Celtic’s chief executive, Michael Nicholson, has publicly reaffirmed his support for manager Martin O’Neill despite a particularly challenging week for the Glasgow club. The Hoops endured a string of setbacks, losing twice to arch‑rivals Rangers – first in the Scottish League Cup quarter‑finals and then in a Premiership encounter – and also falling at home to Hungarian side Ferencvaros in the opening match of their Europa League campaign. These defeats followed a dramatic collapse at the end of last season when Celtic were eliminated by Austrian side LASK in the Champions League play‑off, surrendering a 4‑0 aggregate lead and missing out on the continent’s premier competition. After the second Old Firm loss, O’Neill hinted that he was contemplating his future, admitting that “it might be time to wrap it up.” Nicholson, however, acknowledged the pain of the recent results but insisted that the club would rally around the manager and the playing staff.
He said the organization would "come together and support Martin and the players, as we focus our efforts on achieving success domestically and in the Europa League." He also reminded supporters that O’Neill’s return to Celtic in October – twenty years after his first spell at the helm – came after Brendan Rodgers stepped down, and that O’Neill had briefly acted as interim boss when Wilfried Nancy was dismissed after a brief 33‑day tenure. Nicholson praised O’Neill and his backroom team for stepping in twice during the previous season and expressed delight that the veteran manager agreed to take the job on a permanent basis this summer. The board, however, has faced criticism from fans over its transfer policy.
Financial reports show that Celtic spent £31.7 million on new signings, including record‑breaking acquisition Kasper Høgh and other additions such as Camilo Duran, Mika Baur and Haïssam Hassan. Nicholson noted that these transfers were made in close collaboration with O’Neill.
The same financial statements also revealed a post‑tax loss of £4.8 million for the year ending 30 June, a stark reversal from the £33.9 million profit recorded a year earlier. Chairman Brian Wilson attributed the downturn to the absence of Champions League revenue, higher wage bills and reduced profit from player trading. Despite the loss, Celtic still ended the period with a cash balance of £66.4 million.
Sky Sports analyst Anthony Joseph highlighted that Celtic’s lack of preparation for the Champions League qualifiers cost the club roughly £40 million, as the team dropped into the Europa League instead. He explained that the club’s revenue for the 2024/25 season was £143.6 million, with about £75 million coming from the new Champions League format – revenue that would have been unavailable this year because the Hoops failed to qualify.
Scotland’s declining UEFA coefficient forced Celtic, then under Brendan Rodgers, to navigate a play‑off to reach the Champions League. They lost that tie on penalties to Kairat Almaty, a result Rodgers had warned could be avoided with greater investment in the squad before the qualifiers. At the time, Celtic were still missing replacements for key forwards Kyogo Furuhashi, who left for Rennes for £10 million in January 2025, and Nicolas Kühn, who transferred to Como for £16.5 million that summer. The failure to adequately reinforce the team contributed to what many describe as one of the most turbulent seasons in recent Celtic history.
Supporters responded with a boycott campaign targeting merchandise and kiosk sales at Celtic Park, and Rodgers eventually resigned, citing a perceived lack of ambition from the board in the transfer market. O’Neill, then a pundit, returned to manage the side temporarily until Wilfried Nancy was appointed in December, only for O’Neill to be reinstated 33 days after Nancy’s dismissal.
Celtic did manage to secure a domestic double and reached the Europa League knockout stage, but revenue fell 22.7 percent to £111 million, and the club posted an overall loss for the season. Fans had hoped the board would adopt a more proactive approach to the Champions League play‑off this year.
While the club did invest around £32 million in new talent – including the record signing of Kasper Høgh and acquisitions of Duran, Baur and Hassan – they also sold defender Arne Engels to West Ham for £22 million just before the LASK tie, without securing a replacement, a decision that reportedly irked O’Neill. Being 4‑0 up on aggregate with just under an hour left in Austria, Celtic’s collapse was seen as a symptom of insufficient squad depth.
The fact that the team finished the tie with players such as Anthony Ralston, Luke McCowan and Dane Murray on the field underscored concerns about the quality of the bench for high‑stakes matches. The missed Champions League spot is projected to create another £40 million shortfall in next season’s accounts unless the club advances deep into this year’s Europa League. The broader question remains: why does a club with £66 million in the bank not fully prepare for these crucial qualifiers? From a financial perspective, the answer is clear.
Football finance expert Kieran Maguire notes that every £100 earned in the Champions League translates to only about £22 in the Europa League. Celtic is now feeling that disparity keenly. Upcoming fixtures for Celtic include: - 11 Oct: Motherwell vs Celtic (12:00, Sky Sports) - 15 Oct: Benfica vs Celtic (20:00, Europa League) - 18 Oct: Celtic vs Hearts (15:00) - 22 Oct: Celtic vs Celta Vigo (20:00, Europa League) - 25 Oct: Hibernian vs Celtic (12:00, Sky Sports) - 28 Oct: Celtic vs Dundee United (19:45) Fans are also invited to participate in the Super 6 promotion for a chance to win £1 million, with free entry available.