Not Another Penny cost Celtic £4.2m during the year to 30 June 2026.
In midweek the club released their full Annual Report which gave a breakdown on turnover which was down 27% to £111m.
The majority of that was due to failure to reach the Champions League.
While Brendan Rodgers was attempting to match or better the 24/25 season performance Michael Nicholson had other priorities.
The £18,000 a week CEO sold off Kyogo Furuhashi and Nicolas Kuhn without attempting to replace them.
Going into the Play Off against Kairat Almaty Nicholson was trying to sell Daizen Maeda, Yang Hyun-jun and Adam Idah.
True to form Nicholson achieved one out of three of those targets. To strengthen the squad Rodgers turned to Kelechi Iheanacho.
Around that time groups of disillusioned fans got together. In September 2025 the Celtic Fans Collective was formed.
In October they launched Not Another Penny– the impact has been massive on every area of the club, especially merchandise.
The 2026 Annual Report explained:
Merchandise revenues of £25.8m dropped £4.3m after achieving record levels in the history of the Club in financial year 25.
A drop off is common in UEL seasons, however this was exacerbated by a difficult consumer environment.
CELTIC COUNT THE COST OF CEO NICHOLSON
An environment created entirely by the club.
By the mismanagement under Nicholson.
The £4.3m drop applies only to merchandise sales.
Not Another Penny also covers stadium tours, restaurant visits, club tours and all activities outside of match tickets.
In February the Collective recommended a boycott of the home Scottish Cup tie against Dundee.
Celtic never published an attendance for that match, many observers estimated the attendance as being 23-25,000.
At the start of this season Not Another Penny and the Collective seemed to be running out of momentum.
That all changed on October 3 when Celtic blamed the Collective for golf balls appearing on a gold course.
Since then the Collective has been revived with Not Another Penny relaunched with increased enthusiasm.
NOTE: Not Another Penny was only in place for nine months of the 25/26 season.
@CFC_Collective this campaign must be supported by the majority support. It is important that this campaign gets as much advertisement and public notice to the whole support, and convince them that it must be implemented for the long term good of our beloved club
— Lord of the wing (@Jinkysegg) October 17, 2025
? Celtic blame ‘difficult consumer environment’ as cost of fans’ boycott revealed
£4.3m off merchandise. £4m off stadium operations. A £4.8m overall loss.
Celtic’s detailed accounts breakdown shows where the money went, and the club’s own wording is the interesting part. Merchandise revenue fell from record levels to £25.8m, and the report says: “A drop off is common in UEL seasons, however this was exacerbated by a difficult consumer environment.”
Difficult consumer environment. That’s one way to describe your own supporters refusing to spend.
The ‘Not Another Penny’ campaign asked fans to keep backing the team from the stands while withholding money everywhere else, no merchandise and nothing at the kiosks. The Green Brigade have gone further and boycotted home cup ties and Europa League games.
Stadium operations, which covers hospitality, the Number 7 restaurant, tours and catering, dropped from £61.2m to £57.2m.
Missing out on the Champions League explains some of this and the club are right to say so. But they’ve also quietly conceded the rest.
That’s the thing about this kind of protest. You can ignore a banner. An £8m hole in two revenue lines is much harder.
Is the boycott working, or does it just weaken the club the fans are trying to fix?
— Football Culture (@CultFooty) November 6, 2026
