Celtic’s chief executive, Michael Nicholson, has publicly reaffirmed his support for manager Martin O’Neill despite a week that has been described as "painful" for the club. The Glasgow side 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 then suffering a home defeat to Ferencvaros in the opening match of their Europa League campaign. These setbacks come on the heels of last month’s dramatic collapse against LASK in the Champions League play‑off.
Celtic had built a commanding 4‑0 aggregate lead, only to see the tie slip away and be eliminated on penalties. The disappointment of that night still lingers, and the recent defeats have only added to the sense of frustration among supporters and staff alike.
After the second Old Firm loss, O’Neill hinted that he was contemplating his future, saying that he might need to "wrap it up". Nicholson, however, acknowledged the hurt caused by the recent results but insisted that the club would rally around the manager and the playing squad.
He stressed that the focus must now shift to achieving domestic success and progressing in the Europa League, emphasizing that the organization will "come together and support Martin and the players". O’Neill’s return to Celtic in October of last year marked his second spell at the helm, twenty years after his initial tenure. He was appointed following Brendan Rodgers’ resignation and, after a brief interim period under Wilfried Nancy – who was dismissed after just 33 days – O’Neill was confirmed as the permanent manager. Nicholson expressed gratitude for O’Neill’s willingness to step in twice during a turbulent season and said the board was "delighted" that he agreed to stay on a full‑time basis.
The board has faced criticism from a vocal fan base over its transfer policy. Financial disclosures reveal 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 purchases were made in close consultation with O’Neill, highlighting the manager’s involvement in shaping the squad. Despite the investment, the club’s financial results show a stark reversal of fortunes. A post‑tax loss of £4.8 million was recorded for the year ending 30 June 2025, a sharp contrast to the £33.9 million profit posted twelve months earlier.
Chairman Brian Wilson attributed the downturn to several factors: the absence of Champions League revenue, rising wage bills, and a reduced profit from player trading. Nevertheless, Celtic still ended the fiscal year with a healthy cash balance of £66.4 million. Sky Sports analyst Anthony Joseph pointed out that Celtic’s lack of preparation for the Champions League qualifiers has been exposed, costing the club an estimated £40 million by dropping into the Europa League.
The financial statements released on the same night confirmed the £4.8 million loss, underscoring the impact of missing out on the more lucrative Champions League competition. In the 2024/25 season, Celtic generated £143.6 million in revenue, with roughly £75 million stemming from the new Champions League format – a competition they entered automatically after winning the domestic title the previous season. However, a declining Scottish coefficient forced the team, then under Brendan Rodgers, to navigate a play‑off to reach the Champions League group stage. They were ultimately eliminated on penalties by Kairat Almaty.
Rodgers had repeatedly warned that squad reinforcement was essential before the qualifiers. Yet Celtic entered the tie without replacements for key players who had departed: Kyogo Furuhashi, sold to Rennes for £10 million in January 2025, and Nicolas Kühn, who left for Como for £16.5 million that summer. The failure to adequately bolster the roster contributed to what many describe as one of the most chaotic seasons in recent Celtic history. Supporters responded with a boycott campaign targeting club merchandise and kiosk sales at Celtic Park, expressing their displeasure with the board’s perceived lack of ambition.
Rodgers eventually resigned, citing the club’s unwillingness to invest in the transfer market. O’Neill, then a pundit, stepped in temporarily until Wilfried Nancy’s brief appointment, only to return permanently after Nancy’s dismissal.
Although Celtic managed to secure a domestic double and reach the Europa League knockout stage, overall revenue fell by 22.7 percent to £111 million, and the club recorded an overall loss for the season. Fans had hoped the board would adopt a different approach to the Champions League play‑off this year. While the club did spend around £32 million on new talent – including the record signing Kasper Høgh and other promising prospects – they also sold Arne Engels to West Ham for £22 million just before the LASK tie, without securing a replacement.
This decision reportedly irked O’Neill, especially given the squad’s lack of depth. Being 4‑0 up on aggregate with just 57 minutes remaining in Austria, Celtic’s collapse was a painful reminder of the thin margins at this level. The reliance on fringe players such as Anthony Ralston, Luke McCowan and Dane Murray in the decisive moments highlighted the squad’s insufficient depth for high‑stakes fixtures. The financial implications are significant: another £40 million shortfall could appear in next season’s accounts unless Celtic makes a deep run in the Europa League.
Critics question why a club sitting on £66 million in cash does not allocate more resources to ensure success in European qualifiers, especially when the financial logic is clear. Football finance expert Kieran Maguire notes that every £100 earned in the Champions League translates to only £22 in the Europa League, a disparity that Celtic is now feeling keenly.
Upcoming fixtures provide an opportunity for the team to rebound. Celtic will host Motherwell on October 11, travel to face Benfica in the Europa League on October 15, meet Hearts at home on October 18, travel to Celta Vigo for another Europa League tie on October 22, host Hibernian on October 25, and conclude the month with a home game against Dundee United on October 28.
The club hopes these matches will spark a turnaround in form and restore confidence among the supporters. In summary, while the recent week has been undeniably painful for Celtic, the board’s public backing of Martin O’Neill signals a commitment to stability and long‑term planning. The financial challenges, squad depth issues, and recent on‑field disappointments will require careful management, but with strategic investment and a united front, the club aims to navigate the remainder of the season with renewed purpose.