The Celtic Paradox
A strategic review of Celtic PLC
Celtic Football Club is, on every measure that does not involve broadcast money, one of the largest football clubs in world football. It is also one of the lowest-earning clubs at its level of recognition, because it competes in one of the smallest broadcast markets in European football.
The gap between what the brand is worth and what the business is allowed to earn is the Paradox.
Celtic Supporters Limited publishes this paper as a shareholder case for a better-governed and more accountable Celtic plc board, built on Celtic plc's own audited accounts for the five years to 30 June 2025 and on public regulatory records.
A 65-page research paper that traces every figure to Celtic plc's audited accounts, to the published accounts of European peer clubs, and to public regulatory records. It is shareholder analysis, not regime change, not a takeover bid, and not investment advice.
A global brand on a parochial income base, where the commercial gaps inside the broadcast cap are board choices, where the governance design enables those choices, and where an organised fan-shareholder body with the audited numbers can hold the board to a measurable accountability framework.
None of the framework requires regulatory change. None of it requires money. All of it is within the board's gift today.
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Celtic Supporters Limited (company number SC862186) is a company limited by guarantee registered in Scotland. CSL holds Celtic plc shares for its own account, as principal, not as agent for any member or third party, and continues to acquire them. This paper and the underlying analysis are shareholder analysis based on public information and on Celtic plc's audited accounts. They are not investment advice and are not an inducement to buy, sell or hold any security. CSL is not authorised or regulated by the Financial Conduct Authority.