Celtic land £77m boost after record-breaking reveal – sources
Celtic’s cash in the bank has increased by almost £5million after their latest financial accounts have been revealed, sources have told Football Insider.
The Scottish champions posted their 2023-24 accounts on Monday (16 September), showing their year-end cash rose from £72.3million in 2022-23 to £77.2million last season.
Celtic chairman Peter Lawwell revealed the increase was more modest than it could have been due to the level of investment in the team in terms of transfers and wages.
The Glasgow giants’ revenue also rose from £119.9million to a new club-record £124.6million – marking a 3.9 per cent increase on the previous year.
Brendan Rodgers’s side’s qualification for the Champions League, Scottish Premiership title success and Scottish Cup victory ensured they also recorded a profit for the third year in a row.
But their pre-tax profit dropped from £40.7million in 2022-23 to £17.8million, largely down to a £10million increase in operating expenses.
Celtic continue to increase financial gap on Rangers
Celtic weren’t quite as successful in the transfer market last season after gaining £6.6million on player sales, down from £14.4million the previous year.
They forked out £16.6million on signings following Rodgers’s return to the club, with the likes of Luis Palma and Maik Nawrocki being two of the most expensive additions.
But Celtic have continued to perform well on and off the pitch over the past few years.
Football Insider revealed on 23 August the Scottish giants have blown English Premier League sides out of the water after being crowned the best-run club in Britain.
Celtic’s qualification for the Champions League is likely to ensure they widen the financial gap on Rangers again this season after their Old Firm rivals missed out in the qualifying rounds and have to settle for a Europa League spot.
Finance expert Stefan Borson told Football Insider Rodgers’s side are in line to earn a £30million windfall after securing their place in the competition, while they will also benefit financially from Rangers failing to reach the group stage.
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