By Kieran Maguire

23rd Sep, 2022 | 10:32am

Kieran Maguire issues 'very volatile' Celtic claim after £30m banked

Celtic may have had £30million in the bank at the end of their annual accounting date – but cash reserves are “very volatile“.

That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the Hoops’ recently-released accounts for the 2021-22 financial year.

Celtic issued a statement on Tuesday (20 September) confirming that they had made a profit of £6.1m on revenue of £88.2m for the year ending 30 June 2022.

Also detailed in the accounts, which cover a season in which Celtic regained the Scottish Premiership title from Rangers, was the club’s £30m cash reserves.

But Maguire explains why this may not be the case for long.

“Celtic having £30m in the bank is more of an accounting anomaly than anything else,” he told Football Insider’s Adam Williams.

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This will have been received at the end of the season. Sometimes it will be from instalments on transfers or money paid in advance from commercial partners, Uefa or the SPFL.

So, one must be very cautious. Just because they had that level of cash at the end of June 2022, that does not mean they had that level of cash across the rest of the year.

One of the things we see at football clubs is that cash reserves are very, very volatile. It’s a bit like someone who receives a high monthly salary but it changes as direct debits and other expenses come out of the account.

In other news, ex-Premier League referee lambasts Celtic as controversial Stephen Welsh footage emerges.