Celtic’s chief executive, Michael Nicholson, has publicly reaffirmed his support for manager Martin O’Neill despite a particularly harsh spell for the Glasgow club. Over the past seven days the Hoops have suffered three defeats: two at the hands of arch‑rivals Rangers – one in the Scottish Premiership and another in the League Cup quarter‑final – and a loss to Hungarian side Ferencváros in the opening match of their Europa League campaign. These setbacks come on the heels of a dramatic collapse in the previous month when Celtic were eliminated from the Champions League play‑off against LASK, surrendering a 4‑0 aggregate lead to lose the tie. 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 could be "time to wrap it up".
Nicholson, however, acknowledged the pain of the recent defeats but insisted that the club would rally around the manager and the playing squad, focusing on domestic success and a deep run in the Europa League. He stressed that the organization would "come together and support Martin and the players" as they aim to turn the tide.
O’Neill’s return to Celtic in October last year marked his second spell at the helm, arriving 20 years after his first tenure following Brendan Rodgers’ resignation. After a brief interim period under Wilfried Nancy – who was dismissed after just 33 days – the board confirmed O’Neill’s appointment on a permanent basis for the summer.
Nicholson highlighted the gratitude owed to O’Neill and his staff for stepping in twice during a turbulent season, noting that the club was "delighted" to secure his services for the long term. The board has also been under fire from supporters regarding its transfer policy.
A financial report revealed that Celtic spent £31.7 million on new signings, including record‑breaking acquisition Kasper Høgh, as well as Camilo Duran, Mika Baur, Haïssam Hassan and others. Nicholson pointed out that these purchases were made in close collaboration with O’Neill. Nevertheless, the same report showed 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 absence of Champions League revenue, rising wage bills and a dip in profit from player trading.
Despite the loss, Celtic ended the financial year with a healthy cash balance of £66.4 million. Sky Sports analyst Anthony Joseph weighed in, arguing that Celtic’s failure to prepare adequately for the Champions League qualifiers has cost the club roughly £40 million, as the team now competes in the less lucrative Europa League. The club’s financial statements for the year ending 30 June confirmed the £4.8 million loss, contrasting sharply with the previous year’s profit. Joseph explained that the difference between the two seasons lay not in the clubs’ performance but in the competition itself: the prior season’s European campaign was in the Champions League, while the most recent one is in the Europa League.
Revenue for the 2024/25 season stood at £143.6 million, with about £75 million generated from the new Champions League format – a competition Celtic entered automatically after winning the domestic title. However, a declining Scottish coefficient forced the team, then managed by Brendan Rodgers, into a play‑off for a Champions League spot last season, where they were eliminated on penalties by Kairat Almaty. Rodgers had repeatedly warned that the squad needed reinforcement before the qualifiers, yet Celtic entered the tie without replacements for key departures: forward Kyogo Furuhashi, sold to Rennes for £10 million in January 2025, and midfielder Nicolas Kühn, who left for Como for £16.5 million that summer. The lack of preparation contributed to what many consider one of the most chaotic campaigns in recent Celtic history.
Supporters launched a boycott of club merchandise and kiosk sales at Celtic Park, and Rodgers eventually resigned, citing the board’s perceived lack of ambition in the transfer market. O’Neill, then a pundit, stepped in as caretaker until Wilfried Nancy was appointed in December, only for O’Neill to return 33 days after Nancy’s dismissal. Despite the turmoil, Celtic managed to secure a domestic double and progressed to the Europa League knockout stage, but revenue fell 22.7 percent to £111 million, resulting in 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 invest roughly £32 million in signings such as Kasper Høgh, Camilo Duran, Mika Baur and Haïssam 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 frustrated O’Neill. Being 4‑0 up on aggregate with just under an hour left in Austria, Celtic’s collapse was shocking and highlighted a lack of depth in the squad. The fact that the team fielded players like Anthony Ralston, Luke McCowan and Dane Murray in the decisive moments suggests the roster was not equipped for high‑stakes fixtures.
This failure will likely leave another £40 million shortfall in next season’s accounts unless the team makes a deep run in the Europa League. The situation raises a broader question: why does a club with £66 million in the bank not fully invest in preparing for European qualifiers, especially when the financial incentives are so 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. Celtic is feeling that disparity acutely.
Upcoming fixtures for Celtic include: - 11 October: Motherwell vs Celtic (12:00, live on Sky Sports) - 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, live on Sky Sports) - 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. In summary, while the recent week has been painful for Celtic supporters and the club’s leadership acknowledges the setbacks, Michael Nicholson and the board remain committed to backing Martin O’Neill. Their goal is to unite the team, stabilize finances, and strive for success both in the Scottish league and in European competition, hoping that a more strategic approach to recruitment and preparation will restore the club’s standing on the continental stage.