Celtic chief executive Michael Nicholson has publicly reaffirmed his support for manager Martin O’Neill despite a particularly harsh stretch of results 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 in the quarter‑finals, lost a league encounter to the same rivals, and then fell to Ferencvaros in the opening match of their Europa League campaign. These setbacks followed a dramatic collapse at the end of last season when Celtic were eliminated by LASK in the Champions League play‑off, surrendering a 4‑0 aggregate lead and seeing the tie slip away.
After the second Old Firm loss, O’Neill hinted that he was contemplating his future, even suggesting that it might be time to "wrap it up." Nicholson, however, acknowledged the pain of the recent failures but insisted that the club would rally around the manager and the playing staff, concentrating on achieving domestic success and progressing in the Europa League. He reminded everyone that the recent defeats were painful for the whole organisation, yet the focus must now shift to unity and collective effort.
O’Neill’s return to Celtic in October of last year marked a homecoming after two decades away, taking over after Brendan Rodgers stepped down. The club briefly appointed an interim boss when Wilfried Nancy was dismissed after a brief and troubled 33‑day spell, before confirming O’Neill on a permanent basis during the summer. Nicholson expressed gratitude to O’Neill and his coaching team for stepping in twice during the previous season and said the board was delighted that the veteran manager agreed to stay on for the long term. The Celtic board has come under fire from supporters regarding its transfer policy.
Financial disclosures show that the club 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 noted that these dealings were conducted in close collaboration with O’Neill. Nevertheless, the same financial report revealed a post‑tax loss of £4.8 million for the year ending 30 June, 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 still ended the financial year with a healthy cash balance of £66.4 million. Analysts at Sky Sports, such as Anthony Joseph, have highlighted how the club’s lack of preparation for the Champions League qualifiers cost them roughly £40 million, as they were forced into the less lucrative Europa League.
The club’s financial statements confirm a £4.8 million loss after a previous year’s profit of £33.9 million. The difference, according to the analysis, lies in the competition itself: the prior season’s European run was in the Champions League, while the most recent campaign has been in the Europa League. Revenue for the 2024/25 season stood at £143.6 million, with about £75 million derived from participation in the new Champions League format, which the Hoops entered automatically after winning the domestic title.
However, a declining Scottish coefficient meant that the team had to navigate a play‑off to reach the Champions League the previous season, ultimately losing on penalties to Kairat Almaty. Former manager Brendan Rodgers had repeatedly warned that investment in the squad was essential before the qualifiers, yet Celtic entered the tie without replacements for key departures 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 reinforce the squad and secure Champions League qualification triggered one of the most turbulent periods in recent Celtic history.
Fans launched a boycott of merchandise and match‑day kiosks 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, stepped in temporarily until Wilfried Nancy was appointed in December, only for O’Neill to return 33 days after Nancy’s dismissal. Despite the chaos, Celtic managed to clinch a domestic double and reached the Europa League knockout stages, but revenue fell 22.7 percent to £111 million, and the club posted an overall loss for the season.
Supporters had hoped the board would adopt a different approach to the Champions League play‑off this time around. While the club did invest roughly £32 million in signings such as Kasper Høgh, Camilo Duran, Mika Baur and Haïssam Hassan, they also sold Arne Engels to West Ham for £22 million just before the LASK tie, without securing 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 against LASK was shocking and highlighted 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 underscored the shortage of quality options for a high‑stakes match. This failure is likely to create another £40 million shortfall in next year’s accounts unless the club progresses deep into this year’s Europa League. The situation raises a broader question: why does a club with £66 million in the bank not fully prepare for crucial qualifiers and treat European competition as a top priority?
From a financial perspective, the logic is clear. Football finance expert Kieran Maguire notes that every £100 earned in the Champions League translates to only about £22 in the Europa League. Celtic is currently feeling that disparity acutely.
Upcoming fixtures for Celtic include: - 11 October: Motherwell vs Celtic, 12:00 pm (live on Sky Sports) - 15 October: Benfica vs Celtic, 20:00 pm (Europa League) - 18 October: Celtic vs Hearts, 15:00 pm - 22 October: Celtic vs Celta Vigo, 20:00 pm (Europa League) - 25 October: Hibernian vs Celtic, 12:00 pm (live on Sky Sports) - 28 October: Celtic vs Dundee United, 19:45 pm Fans are also encouraged to take part in the Super 6 competition for a chance to win £1 million, with free entry available. The club hopes that, by standing together behind O’Neill and focusing on both domestic and European objectives, Celtic can navigate the challenges ahead and restore its financial and sporting fortunes.