Kieran Maguire shares verdict on Celtic fan anger after £70m reveal
Celtic fans should not be angered by their club’s summer spending despite having £70million in the bank.
That is the view of finance expert Kieran Maguire, who explained to Football Insider that finances at Celtic will be ‘volatile’ throughout the football season.
The Glasgow giants revealed annual revenue of £119.9million for the 2022/23 season after a treble-winning campaign in Scotland.
Celtic also made a net profit of £10million in the transfer window despite reporting overall profits of £40million with £70million cash reserve.
As reported by the Daily Record, Celtic’s lack of spending this summer angered part of the club’s fanbase who believes more of the £70million reserve should’ve been used to improve the playing squad.
When asked whether fan anger over spending was justified, Maguire explained that Celtic’s finances have been heavily impacted by season ticket sales and Champions League payments.
“Not necessarily,” Maguire told Football Insider’s Sean Fisher.
“That £70million in the bank is not representative of the amount of cash that they have on a month-by-month basis.
“They will have just received money from the sale of season tickets and that’s very significant.
“As far as Celtic are concerned, they will have just also received some money from Uefa for their participation in the Champions League for 2022/23.
“So what you tend to see is that the cash figure over the course of the year is volatile.
“I think what Celtic do have is a reserve of cash so they could have gone into the market in July or August if they needed to and that will be exactly the same in January.
“So if they qualify from the Champions League, or even if they drop down to the Europa League, they will have that flexibility to pivot and spend more money should it be required.“