Celtic have announced record annual profits of more than £40million ahead of their latest Champions League campaign.
The club made a profit of £40.7m last season and had £72.3m in the bank “net of bank borrowings” on June 30 this year.
Group revenue was up by more than a third to £120m and the club reported a gain in the transfer market of £14.4m.
The figures were published just after their pre-match media conference in Rotterdam ahead of their Group E opener against Feyenoord.
In a statement, chairman Peter Lawwell stated that factors in a £32m increase in revenue included Champions League football – after the Europa League campaign the previous year – plus a tour of Australia and record retail figures.
He added: “The £34.6m increase in profit before tax resulted from the significant revenue increase outlined above along with a £14.4m gain on sale of player registrations, predominantly from the sales of Jota, (Josip) Juranovic and (Giorgos) Giakoumakis.
“In addition, we recorded £13.5m of other income that came from a combination of compensation received following the departure of Ange Postecoglou and a business interruption insurance recovery in relation to Covid-19, with the two items mentioned being one off in nature and typically non-recurring.”
Lawwell stated that the cash reserves were used to fund the summer transfer plans for the last two seasons, with fees “typically paid in instalments”.
The former Celtic chief executive added: “This sum also contains the cash required to fund the significant investment that the club is planning to make in developing our Barrowfield training facility.
“It is important to highlight that, given the increasing gap between the sums able to be earned between the Champions League and the Europa League, it is vital that we retain a cash buffer in reserve.
“History tells us that we will not always qualify for the Champions League and the benefit of holding cash reserves affords us the optionality of managing through seasons where we participate in the Europa League with the ability to retain our squad as opposed to selling key players to bridge the income shortfall between both competitions.
“The financial sustainability rules are also a key feature of UEFA licencing and we need to be cognisant of running our club accordingly.”
Lawwell stated that a £13m transfer spend took their total outlay to £51.4m over two years and that a further £15m had been invested since the end of June.
Celtic signed seven players on permanent deals this summer – Kwon Hyeok-kyu, Marco Tilio, Yang Hyun-jun, Odin Thiago Holm, Maik Nawrocki, Gustaf Lagerbielke and Luis Palma – and brought in Paulo Bernardo and Nat Phillips on loan.
Tuchel and Bayern fume at 'absolute disaster' after contentious offside call
Thomas Tuchel and Bayern Munich were left fuming after Matthijs de Ligt's contentious late strike was disallowed in their semi-final defeat to Real Madrid.
Bayern crashed out 4-3 on aggregate at Santiago Bernabeu after a dramatic double from substitute Joselu saw the hosts snatch victory to advance to the final on June 1.
Tuchel's side thought they had forced extra-time when De Ligt had the ball in the net, but the referee had already blown his whistle after the linesman raised his flag, so VAR could not intervene.
The replays showed that the original decision was closer than first thought, and the head coach bemoaned the lack of consistency after Madrid's second goal was awarded following a VAR review.
"I think it's pretty clear and there is no doubt that is against the rules of modern football," he said. "A disaster. An absolute disaster.
"With Real's second goal, they let the play continue. The clear rule is that the scene must continue. The first mistake was made by the linesman, the second by the referee."
Bayern had taken the lead through Alphonso Davies at the midway point in the second half, before Joselu's late intervention denied them a crack at a seventh title against compatriots Borussia Dortmund at Wembley.
De Ligt said the linesman had apologised to him after the game.
"[It is] very difficult. Of course, as sportspeople, we accept it," Tuchel said. "But it is a semi-final, it's not for two such mistakes.
"Everyone has to be at their limit. The referees have to be there as well. That is what we expect, so the apology does not really help."
Super sub Joselu 'the perfect reflection of Madrid', hails Ancelotti after Bayern brace
Carlo Ancelotti saluted Joselu after the striker climbed off the bench and scored twice against Bayern Munich to send Real Madrid through to their 18th Champions League final.
Following Alphonso Davies' earlier strike at Santiago Bernabeu, Madrid trailed Bayern 1-0 on the night and 3-2 on aggregate when Joselu replaced Federico Valverde with nine minutes of their pulsating semi-final tie remaining.
The 33-year-old, who is on loan from second-tier Espanyol, turned the tie on its head with two dramatic late goals.
First, he pounced on a rare mistake by Bayern keeper Manuel Neuer to stab in an 88th-minute equaliser, before volleying home Antonio Rudiger's cross in the first minute of stoppage time.
This was Joselu's eighth substitute appearance in this season's Champions League and Ancelotti praised the professionalism of his striker, who has now netted 17 times across all competitions, despite spending much of the campaign on the bench.
"He's a player who's contributed a lot this season, even if he hasn't played many minutes," the Italian said.
"But he's the perfect reflection of what this squad is: players who contribute a lot without losing confidence [if they're not playing] and the idea that they can offer the team something."
Ancelotti, whose side will play Borussia Dortmund in his sixth Champions League final as a manager on June 1, also hailed the character demonstrated by his players during another "magical" Madrid performance.
"It's happened so many times now, it's something inexplicable," he added. "It's happened again [thanks to] fans that push [us], a fantastic atmosphere and players who never stop believing that they can do it. It's something magical, there's no explanation for it."
Journeyman Joselu takes long, winding road to Champions League final
Real Madrid striker Joselu was in dreamland after he came on in the dying moments of their Champions League semi-final against Bayern Munich on Wednesday and turned the game on its head with two goals to snatch a stunning victory.
Joselu, whose journeyman career has included spells at clubs such as Hoffenheim, Eintracht Frankfurt, Hannover 96, Stoke City and Newcastle United, only touched the ball a few times in their 2-1 second-leg win, but it was a night he is likely to remember for a long time.
He pounced on a rare mistake by Bayern keeper Manuel Neuer, stabbing the ball into the net to equalise for Madrid in the 88th minute, and just under three minutes later, he volleyed them into the lead from a cross by Antonio Rudiger.
"I don't know anything about being a hero, but I'm very happy... You can imagine," he said. "It was incredible, something spectacular. This team never gives up, it's in its blood to fight to the end and that's what we've done.
"You always dream of this kind of performance, but not even my most beautiful dreams are as big as what happened today."
On loan from second-division side Espanyol, Joselu's journey to becoming the semi-final hero has been long and winding in a career involving a dozen clubs across Europe.
He began his career at Celta Vigo before being bought in 2009 by Madrid, where he excelled in their B team but rarely made it to the first team.
He was sold to Bundesliga side Hoffenheim in 2012 and then loaned to Eintracht Frankfurt before joining Hannover 96 in 2014.
In 2015, he moved to Premier League side Stoke City, playing 27 times and scoring four goals, before spending two seasons at Newcastle United. He returned to Spain with Alaves, where he scored 36 times in three seasons.
He signed as a free agent with Espanyol in the summer of 2022, and a year later was loaned to Madrid and has scored nine goals in 32 appearances this season in LaLiga.
Joselu, born in Stuttgart, Germany, made his debut for Spain aged 33, coming off the bench against Norway to score twice in two minutes in March 2023.
"I don’t think Joselu will be sleeping much tonight, he’ll be useless in training tomorrow!" team-mate Jude Bellingham said. "He deserves it all, he’s been an amazing member of the squad all season, and it’s his night."
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