Celtic AGM: Financial gap 'getting bigger', Green Brigade concerns 'escalated', who brings in the players?

Key points from the Celtic’s annual general meeting with shareholders on Wednesday

From left - Celtic manager Brendan Rodgers, chief executive Michael Nicholson and non-executive chairman Peter Lawwell (R) at the Celtic AGM. (Photo by Craig Williamson / SNS Group)

Peter Lawwell admitted Celtic are struggling to compete with the financial might of Europe's top clubs as he addressed shareholders at Wednesday’s annual general meeting.

Lawwell, who returned as chairman at the beginning of the year – after previously being chief executive – insisted the Parkhed club are in a healthy financial situation, having recently announced record annual profits of more than £40million.

Celtic had £72.3m in the bank “net of bank borrowings” on June 30 this year, group revenue was up by more than a third to £120m and the club reported a gain in the transfer market of £14.4m.

However, amidst general domestic dominance, he also recognised the on-going difficulties Celtic have in Europe. The Hoops sit bottom of their Champions League section with one point from four fixtures including a 6-0 thrashing away to Atletico Madrid, leaving Celtic looking for their first group-stage win since 2017.

Lawwell said: “From a financial perspective it was an exceptional year. A record turnover of £120million, record profit before tax of £41million, a very strong balance sheet and big cash reserves so we have been very satisfied. The fundamentals are very strong. In Europe, it is getting tougher and tougher. There is a financial gap between ourselves and the major European clubs which is getting bigger. But we don’t give up. We competed well at home against Atletico and Lazio. We just have to be more consistent.”

Manager Brendan Rodgers – in his second spell in the Parkhead hot seat – spoke of the challenges he will face in keeping his best players at the club, with reports of serious interest in Matt O'Riley from the English Premier League. “If a player is offered six times more money to go and play elsewhere in a more competitive league or one of the big leagues then that is a challenge for a club like ourselves to keep hold of that player,” he said. “That is something I struggled with in my first time here but experience and perspective helps me in understanding the climate and challenges a club like Celtic has at the top level. But we have to find a way.”

Rodgers denied he has players foisted upon him as he backs his recruitment team which is headed by Peter Lawwell’s son, Mark Lawwell. He said: “I just want to categorically say none of the players who came in have been pushed on to me. The players have been identified by a fantastic recruitment team. The recruitment team is one of the reasons I came back. I can only vouch for the quality and depth of knowledge that Mark and his team have. We have a profile for each position. They will go out and find that player. I will then decide who comes in – or else it doesn’t work.”

The club's ongoing fued with the Green Brigade was also on the agenda. Celtic have been at loggerheads with the fans’ group recently, following a string of disputes and flashpoints and the Green Brigade remain suspended from Celtic Park and are not receiving tickets for away matches.

Chief executive Michael Nicholson said: “We all want Celtic Park full of Celtic fans supporting the team and (manager) Brendan (Rodgers). That has to be done in a safe way. We have had some concerns about safety in that particular section of the stadium and with that particular group for some time and this season those concerns have escalated. It was not a decision taken lightly but a decision taken for safety.”