It isn’t every day when a member of the Sevco High Command comes out and essentially vindicates the reportage on this site.
Well, here we have two of them!
Firstly, John Bennett said that the club’s financial situation had given him “sleepless nights” in the years after the takeover in 2015.
This site is fully searchable Look back, and that is exactly what I was saying was the situation back then.
Mr Bennett apparently wanted to convey to his delightful customers that the board was not “hoarding Champions League cash”.
Dear reader, Sevco’s vice chairman is entirely truthful with that statement.
Quite simply, you cannot hoard what you do not have.
This is precisely in keeping with my reporting on Sevco’s financial health over the recent period.
He might have mentioned that the ten-year-old club had several major bills to pay within the accounting period (Ashley and Hector).
In fairness, the former is probably subject to a Non-Disclosure Agreement.
Then Stewart Robertson sat down with that young chap from the Newsquest thingy, the Rangers Review.
The “interview” was predictably softball and not remotely resembling journalism.
Here is a useful portion of it:
“Some think the money has fallen out of the sky but it’s not like that because we know we will be in the group stages of the Europa League. That’s budgeted. The £40m number is just wrong.
“Unless we perform really well, get through to the next round, even get through to the last eight, we are probably not getting anywhere close to £40m.”
Once more, this site is fully searchable, and Mr R is merely admitting what this samizdat has repeatedly been stating for my readers.
Of course, unlike the Sevco Review, this site is free to view.
This was obviously a Blue Room decision for Bennett and Robertson to get out there and explain to the Ibrox klanbase why there had been no significant spend after victory over PSV and access to the riches of the Champions League.
Unsurprisingly, this double whammy of financial accuracy did not go down well with Sevco’s delightful customers.
This PR move was obviously a Blue Room decision for Bennett and Robertson to get out there and explain to the Ibrox klanbase why there had been no significant spending on new players.
Especially after the victory over PSV and access to the riches of the Champions League.
This dignified chap might be onto something here.
Follow follow the money…
Now, if we take a step back from the detail, here is the bigger picture.
Celtic has more season ticket holders than there are seats in Ibrox, 60,411 versus 50 817.
Just consider that fact for a second.
Indeed, if it were reversed, it would end every piece of flimsy content in the Daily Radar.
Once more:
Celtic has more season ticket holders than there are seats in Ibrox.
Those extra 9,594 seats are not an insignificant matter.
I recently had a brief chat with someone who has a granular understanding of the current finances of the Parkhead outfit.
He told me that someone who attends a match at Celtic Park has, apart from their ticket, an average spend of £22.50.
Over 19 league matches, that adds up.
The fundamental truth is that at the start of every season, the chaps in the Blue Room face an in-built financial handicap against their city rivals.
That doesn’t take into account the published fact that Celtic earn far more from commercial revenues than their ten-year-old neighbours.
No sporting advantage, though…
Celtic announced their year-end results yesterday.
Rugger Guy said he would look at them with his usual forensic scrutiny later this week.
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so the ave spend of 22.50 across 19 matches at 10k seats = £4,250, 000
and, season tickets are average of? £450 = £4, 500, 000 so a total advantage (owing to seats and matchday revenue) of £8,750, 000?
Remember that financial gap is EVERY year
Could be a wee bit of the old “Westminster Budget” trick here. You know, a few leaks on how severe it’s going to be, then when it’s only bloody awful and not catastrophic, you think, “Well, that could have been worse!”
Just a thought.
It’s a rude awakening for the fans of the team formed in 2012
It has openly reported by Phil and other others regards the predicament surrounding the basket of assets.
Their accounts have had going concern warnings on them year after year .
Over a hundred million in losses since 2012 .
With again many creditors waiting to be paid
Significantly HMRC .
It will be interesting too if it come to light how much they wasted fighting Mike Ashley.
A fight they were never going to win .
And now they are under scrutiny with Eufa regards stricter FFP rules
A move which Celtic were apparently involved in .
As for Graeme Souness and his say
Does he really think sponsors such as Adidas care regards a few fans protests etc .
Adidas will look at the income generated by the club ,they will be relishing the clubs Australian trip later in the year .
Where they will make a significant amount
Not including the good PR .
Celtic are well known in the business world as a safe bet
As for the basket assets just ask how much Close Brothers made out of them with high interest rate loans
And now they have the bogey man the GASL Dave King circling wanting his pound of flesh plus interest .
All this before the GASLighter has his say…
They just don’t get it, they may have had significant increase in income from the EL final and CL qualification , but they ignore 100mil in loses over the past 10yrs
This gives Gio the ammunition to start his next 4 post match European interviews “well the board have said……
Now we know why Sourness has been uttering commercial investors in Celtic FC ,should do walking away ! He knows the tribute act fall way ,way ,way ,short of its city rivals on that reality ! The thing with that also is when you are winning ,there will always be investment ! Queues around the block, twice over ,to give you money ! Nobody is interested in the runner up ,or cares ! An example being ,which horse was second in this year’s Derby ? Thought so ! Nobody is interested !
It’s strange that Souness isn’t encouraging Castore to do walking away.
After all, the Ipox choir constantly give vent to their anti-Irish Catholic sectarian and racist vitriol on a game by game basis.
As usual, Souness and his ilk just don’t do irony!
The actual ‘quantum’ of the Ashley bill should not be subject to an NDA, and should be explicitly revealed in the RIFC 21/22 Accounts due out next month – for all shareholders’ information.
As regards the unusual wheeling out of both Bennett and Robertson to make public utterances…
can’t help thinking that this has nothing to do with appeasing the growling bears,
but it could be for the benefit of defending against potential buyers, [if indeed there is any real interest] ?