The figures also show a 3.9 percent increase in revenue, climbing to £124.6 million from £119.9 million in 2023, thanks to higher Champions League earnings and improved retail performance. Operating expenses rose by 10.4 percent to £105.4 million, while income from player sales fell to £6.6 million, compared to £14.4 million the previous year. The recent record transfer of Matt O’Riley to Brighton for £26 million is not included in these results and will be reported in next year’s financials.
Despite Celtic’s strong financial health, chairman Peter Lawwell underscored the importance of not becoming complacent as the club aims to maintain its domestic success and make a greater impact in Europe. With the new Champions League format set to kick off at home against Slovan Bratislava on Wednesday, Lawwell stressed the need for continued focus.
“Securing the Scottish Premiership in 2023/24 earned us automatic entry into the new UEFA Champions League format for the 2024/25 season,” Lawwell explained. “This new structure introduces more variety, allows more teams to compete at the highest level, and provides a fresh experience for fans. Our recent Scottish Premiership and Scottish Cup wins brought our total men’s team trophies to 118, including 54 league titles, 42 Scottish Cups, 21 League Cups, and a European Cup. This represents a remarkable achievement compared to the 80 trophies we had at the start of the 1999/2000 season.”
Lawwell also highlighted Celtic’s consistent European presence, noting that over the past 25 years, the club has participated in either the knockout rounds or group stages of European competitions in 23 of those seasons, including 12 in the Champions League. He emphasized the importance of striving for progress and avoiding complacency as the football landscape evolves rapidly.
He reiterated Celtic’s commitment to their successful recruitment strategy, which focuses on acquiring young players, developing their talent, and selling them for profit. This approach has been essential for maintaining financial stability amid Scotland’s challenging financial environment and lower TV revenues compared to other European leagues.
“Despite our domestic achievements and consistent European participation, it’s crucial that we remain committed to our self-sustaining financial model,” Lawwell added. “Our strategy involves targeting Champions League qualification each year, nurturing young talent from our academy or through recruitment, and helping them advance their careers.”
This is not without its challenges, as domestic media rights have failed to keep pace with the media rights landscape in competitor markets and the broader inflation in the football industry. Consequently, securing top players has become more difficult, necessitating greater effort to achieve success. Our strategy has been vital for our recent domestic triumphs, and the Board is determined to uphold it. Moreover, as with all clubs in European competitions, we must adhere to UEFA’s Financial Sustainability rules, carefully balancing short-term and long-term goals. Striking this balance is challenging but crucial.
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