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The sheer stupidity of the best way Celtic has been managed since working Bayern Munich ever so shut within the Champions League play-off spherical virtually a yr in the past was uncovered yesterday night when Celtic PLC dropped their Interim Report for the six months to 31 December, 2025…

The Celtic Board. Partick Thistle v Celtic. Premier Sports activities League Cup. Sunday 21 September. Photograph Vagelis Georgariou (The Celtic Star)

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Numbers don’t lie and on this occasion they inform a sorry story of blunders, poor determination making, vanity blended with bitterness and intransigence that has not solely value Celtic off the park but in addition on it with a Cup Closing misplaced as a direct results of selections taken by the boardroom to nominate Wilfried Nancy as our supervisor.

But the monetary value of that disastrous appointment is not going to be seen till the second half of the monetary yr when the numbers are going to be even worse.

Nicolas Kuhn scores through the UEFA Champions League 2024/25 League Knockout Play-off second leg match between FC Bayern München and Celtic FC at Allianz Enviornment on February 18, 2025 in Munich, Germany. (Photograph by Matthias Hangst/Getty Pictures)

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After Munich an affordable particular person might need assumed that the money wealthy membership might need backed the supervisor Brendan Rodgers who had a acknowledged ambition of main Celtic again to a spot the place we might compete in Europe as soon as once more and even his harshest critics (the Lawwellites) couldn’t deny he had achieved that final season.

But they wished to deal with his switch dealing the earlier summer season, signing Engels, Idah and Trusty and in doing so ‘losing’ over £25m. But Idah’s objectives have been essential in getting us into the Champions League final season whereas on mortgage from Norwich the place he was obtainable for under £3m at the moment. Celtic didn’t get an possibility in that deal.

Adam Idah scores the winner for Celtic within the 2024 Scottish Cup Closing towards theRangers at Hampden. Photograph Vagelis Georgariou for The Celtic Star

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Idah by the way alongside Nicolas Kuhn have been Celtic’s high scores in that Champions League marketing campaign, with Idah additionally forcing the personal objective that earned us our spot within the play-off spherical.

Arne Engels of Celtic has a shot on objective. Celtic v Livingston, Scottish Premiership, 11 Feb rural 2026. Photograph Mark Runnacles IMAGO Shutterstock

Then there’s our document signing Arne Engels, a younger participant with luggage of potential however needing to be developed. His critics have been there from the beginning, the worth paid was nothing to do with him however was frequently used towards him. But he too contributed. Only a few weeks in the past Celtic turned down THREE bids from Nottingham Forest, the final one reaching £25m, for the Belgian midfielder, thus blowing the waste of cash argument out of the water.

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Idah had passed by then, tapped up by one among our personal Darren O’Dea and glad to get away from the ‘hate’ he needed to face at Celtic, principally as a result of stream brought on by the switch charge paid to Norwich Metropolis who (truthful play to them) exploited Idah’s excellent contribution to Celtic in his mortgage spell to assist with the league and Scottish Cup double, scoring a ninetieth minute winner towards theRangers within the closing.

Auston Trusty of Celtic celebrates scoring his crew’s fourth objective through the UEFA Europa League 2025/26 League Part MD8 match between Celtic FC and FC Utrecht at Celtic Park on January 29, 2026. (Photograph by Ian MacNicol/Getty Pictures)

And Trusty too frequently was focused by the haters. But he has greater than earned slightly extra appreciation and definitely has not misplaced his switch valuation ought to he transfer on.

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This after all is in form distinction to the £25m wasted within the earlier window when Mark Lawwell was allowed to play soccer supervisor and Rodgers was left to work with the signings. He ought to have appreciated although that the signing selections taken by Peter Lawwell’s son would worsen as he entered his third of three seasons (giving a 200% assure that he’d see it out) when Paul Tisdale ‘membership’ signings began to reach.

Chris McKay and Paul Tisdale, Motherwell v Celtic, Scottish Premiership. 30 December 2025 Photograph by Vagelis Georgariou (The Celtic Star)

The place was the Kyogo alternative? If Nicolas Kuhn is being offered let’s usher in a high quality winger to exchange him? The place is the constructing on Munich technique for additional progress within the Champions League?

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Having attended most of the media conferences with Brendan firstly of this season, together with the one the place the questions centered on the switch window and have been the ‘membership signings’ phrase was used, I can clearly recall that Rodgers wasn’t posting fingers at anybody however merely expressed his view because the Celtic supervisor in what was wanted. A striker for a begin.

Celtic and Kairat Almaty line ups Kairat Almaty v Celtic, UEFA Champions League, Play-Off Spherical, Second Leg, Soccer, Almaty Central Stadium, Almaty, Kazakhstan – 26 August 2025. Photograph Anikita Bassov Shutterstock

The Champions League exit after two goalless attracts towards Kairat Almaty, who went on to take only one level within the Champions League group phases (yet another than I predicted on The Celtic Star), was the most important explanation for the astonishingly dangerous monetary numbers.

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The summer season switch window confirmed that the membership was sick outfitted to function out there correctly and with a poisonous regard for Rodgers from his enemies within the boardroom it was all the time going to finish badly.

Peter Lawwell, Michael Nicholson and Christopher McKay watch on as Celtic draw 0-0 with Kairat at Celtic Park within the UEFA Champions League play-off match, value over £40m to the winners.

Paul Tisdale, the so-called soccer physician, was given a free experience as there was little deal with him. Michael Nicholson, like Mark Lawwell an contained in the tent promotion from firm secretary days was clearly not a frontman like his mentor and struggled badly in coping with the lower and thrust of switch dealings, principally as a result of he had no actual authority and needed to report again to the most important shareholder Dermot Desmond. Golf equipment like Go Forward Eagles mocked us overtly.

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Rodgers was nonetheless getting us outcomes domestically and picked up 4 factors from three video games within the Europa League beginning the job that Martin O’Neill would finally end.

Brendan Rodgers talks to the media after the match. Hearts v Celtic, 26 October 2025. Photograph Vagelis Georgariou (The Celtic Star)

Losses to Dundee after a European match after which Hearts introduced issues to a head as Rodgers made a foolish error by introducing the Honda Civic reference which his enemies latched onto gleefully.

theRangers had began the season badly and at that stage no-one was actually taking the Hearts risk too severely however after back-to-back defeats he referred to as a gathering to carry peace talks in order that the season may very well be save. There he provided to resign if the 2 factions couldn’t work collectively.

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It was recognized among the many company supporters not less than that they (the Celtic Board) wished Rodgers out so his resignation provide was rapidly accepted and Martin O’Neill was introduced in to regular the ship. Thank heavens for Martin x 2.

Wilfried Nancy. Motherwell v Celtic, Scottish Premiership. 30 December 2025 Photograph by Vagelis Georgariou (The Celtic Star)

The choice makers, helped by Paul Tisdale whose affect was rising regardless of his position in a hellish summer season window, sourced Wilfried Nancy as their first selection excellent candidate. This being essentially the most silly determination of all of them and Celtic went into freefall throughout his damaging 33 days in cost.

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His time was up at Tannadice. I sat there with the Inexperienced Brigade and the Board to my proper however it was to my left the place the vast majority of the Celtic away help – these from the buses – advised Nancy the place to go. His time was up however on he rolled for a couple of extra disasters as our nightmare continued.

Shaun Maloney and Martin O’Neill at Celtic Park on October 28, 2025 (Photograph by Jeff J Mitchell/Getty Pictures)

Martin returned with Shaun Maloney and the remainder of the gang who knew what they have been doing in contrast to Nancy and his ‘Crew’. We will see how that pans out.

Nicholson although tried to ‘get robust’ with the Inexperienced Brigade over an incident on the Falkirk recreation in August. Placing the rights and wrongs to 1 facet, a reliable CEO offers with that significantly better, maybe dishes out some punishment then reaches settlement on the best way ahead and the circus continues because it has finished because the standing space was launched BY CELTIC.

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The Celtic Fan Media obtained banned, not more than grubby censorship and that’s a relationship that will by no means be restored. Most of the websites who joined 4 years in the past had already dropped out and those that remained needed to put up with a terrific deal from the membership. From Celtic’s standpoint any affect they thought that they had over websites was clearly misplaced.

Celtic Followers Collective

The Celtic Followers Collective was shaped in early September by shocked supporters who couldn’t imagine simply how badly the season had began with the Champions League failure and the horrible switch window with no alternative for Kyogo signed. That may take them a yr to realize, by the pores and skin of their tooth.

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The Collective will meet Celtic this week and can observe the quantity launched yesterday and in addition the choice taken to cover the merchandising numbers which have to be regarding to say the least. The Celtic Followers Collective’s ‘Not a Penny Extra’ marketing campaign clearly has had an affect.

Peter Lawwell was changed by Brian Wilson firstly of the yr and its taken to mid-February for him to satisfy the Collective, though he did meet the Affiliation final week and in addition the Inexperienced Brigade. Wilson is true to name for unity and that’s additionally what the Celtic help needs.

Michael Nicholson’s place may be settled in the summertime. The monetary numbers will make that decision, so the Collective don’t should be too involved about that on. The Inexperienced Brigade have to return, and in addition want to know the boundaries, and the fan media websites that need to return needs to be allowed to. Boycotts and different campaigns like ‘Not One other Penny’ should be suspended.

Then the main target can return to backing the crew and serving to Martin O’Neill rescue the season. Celtic PLC’s  Interim Report is proven under…

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Continues on the subsequent web page…Celtic plc Interim Report

Celtic have launched their Interim Report for the six months to December 31, 2025.

Key Operational Gadgets

15 dwelling fixtures (H1 2025: 14).

Participation within the UEFA Europa League Group Levels.

Publish interval finish qualification for the play-off spherical of the UEFA Europa League knock-out stage.

Runners-up of the Premier Sports activities Cup 2025.

Presently third within the SPFL Premiership having performed one much less match.

Key Monetary Gadgets

Income diminished by 28.9% to £59.4m (H1 2025: £83.5m).

Revenue from buying and selling earlier than intangible asset transactions was £4.2m (H1 2025: £26.9m).

Revenue from switch of participant registrations (proven as revenue on disposal of intangible belongings) £14.1m (H1 2025: £21.5m).

Revenue earlier than taxation of £13.2m (H1 2025: £43.9m).

Acquisition of participant registrations of £13.7m (H1 2025: £28.1m).

Interval finish money of £67.4m (H1 2025: £65.4m)

CHAIRMAN’S STATEMENT

We witnessed an excessive amount of change and disruption within the six months to 31 December 2025. After successful our 4th successive league title final season and the thirteenth in 14 seasons, we have been trying ahead to the subsequent marketing campaign with positivity. We had no prior warning of the resignation of our then first crew supervisor.

Our exit from the Champions League in August 2025 was a bitter blow. Following the departure of Brendan Rodgers in October 2025, stability was restored by Martin O’Neill and his backroom crew earlier than we appointed Wilfried Nancy in early December. Appointing a supervisor in mid-season inevitably comes with challenges, and regrettably the implementation of Wilfried’s type and concepts didn’t obtain our quick goal of successful video games and we took the troublesome determination to half firm with Wilfried in January 2026.

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We once more turned to Martin, Shaun Maloney and Mark Fotheringham and their backroom colleagues to steer the Membership via to the approaching summer season and are happy to have seen Celtic return to successful soccer matches in early 2026. We owe them and the gamers, who’ve additionally needed to cope with change and uncertainty, a terrific debt of gratitude.

Participation within the Champions League carries nice monetary in addition to footballing significance. The outcomes for the six months ended 31 December 2025 present revenues of £59.4m (2024: £83.5m) and a revenue from buying and selling, representing the revenue excluding participant associated beneficial properties and prices, totalling £4.2m (2024: £26.9m). Working revenue, which incorporates participant transactions, amounted to £11.1m (2024: £42.0m).

The decline in H1 income in comparison with the identical interval final yr is primarily resulting from Europa League participation versus Champions League participation, which we had final season. This displays the decrease media rights values related to the competitors together with decrease ticket pricing.

The discount in revenue from buying and selling was pushed virtually solely by the discount in income. There was additionally a decrease stage of internet beneficial properties from participant buying and selling, with £21.5m within the prior interval in comparison with £14.1m on this one. The latter determine included the disposal of Nicolas Kühn, Gustaf Lagerbielke, Marco Tilio and Adam Idah. The discount in working revenue additionally included a rise in amortisation over the earlier yr from £6.4m to £7.1m reflecting the funding within the first crew squad.

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We went into the January 2026 switch window with the target of strengthening the squad to offer Martin, his backroom crew and the gamers the very best alternative of retaining the SPFL title, progressing within the Scottish Cup and making an affect in Europe. Funding was obtainable for brand spanking new signings and we launched six gamers to boost the standard of the squad. We have been happy to amass the non permanent registrations of Julián Araujo, Tomáš Čvančara, Benjamin Arthur, Joel Mvuka, Junior Adamu and the everlasting registration of Alex Oxlade-Chamberlain.

A few of these gamers introduced in on mortgage have been acquired with the choice to amass them completely, which is an strategy that has served the Membership effectively in earlier switch home windows together with present first crew gamers Cameron Carter-Vickers and Jota. We additionally sit up for the return of our long-term injured gamers to the squad.

At time of writing, we’re in rivalry within the SPFL with all to play for. We’ve got progressed to the quarter finals of the Scottish Cup and the knockout section of the Europa League. Having completed twenty first of 36 within the league section, we await a two-leg tie towards VfB Stuttgart.

Our girls’s crew welcomed the arrival of its new supervisor Grant Scott, following Elena Sadiku’s determination to take up a possibility to handle in her native Sweden. Elena made an impressive contribution in her two years on the Membership by successful the SWPL title and qualifying for the ladies’s Champions League, each delivered for the primary time. We thank Elena and welcome Grant to Celtic while trying ahead to the title run-in.

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In latest months, the Board has acknowledged that errors have been made. We’re endeavouring to develop, improve and refresh key areas of governance and techniques. The quick priorities are to revive stability, obtain unity and ship soccer success. These have offered the foundations for the achievements of the previous 20 years – a interval of excellent success throughout the Membership’s complete historical past.

Since unexpectedly discovering myself on this position as Interim Chairman following Peter Lawwell’s determination to step down from the Board on 31 December 2025, I’ve tried to encourage unity throughout the stadium and behind the crew. This can’t be achieved unilaterally and requires the shared acceptance that all of us, passionately, need the perfect for Celtic Soccer Membership, in addition to an understanding that our highest obligation is to the protection of all supporters and workers.

In October, we launched the outcomes from one among soccer’s largest ever fan surveys, a vastly necessary piece of labor which has recognized plenty of key areas through which we should goal to progress and develop. These embrace a construction for fan engagement, improved digital expertise and potential additional growth of safe-standing. Celtic was the primary membership within the UK to argue for, and efficiently ship, a secure standing space.

The second half of the monetary yr usually sees a discount in earnings as a result of inherent seasonality throughout the earnings profile. That is largely pushed by recognition of income related to European competitors. It can be influenced by participant buying and selling which this yr to this point was extra biased in direction of the summer season 2025 switch window. Taking all of this into consideration, we’re taking a extra cautious view on the outturn for the rest of the present monetary yr. We at the moment count on our income and income for the second half of the yr ending 30 June 2026 to be considerably decrease than the end result posted for the primary six months of the monetary yr, and income for the yr ending 30 June 2026 to be decrease than the primary half of the monetary yr.

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I take this chance to recognise Peter Lawwell’s distinctive service to the Membership. Peter had an extended and very profitable interval at Celtic as CEO and latterly as Chairman. His dedication to the ethos and values of Celtic Soccer Membership was second to none and future generations will look again on his contribution with the appreciation and respect it’s due.

As ever, I thank the workers of Celtic for his or her diligence and dedication in each facet of its affairs. Whereas latest months have been difficult, Celtic supporters stay the bedrock of the Membership. All of us have shared targets and obligations to assist ship the very best outcomes for our groups and to uphold the ideas on which the Membership is based.

Brian Wilson

Chairman

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13 February 2026

Obtain the Report .