Finance guru: Celtic have the ultimate ‘blueprint’ amid £120m news from Russia
Dermot Desmond’s self-sufficient financial model at Celtic is a “blueprint for all clubs”.
That is the view of finance expert Doctor Dan Plumley, speaking exclusively Football Insider about the Irish billionaire’s business smarts.
Desmond, 71, owns a 33 per cent stake in Latvian bank Rietumu, which has been directly affected by Russia’s invasion of Ukraine.
Per the Irish Times on Tuesday (19 April), the bank has £168million worth of loans wrapped up in Russia and its ally Belarus.
Around £120m of that figure is directly exposed because of economic sanctions, although Rietumu are reportedly confident they can take the hit.
But Plumley explains that it is a blessing that the Hoops do not need to fret about Desmond’s external wealth.
“It’s always a plus if you can stand on your own two feet,” the Sheffield Hallam University expert told Football Insider‘s Adam Williams.
“They are set up so they can manage themselves in their own right. We see it too often where a club is solely dependent on one owner.
“If the owner is in trouble, the club’s in trouble. It’s very different at Celtic.
“You have to class that as a benefit that they aren’t too worried about the owner’s finances.
“This is a blueprint for all clubs. Make them more self-reliant so when the owner does take a hit, they aren’t collateral damage.”
Desmond owns 34.7 per cent of Celtic, making him the club’s largest individual shareholder.
He has been formally involved with the Glasgow giants since 1995.
In other news, ex-Fifa official issues VAR claim as controversial Daizen Maeda footage emerges from Celtic.