Celtic’s chief executive, Michael Nicholson, has publicly reaffirmed his support for manager Martin O’Neill despite a particularly trying week for the Glasgow club. The Hoops endured a series 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 Ferencváros in the opening match of their Europa League campaign. These defeats followed a dramatic collapse last month against Austrian side LASK in the Champions League play‑off, where Celtic squandered a 4‑0 aggregate lead to lose the tie.
After the second Old Firm loss, O’Neill hinted that he would contemplate his future, saying it might be "time to wrap it up". Nicholson, however, acknowledged the pain of the recent results but stressed that the club would rally around the manager and the playing staff, concentrating on domestic success and a deeper run in the Europa League. He added that the organization owes a great debt of gratitude to O’Neill and his coaching team for stepping in twice during the previous season, first as interim boss after Brendan Rodgers’ resignation and again after the brief, 33‑day tenure of Wilfried Nancy ended abruptly. Nicholson said the board was delighted that O’Neill agreed to take the job on a permanent basis this summer.
The board’s handling of recruitment has attracted criticism from supporters. Financial disclosures show that Celtic spent £31.7 million on new signings, including record‑breaking midfielder Kasper Høgh, as well as Camilo Duran, Mika Baur, Haïssam Hassan and others.
Nicholson emphasized that these acquisitions were made in close consultation with O’Neill. Nevertheless, the club’s latest accounts reveal a post‑tax loss of £4.8 million, 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, rising wage bills and a weaker profit from player trading. Despite the loss, Celtic still ended the financial year with a healthy cash balance of £66.4 million.
Sky Sports News analyst Anthony Joseph pointed out that Celtic’s lack of preparation for the Champions League qualifiers has now cost the club roughly £40 million, as the team has been relegated to the less lucrative Europa League. The club’s financial results for the year ending 30 June confirmed the £4.8 million loss and highlighted a dramatic drop in revenue. In the 2024/25 season, Celtic generated £143.6 million, with about £75 million coming from the new Champions League format – a revenue stream they missed out on after failing to qualify.
Scotland’s declining UEFA coefficient meant that, unlike the previous season when the Hoops entered the Champions League automatically as Scottish champions, they were forced to navigate a play‑off. They lost that tie on penalties to Kairat Almaty.
Former manager Brendan Rodgers had repeatedly warned that the squad needed reinforcement before the qualifiers, but Celtic entered the play‑off without replacements for key players such as Kyogo Furuhashi (sold to Rennes for £10 million in January 2025) and Nicolas Kühn (who left for Como for £16.5 million). The failure to adequately strengthen the roster contributed to one of the most chaotic campaigns in recent Celtic history. Supporters responded with a boycott of club 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 team temporarily until Nancy’s appointment in December, only to be reinstated 33 days after Nancy’s dismissal. Celtic did manage to secure a domestic double and reach the Europa League knockout stage, but overall revenue fell 22.7 percent to £111 million, resulting in 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 roughly £32 million in high‑profile signings such as Høgh, Duran, Baur and Hassan, they also sold Arne Engels to West Ham for £22 million just before the LASK tie and failed to bring in a replacement – a decision that reportedly irritated O’Neill.
Being 4‑0 up on aggregate with just under an hour left in Austria, Celtic’s collapse was shocking and underscored a lack of depth in the squad. The fact that the team finished the tie with players like Anthony Ralston, Luke McCowan and Dane Murray on the pitch suggested that the roster was not equipped for high‑stakes matches.
This shortfall could create another £40 million deficit in next year’s accounts unless the club progresses far in the current Europa League campaign. The situation raises a broader question: why does a club with £66 million in the bank not allocate more resources to ensure preparedness 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 – a disparity Celtic is now feeling keenly. 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.