Celtic chief executive Michael Nicholson has publicly reaffirmed his support for manager Martin O’Neill despite a particularly "painful" week for the Glasgow club. The Hoops suffered a double blow at the hands of their arch‑rivals Rangers, losing both a Scottish Premiership encounter and a League Cup quarter‑final tie.
Adding to the disappointment, Celtic were also beaten on home soil by Hungarian side Ferencvaros in the opening match of their Europa League campaign. The string of setbacks follows last month’s dramatic collapse against Austrian club LASK in the Champions League play‑off.
Celtic entered that tie with a commanding 4‑0 aggregate lead, only to see the advantage evaporate and ultimately lose the tie on penalties. The defeat has left the club without a place in Europe’s premier competition for the coming season.
After the second Old Firm loss, O’Neill hinted that he might be considering his future, saying he would "reflect on his future" and even suggesting "it might be time to wrap it up". Nicholson, however, acknowledged the emotional toll of the recent defeats, describing them as "painful for us all", but he stressed that the organisation would rally around the manager and the playing staff. He added that the focus now must shift to domestic objectives and to making a deep run in the Europa League.
O’Neill’s return to Celtic in October of last year marked a homecoming after a two‑decade gap since his first spell in charge. His appointment came after the resignation of Brendan Rodgers and was followed by a brief interim period under Wilfried Nancy, who was dismissed after just 33 days. Nicholson praised O’Neill and his backroom team for stepping in twice during a turbulent season and expressed delight that the veteran manager agreed to take the job on a permanent basis during the summer.
The board has come under fire from sections of the fanbase over its transfer policy. Financial disclosures show that Celtic spent £31.7 million on new signings, including record‑breaking acquisition Kasper Høgh as well as additions such as Camilo Duran, Mika Baur and Haïssam Hassan. Nicholson noted that these transfers were made in close collaboration with O’Neill.
Nonetheless, the same financial report revealed a post‑tax loss of £4.8 million for the year, a stark reversal from the £33.9 million profit recorded twelve months earlier. Chairman Brian Wilson attributed the downturn to the loss of Champions League revenue, higher wage bills and reduced profit from player trading. Despite the loss, Celtic still ended the fiscal year with a healthy cash balance of £66.4 million. Sky Sports analyst Anthony Joseph pointed out that the club’s failure to secure a Champions League spot cost roughly £40 million, as the Europa League offers considerably less financial reward.
Celtic’s total revenue for the 2024/25 season was reported at £143.6 million, of which about £75 million stemmed from participation in the new Champions League format—a revenue stream that vanished after the play‑off defeat. The previous season, under Brendan Rodgers, the team had to navigate a play‑off against Kairat Almaty to retain Champions League status, ultimately losing on penalties. Rodgers had warned that the squad needed reinforcements before the qualifiers, but key departures – striker Kyogo Furuhashi (sold to Rennes for £10 million) and midfielder Nicolas Kühn (to Como for £16.5 million) – were not adequately replaced.
The lack of depth contributed to what many describe as one of the most chaotic campaigns in recent Celtic history. Supporter unrest grew, with fans launching a boycott of club merchandise and match‑day kiosks.
Rodgers eventually resigned, citing what he perceived as the board’s insufficient ambition in the transfer market. O’Neill, then a pundit, stepped in temporarily before Wilfried Nancy’s brief tenure, and later returned permanently after Nancy’s dismissal. Celtic did manage to clinch a domestic double and reach the Europa League knockout stage, but revenue fell 22.7 percent to £111 million, and the club recorded an overall loss for the season. Many supporters hoped the board would adopt a different approach to the Champions League play‑offs this year.
While the club did invest roughly £32 million in new talent – including the record signing of Kasper Høgh and the arrivals of Duran, Baur and Hassan – the sale of defender Arne Engels to West Ham for £22 million just before the LASK tie, without a suitable replacement, reportedly irked O’Neill. The dramatic collapse against LASK, where Celtic squandered a 4‑0 aggregate lead with just 57 minutes remaining, highlighted a lack of squad depth.
The final line‑up featured players such as Anthony Ralston, Luke McCowan and Dane Murray, suggesting the team was not equipped to handle high‑pressure European fixtures. This failure will likely create another £40 million shortfall in next season’s accounts unless the club progresses deep into the Europa League. The situation raises a broader question: why does a club with £66 million in the bank not allocate sufficient resources to secure Champions League qualification, especially when the financial disparity is stark?
Football finance expert Kieran Maguire notes that for every £100 earned in the Champions League, a club receives only about £22 in the Europa League – a gap that Celtic is now feeling acutely. Looking ahead, Celtic’s upcoming fixtures include: - October 11: Motherwell vs Celtic (12:00, live on Sky Sports) - October 15: Benfica vs Celtic (20:00, Europa League) - October 18: Celtic vs Hearts (15:00) - October 22: Celtic vs Celta Vigo (20:00, Europa League) - October 25: Hibernian vs Celtic (12:00, live on Sky Sports) - October 28: Celtic vs Dundee United (19:45) The club also promotes a Super 6 competition offering a £1 million prize, with free entry for participants.
Nicholson’s message remains clear: despite recent disappointments, the organization will unite behind Martin O’Neill and the squad, striving for success at home and in Europe while addressing the financial and strategic challenges that have emerged over the past year.