As regular readers will be aware, this site has served as an outlet for Celtic Supporters Limited.
That’s because I think they represent a long-term, practical option for small Celtic shareholders who want to be heard by those who control the club.
Yesterday, I was contacted by CSL director Brian McLaughlin.
“Phil,
Today, Celtic Supporters Limited publishes The Celtic Paradox, a 65-page strategic review of Celtic plc, built on the club’s audited annual reports for the five years to 30 June 2025 and on the published accounts of European comparator clubs. The full pack is attached here.
The review identifies material commercial gaps inside Celtic’s structural broadcast constraints, the governance choices that enable them, and a twelve-point accountability framework for the board. None of the framework requires regulatory change or shareholder approval; every item is within the board’s gift today.”
He pointed out the following:
“Celtic FY2025: £143.6m revenue, four consecutive profitable years, £45.7m pre-tax profit, £77.3m of year-end cash.
“Average non-executive board tenure 22.5 years; five of eight directors exceed the UK Corporate Governance Code’s nine-year independence benchmark; the controlling shareholder attended none of six scheduled board meetings in FY2025, with his son as alternate director.
“The 2005 Rule 9 mandatory-offer whitewash has never been revisited.
“The modelled cost of inaction is approximately £78m over five years on a net-present-value basis, in a defensible range of £55m to £107m. Enabling investment of about £50m is fundable from the existing cash position.”
Brian also said that CSLK had released several documents available for download on their site.
A six-page executive summary, the Celtic-versus-Rangers benchmark briefing, and the full 65-page paper. The cost-of-inaction model spreadsheet is on the website.
You can download them by going HERE.
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