CHAIRMAN’S STATEMENT
Peter T. Lawwell, Chairman
Celtic plc
19 September 2025
I am extremely pleased to report on yet another successful year for Celtic Football Club (“the Club”) both on and off the pitch. The year ended 30 June 2025 has seen the Club maintain and build upon its domestic dominance, deliver memorable and competitive performances in Europe, and achieve a very strong financial performance. I would like to extend my sincere congratulations to Brendan, his backroom team, all our players and everyone connected to the football side of the Club—your dedication, hard work, professionalism and ambition have driven much of what we celebrate today.
Financial Performance
Revenue increased significantly to £143.6 million (2024: £124.6 million). This uplift was primarily driven by two key factors: higher matchday income, owing to strong attendance and fan engagement, and greater income from UEFA rights and distributions as a result of a successful Champions League campaign. These results were helped by the expanded Champions League format, which now guarantees more group stage matches than before (eight matches in the current format versus six previously), and by our progress through the competition into the play‑off round.
Profit after tax rose sharply to £33.9 million, compared with £13.4 million in 2024. This increase was driven not only by the revenue growth but also by substantial gains from player trading: player sales of £31.5 million (2024: £6.6 million).
Despite these strong earnings, year‑end cash reserves were broadly unchanged: £77.3 million in 2025 compared with £77.2 million the previous year. This reflects both disciplined financial management and reinvestment.
On the investment side, we made significant commitments:
Including committed agent fees, we invested £42.6 million in acquiring player registrations during the year—more than double what was spent the prior year. This represents the highest single‑season transfer spend in the history of the Club.
We also spent heavily on first team wages and infrastructure more broadly across our estate.
Over the past three years, up to 30 June 2025, total investment in player registrations (including fees and agents) has amounted to £77.5 million. As a result, the carrying value of our squad is now the highest in Celtic’s history.
It is always our objective to balance ambitious performance with long‑term financial stability. The Board shares the ambition of our supporters to see the strongest possible team on the pitch, but we must always consider the consequences of decision‑making today on the long‑term health of the Club. This strategy has been central to Celtic’s success over the past 20 years, and it remains so now.
On‑Field Performance
In domestic competitions, Celtic secured our 55ᵗʰ league title, winning the Scottish Premiership for the fourth consecutive season. We also lifted the Premier Sports Cup, defeating Rangers in the final, and reached the Scottish Cup Final, where we narrowly missed out on a domestic treble after losing on penalties to Aberdeen.
In European competition, we embraced the new Champions League format. We played eight group stage matches, earning 12 points and finishing 21st out of 36 clubs. We progressed into a high‑profile play‑off tie against Bayern Munich, ultimately exiting by a single goal over two legs (2‑1 aggregate). Although it was disappointing to be knocked out, the campaign was a source of pride—both for the quality of performances and for the experience and exposure it brought to the Club, our players and supporters.
At the time of writing, the current domestic season had begun well: we are top of the Scottish Premiership and have progressed to the quarter‑final of the Premier Sports Cup, signalling a strong start and promising foundations for continued success.
Women’s Football
Our Women’s team made history this season with their UEFA Women’s Champions League debut in 2024/25—an important and long‑awaited milestone for the Club. The European challenge was tough, and results in continental competition were not what we ultimately wanted, but the experience gained will be invaluable as the team develops. Domestically, the rigours of competing on multiple fronts clearly had an impact, and the team finished fourth in the league. I would like to thank Elena (head of Women’s football) and her staff for their dedication. The team looks forward to the coming season with enthusiasm and optimism.
Transfers, Departures & Squad Development
During the 2025 summer window, in line with our strategy of refreshing and strengthening our squad, we signed 11 players. Permanent signings included Shin Yamada, Ross Doohan, Benjamin Nygren, Kieran Tierney, Callum Osmand, Hayato Inamura, Michel‑Ange Balikwisha, Sebastian Tounekti, and Kelechi Iheanacho. We also brought in Jahmai Simpson‑Pusey and Marcelo Saracchi on temporary (loan) deals.
We recognise and share the frustration and disappointment of our supporters about the timing of some incoming acquisitions. In a fast‑moving market, delays sometimes occur, but we will continue to look at how we can improve our operations, agility and foresight to mitigate such issues.
On the departures front, registrations of Gustaf Lagerbielke, Nicolas Kühn, Adam Idah, Mitchel Frame, Marco Tilio and Hyeok‑kyu Kwon were permanently transferred to other clubs. Scott Bain, Greg Taylor and Daniel Cummings left at the end of their contracts. Additionally, Maik Nawrocki, Adam Montgomery, Stephen Welsh and Luis Palma departed on loan. We thank all these players for their contributions to Celtic and wish them every success in their future careers.
Looking Forward: Strategy, Challenges & Legacy
As we move ahead, the Board and Executive team will continue to represent and project the Club at the highest levels—both in Scottish domestic competition and in Europe. The landscape of European football is increasingly challenging, especially given the financial disparity that now exists across many leagues, with greater resources, different television deals, sponsorships, and commercial opportunities. It is therefore vital for Celtic, and for Scottish football more broadly, that the interests of our domestic game are well represented and defended. Only by doing so can we maintain our position, grow, and take advantage of the continuing global expansion of the sport.
This has been a year of high investment—not simply in players and wages but also across our infrastructure. These investments are essential to support future generations, build competitive sustainability, and ensure the Club continues to thrive. We remain fully committed to a model that supports performance, sustainability and legacy in equal measure.
Remembrance & Gratitude
This year also brought sadness with the passing of several of our greats: Lisbon Lions John Clark and John Fallon, and our former Chairman Jack McGinn. Their contributions to Celtic—and to Scottish football more broadly—were immense. Their names and legacies live on in everything the Club is and strives to be.
Finally, I want to express my deepest gratitude:
- To our supporters—for your unwavering loyalty, your voices, your passion each matchday, in every competition. You are the lifeblood of Celtic.
- To our employees, coaches, administrative staff, medical teams, ground staff, academy, commercial teams and everyone working behind the scenes—your dedication makes all this possible.
- To our partners, sponsors and stakeholders—your support helps underpin our ambitions and provides essential resources, whether that be through commercial, operational or infrastructural contributions.
As we stand now, the foundations are strong. The club enters the next season with confidence, ambition and purpose. While we celebrate what has been achieved, we are acutely aware of what lies ahead—challenges in Europe, the diversifying demands of the modern game, supporters’ expectations, and the need always to sustain and improve.
We will strive to ensure that Celtic remains not only a successful football club in terms of trophies, but a club of enduring strength, resilience, and integrity. Thank you all for being part of this journey.
Peter T. Lawwell
Chairman
19 September 2025