The Sun has published a deep dive into the impact of the Not Another Penny campaign created by the Celtic Fans Collective.
Up until the autumn of 2025 the cash flowed into Celtic from multiple areas and products.
Commercially Celtic and Adidas was the dream match.
Even through two five year deals with Nike there was a sizeable element of the Celtic support that just longed to see three stripes on the hoops.
When that deal did come round it got off to a false start during the Lockdown season.
When Ange Postecoglou led Celtic out of darkness the tills were ringing non-stop.
Adidas could do no wrong. ‘Take my money’ was the standard reaction to the latest release as fans fell over themselves to be seen in the latest kit or gear.
The tide turned spectacularly during 2025 as Celtic fans woke up to the arrogance, incompetence and contempt of their executives.
‘The Celtic family’ was nothing more than a marketing term.
Realising the disarray inside the club a variety of supporters groups got together, evolving into the Celtic Fans Collective.
With Season Tickets non-negotiable for the majority of fans the main area of protest was commercial income.
THE DEEP IMPACT OF NOT ANOTHER PENNY FROM THE CELTIC FANS COLLECTIVE
And from a meeting in Grace’s held by the Collective Not Another Penny was launched. It has been a spectacular success. Wiping the smirks off the faces of Michael Nicholson and Chris McKay as they look out of the peasants.
Typically Celtic reacted to Not Another Penny with some accountancy gymnastics.
Cutting through the fog and mist of the 2026 Annual Report The Sun provides a worthwhile breakdown:
In the revenue section of the report, a £4.4m drop is recorded under the club’s ‘commercial operations and sponsorship’ header for the financial year.
That revenue dropped to £31,713,000 in 2026, down from £36,105,000 in 2025.
The section covers all sponsorship deals alongside merchandise bought in club shops and online.
The drop strongly suggests shirt and merchandise sales took a heavy hit after the ‘Not Another Penny’ protest was launched.
Celtic’s latest release is only the initial Stock Exchange announcement, with a more detailed report set to be published ahead of the club’s upcoming AGM, which is yet to be scheduled.
In last year’s detailed figures, commercial earnings were split into two separate categories: ‘commercial/sponsorship’ and ‘retail outlets and e-commerce’.
Commercial and sponsorship brought in £12,968,000, while retail sales generated £23,137,000 — combining for the overall £36m total.
Both streams have been combined into a single figure in the latest preliminary report, meaning full details could become clear once the complete breakdown is published.
Elsewhere in the report, stadium operations also suffered a significant drop compared to 2025.
This section includes income generated inside Celtic Park, covering hospitality, the Number 7 restaurant, stadium tours and food kiosks.
Income here fell from £10,461,000 to £7,801,000 —a loss of £2.66m — further highlighting the potential impact of the fan campaign.
By contrast, Celtic had previously reported stadium revenue rising from £8,814,000 in 2024 to over £10m in 2025.
At the start of this season it seemed that a hat-trick from Kasper Hogh and a ‘pure belter’ of an away shirt was about to break the campaign.
A month later fans are realising that the problems at Celtic are baked in under the invisible leadership of Michael Nicholson.
Fan Engagement is a gimmick called Celtic Connect. Communication is a change of name to Celtic Player presented by Gerry Thunderbird McCulloch.
Nothing has changed, nothing will change.
The Christmas campaigns will soon be getting underway, normally the easiest time of the year to raid the bank account of supporters.
CEO MICHAEL NICHOLSON- ABSOLUTELY NOT ANOTHER PENNY
While Nicholson drains £17,000 a week out of the club the tills will be running on empty.
Entering the second year there are bound to be some Account Managers at Adidas demanding change as their cash projections remain at rock bottom.
In the year to June 2026 Celtic made a loss of £4.8m.
Not signing Michel-Ange Balikwisha and Sebastian Tounekti would have turned that into a £5.2m profit.
Showing an interest in the Champions League qualifier would have put another £30m onto turnover.
Maintaining a token relationship with fans would have avoided the formation of the Collective and the launch of NAP.
Under mute Mike there is no way back. The boardroom refresh promised by Chairman Wilson needs to be a complete wipe-out if the club is ever to advance.
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
Adidas, scum. I see they launched their campaign for single shoes, for amputees, people with one leg. They decided it would be a good idea to use an IDF murderer with one leg to front the campaign. There are 10,000 child leg amputees in Gaza, maimed by the IDF, and they decided they’d use one of the people who maimed 10,000 children to front the campaign.
Make no mistake, this is no oversight or mistake, this in the best DD style is a ‘f..k you’se’, we’re backing the genocide.
Beneath contempt!.
Jim @ 12.13pm…
Wilson’s Brit loving Butchers Apron Party Labour (and therefore by dint him) backed the genocide in The Island of Ireland for decades…
And still do – Burnam no referendum etc…
It’s not a Celtic thing but by f*uck it’s a Celtic executive thing for sure !
Seen that on Celtic fc website in the accounts report…
Looks like Nancy Boy and his lackeys cost a few bob to jettison…
And yet that scumbag Lucan survives !
Sir, I must take issue with your comments re messrs Balagwisha and Tounetki. They were signed in summer 2025 for a combined £10m and given five year contracts. However the acquisition of a player’s registration is purchase of an asset and, as such, is amortised over the term of their contract. This means a charge against profits of £2m in 2025 which would have reduced the loss to £2.8m and would not result, as you contend, in a profit of£5.2m. So many supporters make this error and think we simply need to spend on players to reduce profit to zero in any one year. I would be very grateful if you would stop peddling this myth.
Do please keep up the great work you are doing. Our club is being destroyed by those appointed to safeguard it and they must be stopped.
Editor: We need to sign good players at the right time, scouted and identified by a competent Recruitment team. Not the leftovers and dregs that agents and clubs are trying to dispose of in the final hours of the transfer window.