Celtic chief executive Michael Nicholson has publicly reaffirmed his support for manager Martin O’Neill despite a particularly painful spell for the Glasgow club. Over the course of a single week the Hoops suffered three defeats: they were knocked out of the League Cup by Rangers, lost a Scottish Premiership clash to the same rivals, and then fell at home to Ferencvaros in the opening round of the Europa League.
These setbacks followed a dramatic collapse in the previous month when Celtic were eliminated by 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 admitted he was contemplating his future, saying it might be time to "wrap it up." Nicholson, however, acknowledged the sting of the recent results but insisted the club would rally around the manager and the playing squad, focusing on domestic success and a deeper run in the Europa League.
He reminded everyone that the club owes a great deal of gratitude to O’Neill and his staff, who stepped in twice last season to steady a ship that seemed to be drifting. O’Neill’s return to Celtic in October last year marked his second spell at the helm, coming twenty years after his initial tenure.
He was appointed after Brendan Rodgers resigned, and his arrival was quickly followed by a brief interim period under Wilfried Nancy, who was dismissed after just 33 days. Nicholson praised O’Neill’s willingness to sign a permanent deal this summer, describing the board’s decision as one of delight and appreciation for the veteran’s experience.
The club’s board has faced mounting criticism from supporters regarding its transfer policy. Financial disclosures show that Celtic spent roughly £31.7 million on new signings, including record‑breaking acquisition Kasper Høgh, as well as Camilo Durán, Mika Baur, Haïssam Hassan and others. Nicholson stressed that these purchases were made in close collaboration with O’Neill, aiming to strengthen the squad for both domestic and European challenges. Nevertheless, the financial report for the year ending 30 June 2026 revealed a post‑tax loss of £4.8 million, a stark reversal from the £33.9 million profit recorded twelve months earlier.
Chairman Brian Wilson explained that the downturn stemmed from the loss of Champions League revenue, higher wage bills and a slimmer profit margin on player trading. Despite the loss, Celtic still finished the period with a healthy cash reserve of £66.4 million. Sky Sports News analyst Anthony Joseph highlighted that Celtic’s lack of preparation for the Champions League qualifiers cost the club an estimated £40 million, as they were forced into the Europa League instead.
The club’s financial statements confirmed a £4.8 million loss for the 2024/25 season, contrasting sharply with the previous year’s surplus. The difference, Joseph noted, lies primarily in the competition itself: the prior season’s European campaign was in the Champions League, which generates far higher broadcasting and prize‑money revenues than the Europa League. Celtic’s total revenue for the 2024/25 season stood at £143.6 million, with about £75 million derived from the new Champions League format—a competition they entered automatically after winning the domestic title the season before.
However, a declining Scottish coefficient forced the team, then under Brendan Rodgers, into a play‑off to reach the Champions League group stage. They lost that tie on penalties to Kairat Almaty, a result Rodgers had warned could be avoided with earlier investment in the squad. Key departures exacerbated the situation. Striker Kyogo Furuhashi was sold to Rennes for £10 million in January 2025, and midfielder Nicolas Kuhn left for Como for £16.5 million that summer.
The failure to replace these players left the squad thin when the crucial play‑off against LASK arrived. The subsequent collapse—squandering a 4‑0 aggregate lead with just under an hour left—underscored the lack of depth and highlighted the consequences of inadequate squad reinforcement. The fallout was dramatic. Fans launched a boycott of club merchandise and kiosk sales at Celtic Park, expressing frustration with what they saw as a lack of ambition.
Rodgers eventually resigned, citing the board’s unwillingness to back the transfer market. O’Neill, then a television pundit, returned as caretaker before Wilfried Nancy’s brief appointment, and after Nancy’s dismissal O’Neill was reinstated permanently.
Despite the turmoil, Celtic managed to secure a domestic double and progressed to the Europa League knockout stage. Yet revenue fell 22.7 percent to £111 million, and the club posted an overall loss for the year. Supporters hoped the board would adopt a more proactive approach to the Champions League play‑offs, especially given the club’s cash cushion of over £66 million.
Investment in new talent, such as the £32 million spent on Høgh, Durán, Baur and Hassan, suggested a more ambitious stance. However, the sale of Arne Engels to West Ham for £22 million just before the LASK tie, without an immediate replacement, irritated O’Neill and highlighted ongoing strategic inconsistencies. Financial experts point out that for every £100 earned in the Champions League, a club receives only about £22 in the Europa League—a disparity that Celtic is now feeling keenly. The £40 million shortfall projected for next year’s accounts could be mitigated if the team advances deep into this season’s Europa League, but the pressure remains on the board to demonstrate clearer ambition and better preparation for future European qualifiers.
Upcoming fixtures include: - 11 October: Motherwell vs Celtic (12:00, Sky Sports live) - 15 October: Benfica vs Celtic (20:00, Europa League) - 18 October: Celtic vs Hearts (15:00) - 22 October: Celtic vs Celta Vigo (20:00, Europa League) - 25 October: Hibernian vs Celtic (12:00, Sky Sports live) - 28 October: Celtic vs Dundee United (19:45) Fans are also invited to take part in the Super 6 competition for a chance to win £1 million, with free entry available.