Celtic won’t be fretting about their recent financial reports because the £11.5million sale of Jeremie Frimpong will balance the books.
That is according to former Celtic striker Frank McAvennie, speaking exclusively to Football Insider after the Hoops released their half-yearly accounts for the six months leading up to December 2020.
Celtic plc posted a £5.9m loss having made a profit of £24.4m over the same period in the last financial year.
— Celtic Football Club (@CelticFC) February 15, 2021
Those figures were supercharged by the £25m sale of Kieran Tierney to Arsenal in August 2019 but there is still concern among fans amid the economic fallout of the coronavirus pandemic.
Furthermore, Football Insider revealed on Saturday that £3.5m of the Frimpong fee will go to former club Man City from a 30 per cent sell-on clause agreed as part of the 2019 transfer.
But McAvennie claims the Celtic hierarchy won’t be too concerned with the shortfall given that the sale of Frimpong in January will more than offset the deficit.
“It’s a strange one,” he told Football Insider correspondent Dylan Childs.
“They’ve lost £5.9m but they got £11.5m coming in for Frimpong. So it’s not too bad.
“They’ve got £11.5m in the bank. I wouldn’t think they’ll be having too many sleepless nights over it.
“It’s not really anything to worry about.”
In a statement that accompanied the interim report, Celtic Chairman Ian Bankier warned that economic realities mean the next set of reports will be harder hit.
Football Insider revealed on Monday that the club is plotting two big-name player sales in the summer in the hopes of getting the account balance back in the green.