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.
Rusea’s remain undefeated to lead Zone B; Frome, STETHS, William Knibb secure big wins
Zone B action in the ISSA/WATA DaCosta Cup saw Rusea’s and Frome Technical both secure wins on Wednesday.
Former champions Rusea’s maintained their perfect record after five games with a 4-0 home win over Cambridge High while Frome secured a comfortable 7-0 win over Merlene Ottey to move to nine points from four games in second.
In Zone A, Cornwall College moved to 13 points from their five outings with a 2-0 win over St. James High at Jarrett Park. Irwin High are close behind them in second with 11 points from five games as well after their own 2-0 win over Maldon at home. Spot Valley and Green Pond played out a 1-1 draw in the zone’s other game.
In Zone C, William Knibb secured a massive 8-0 win over Discovery Bay while Browns Town beat Ferncourt 7-1. William Knibb are currently third in the Zone with nine points from five games, one behind York Castle and three behind zone leaders, Cedric Titus. York Castle lost 2-4 to Ocho Rios on Tuesday while Cedric Titus beat Aubuthnott Gallimore 10-2.
STETHS moved to 13 points from five games in Zone E after a massive 9-1 win over Sydney Pagon. Munro College trail the former champions by two points after securing a 7-0 win over Roger Clarke on Tuesday. Elsewhere in the zone, Lacovia and Maggotty played out a 1-1 draw.
In a pair of Zone I clashes, St, Mary High got the better of St. Mary Tech 3-2 while Wycliffe Martin High secured a 5-0 win over Carron Hall High. Wycliffe Martin and St. Mary High are currently fourth and fifth in the zone with seven and six points, respectively. Tacky High (13 points from five games), Annotto Bay (12 points from five games) and Horace Clarke (10 points from four games) occupy the top three spots.
Morant Bay High maintained their perfect record in Zone K after four games with a 4-2 win over Robert Lightbourne.
KC strengthen lead atop Group A; Mona, JC, Haile Selassie also secure wins
Kingston College now have five wins from as many games as action continued in the ISSA/Digicel Manning Cup on Wednesday.
KC, who initially opened their season with an 0-4 defeat to Hydel before that result was overturned to a 3-0 win after it was deemed that their opponents used an ineligible player, defeated Charlie Smith 1-0 to move to 15 points from their five outings, six points ahead of Calabar in second and nine ahead of Hydel in third. Charlie Smith also have six points in fourth.
Elsewhere in Group B, defending champions Jamaica College secured a 2-1 win over Kingston Technical to move to the top of the group with nine points from four games, two points ahead of Tivoli in second and three ahead of Kingston Technical in third.
Group C action saw Haile Selassie continue their winning ways, moving to 15 points from five games with a 1-0 win over Eltham. The other game in the group saw Dunoon Technical defeat Denham Town 3-2 for their first win of the season.
In Group E, Mona High hammered Edith Dalton 6-0 to move to five wins out of five.
Naparima and San Juan North win five on the trot in SSFL action in T&T
Naparima and San Juan North maintained their 100 per cent win records in Trinidad and Tobago’s Secondary Schools Football League Premiership Division on Wednesday. However, Fatima College lost their perfect record after they were held to a goalless draw by St Benedict’s College.
Naparima maintained their exemplary goal-scoring form when they blanked Malick Secondary 3-0. Those three goals took their tally in five matches this season to an impressive 32 goals while conceding only two.
The win took them to 15 points and sees them leading on goal-difference over San Juan North, who edged Arima North Secondary 1-0.
Meanwhile, Fatima College lost their perfect record when they were held to a 0-0 draw, a result that sees them fall two points behind Naparima and San Juan North.
St Anthony’s College picked up three valuable points following their 10-1 drubbing of Chaguanas North Secondary. They now have nine points and are fourth in the table, one point ahead of fifth-placed Presentation College, who were held at a 1-1 draw with Speyside High School, who are sixth on seven points.
Elsewhere, Trinity College East, who are next to bottom in the league table played to a 2-2 draw with bottom-placed Pleasantville Secondary. The schools have two and one point, respectively.
St Mary’s College earned their second win of the season after outscoring East Mucurapo Secondary 3-2 while Bishop’s High School had their first win after edging Queens Royal College 1-0.
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