“THE NUMBERS THEY DIDN’T WANT YOU TO SEE” — CELTIC BOARD DROPS FINANCIAL BOMBSHELL THAT COULD SHAKE PARKHEAD TO ITS CORE
There are institutions that survive on profit, and there are institutions that survive on belief. For more than a century, Celtic has been built on something deeper than balance sheets — on shared struggle, collective identity, and the quiet understanding that this club belongs as much to the people on the terraces as it does to those in the boardroom. It is why news from inside Celtic never lands lightly. It echoes. It lingers. And sometimes, it wounds.
In moments of uncertainty, supporters instinctively look backward to understand the present. They remember resilience born from hardship, unity forged in defiance, and a tradition that demands transparency as much as success. Celtic’s values have always been rooted in trust — and when trust feels strained, even silence can feel threatening. This week, that tension finally broke.
The board has spoken — and what followed has left the Celtic faithful uneasy, angry, and searching for answers.
In a stark interim financial update released on February 13, 2026, Celtic FC confirmed a staggering £24 million drop in revenue over the final six months of 2025. The figure represents a 28.9 per cent decline compared to the same period the previous year — a revelation that has rippled through the support like a cold shock.
The disclosure came ahead of the club’s full annual report and immediately reignited long-simmering concerns about direction, decision-making, and long-term planning. While the club insisted there is no immediate financial danger, the timing and scale of the drop have unsettled many who believed Celtic were operating from a position of strength.
Interim chairman Brian Wilson, who stepped into the role following Peter Lawwell’s departure from the board at the end of December, did not shy away from describing the period as deeply disruptive.
“We witnessed a great deal of change and disruption in the six months to December 31, 2025.”
Wilson identified the early exit from Europe as a defining blow.
“Our exit from the Champions League in August 2025 was a bitter blow.”
That single sentence carried enormous weight. The shift from the Champions League to the Europa League stripped Celtic of vital broadcasting income and reduced matchday revenue — a reminder of how thin the margins can be at the top level.
The financial turbulence mirrored chaos off the pitch. Following Brendan Rodgers’ departure, the club turned back to Martin O’Neill in a bid to restore calm, before appointing Wilfried Nancy in December. That experiment collapsed within weeks, Nancy dismissed in January after failing to deliver immediate results.
Wilson then returned again to O’Neill, alongside Shaun Maloney and Mark Fotheringham, to stabilise a season threatening to spiral — a move that has coincided with improved results, but not erased doubts.
Despite the alarming revenue drop, Celtic ended the period with £67.4 million in cash reserves, an increase of £2 million year-on-year. For some, this softened the blow. For others, it raised more uncomfortable questions.
If the cash is there, why does the model still feel fragile?
Why does progress feel reactive instead of strategic?
Even amid caution, Celtic pressed ahead in the January window, completing six signings — including making Alex Oxlade-Chamberlain’s move permanent, alongside Julián Araujo, Tomáš Čvančara, Benjamin Arthur, Joel Mvuka, and Junior Adamu. To supporters, it felt like ambition layered over anxiety — investment without reassurance.
The upheaval extended beyond the men’s side. In the women’s team, Grant Scott replaced Elena Sadiku, underlining a wider period of internal recalibration.
Wilson, reflecting on his sudden elevation to interim chairman, struck a tone of appeal rather than authority.
“This cannot be achieved unilaterally… it requires shared acceptance that we all, passionately, want the very best for Celtic Football Club.”
Yet his words about safety, governance reform, and supporter behaviour — though measured — landed amid a fanbase already wrestling with fear and frustration.
The club admitted past shortcomings and pledged to modernise governance structures, improve digital engagement, and address issues highlighted in one of the largest supporter surveys ever conducted.
Still, the most chilling revelation lay ahead.
Wilson confirmed Celtic are now taking “a more cautious view” of projections for the remainder of the financial year, anticipating significantly reduced revenue and profit for the second half of the campaign ending June 30, 2026.
What has fans worried:
- A £24m revenue collapse revealed mid-season
- European income dependency laid bare
- Repeated managerial upheaval
- Warnings of further financial decline
- Promises of reform without clear timelines
Despite remaining in the SPFL title race, reaching the Scottish Cup quarter-finals, and preparing for Europa League knockouts, the mood among supporters is conflicted. Hope clashes with suspicion. Pride wrestles with unease.
Wilson closed with a nod to the supporters’ enduring role.
“Celtic supporters remain the bedrock of the club.”
But for many, that bedrock now feels tested. Celtic has survived storms before — greater ones, darker ones — but history has taught the faithful to question, to demand clarity, and to protect the values that define the club.
This was not just a financial update.
It was a warning.
And Parkhead heard it.
