlets hunt for information on a new permanent manager.
I am not sure Mr. Desmond understands the psyche of the ordinary Celtic supporter.
Schooled in Ireland and successful at high-risk finance is perhaps a million light years away from the Scots-Irish immigrant, third generation, living in the West of scotland!
To Mr. Desmond it may appear sometimes that money grows on trees, but the average Joe here has to go out and labour and fight for it! To be asked to fork out £42 of it for a Saturday League Match near the end of the season at Tannadice last season, is a bit hard to take, in order to follow Celtic!
Empty seats at away grounds just show that the fans are being taken for granted. They are certainly being exploited!
If Mr. Desmond was to show that he had the welfare of the Celtic supporters at heart, as opposed to just his financial stake in Celtic, then I think he would find more commonality here!
Thank God for that ..I thought you meant the Glasgow Times ? You know ..the rag that sells about 153 copies on a good day !
They care not about ordinary fans, only about the great god Mammon.
These people have no conscience.
Big Dougie Park was more emotionally attached to his club than DD ever will be to his, he spunked 10’s of millions of his own cash to keep the lights on.
I couldn’t for the life of me ever imagine DD doing similar.
Says it all really.