Finance guru: Celtic could now use ’emergency’ cash fund as details revealed
Celtic have the option to use their £30million worth of cash reserves should an unforeseen “emergency” befall them.
That is the view of finance expert Doctor Dan Plumley, speaking exclusively to Football Insider about the Hoops’ accounts for the 2021-22 campaign.
Celtic announced last Tuesday (20 September) that they had turned over £88.2million for the year, with a profit of £6.1m.
That is an improvement on the £11.5m loss recorded during the pandemic hit 2020-21 campaign.
The accounts, which cover a period in which the Glasgow giants wrestled the Scottish Premiership crown back from Rangers, also reveal cash reserves of £30m as of 30 June 2022.
This liquid capital could be “vital” in case of a crisis, insists Plumley.
“This is really important,” the Sheffield Hallam University expert told Football Insider’s Adam Williams.
“We have seen it laid bare in the pandemic that businesses fail because they don’t have any cash. That kind of cash-is-king mantra is absolutely right.
“It’s really vital to have those reserves and it’s a really important position for Celtic to be in.
“We do have to caveat this slightly because it is a lot to do with season ticket sales taking place later in the summer of 2021. You might not have expected that figure to be that high in a normal, pre-pandemic year.
“But having that cash balance is really important because it means you can dip into it in case of emergencies. It’s always good to have that money in the bank.”
In other news, Celtic confident Liel Abada will be worth £15m-plus next year.