GLASGOW, SCOTLAND - FEBRUARY 19: Celtic Chief executive Officer Michael Nicholson (L) and Chief Financial Officer Chistopher McKay during a UEFA Europa League Play-Off First Leg match between Celtic and VFB Stuttgart at Celtic Park, on February 19, 2026, in Glasgow, Scotland. (Photo by Paul Devlin/SNS Group via Getty Images)
Celtic Supporters Limited has published a summary reaction to the 2026 Annual Report.
Effectively Celtic cross their fingers on a £30-50m swing of playing in the Champions League or Europa League.
In the 25/26 season they failed. Last season the club claimed that they would learn lessons then spectacularly failed again this season.
Of course no-one at Executive level takes any responsibility. They take plenty but not responsibility.
Life is good for Michael Nicholson as he pockets £17,000 a week plus perks. CFO Chris McKay makes do with just £13,000 a week.
Outside of Celtic neither will get close to that salary level in the next 20 years.
Neither would get on a long short list to become CEO or CFO at any other football club.
In May we published The Celtic Paradox. Finding one said Celtic’s revenue swings by £30m to £50m a year on the Champions League alone, and that the board had built nothing to absorb it.
This week @CelticFC plc published its accounts.
– Revenue: £111.0m, down from £143.6m. A…
— Celtic Supporters Ltd (@celticCSL) September 24, 2026
In May we published The Celtic Paradox. Finding one said Celtic’s revenue swings by £30m to £50m a year on the Champions League alone, and that the board had built nothing to absorb it. This week
plc published its accounts.
– Revenue: £111.0m, down from £143.6m. A fall of £32.6m.
– Result: a £4.8m loss after tax, from a £33.9m profit a year earlier.
– Cash: £66.4m, down £10.9m.
– Player trading profit: £16.0m, down from £31.5m.
The fall landed inside the range we set out five months ago. That was not foresight. It was arithmetic anyone with an annual report could do. Which is the point: if supporters could see it coming, the board could too.
A board that knows a £30m swing arrives every year has two jobs. Reduce the dependence on one competition, and publish a plan that shows shareholders how. Celtic plc has never published a multi-year strategic plan.
Not once in its life as a public company. The chair is interim. Several non-executives have served far beyond the nine years the UK Corporate Governance Code treats as the limit of independence.
A title was won. This is not about the dressing room. It is about how the company is run. The brand is European. The revenue rides on one draw. The boardroom does not change.
That is the Celtic Paradox, and this year’s accounts are it in numbers.
At the AGM, shareholders are entitled to ask: What is the plan to earn money that does not depend on the Champions League? When will the board publish it, and who is accountable for delivering it? If you hold Celtic shares, you can ask too.
CELTIC- A CLUB LIKE NO OTHER
At Celtic they neither operate like a football club or a PLC. They do things the Celtic way.
Not since 2004 have Celtic won a knock-out tie in a UEFA competition.
Smug Peter Lawwell enjoyed many a jolly and free lunch with the European Club Association, earning a committee place while clubs across Europe modernised.
Not for Pete, modernising meant getting his former assistant Nicholson to create a well paid job for his under-qualified son
During his time as CEO Nicholson has recruited Mark Lawwell, Wilfried Nancy and Paul Tisdale. Post Celtic none of them have turned up elsewhere in football. A telling tale.
Having missed out on the 50-50 shout of Champions League riches in each of the last two seasons things get much more difficult.
Should Celtic manage to retain the title this season as the least bad club in Scotland they face three qualifiers to reach the Champions League.
It could be a Conference League place or no European jollies next season.
If Celtic fail to win the SPFL title they will face three Conference League qualifiers in order to get six group stage matches against the UEFA left overs.
Next month shareholders will find out the bonus payments made to Nicholson and McKay for failure.
The AGM is likely to be held in the last two weeks in November.
What should Celtic Fans Collective do with Not Another Penny?
CONTINUE- This is the main way to protest
SUSPEND- Let us see what Celtic Connect produces
ABANDON- No longer required or useful
Empty Seats.
Empty Vessel – (Lucan) !
Celtic is Grace Brothers. An Analogue Club in a Digital World run by the living definition of “Jobs for the Bhoys” and Executives who are the Dictionary definition of The Peter Principle. The Board, and everyone in it, are the Perfect Example of “The Self Preservation Society” 🙂 🙂