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 today 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.
What this is. 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. It names directors and characterises board choices because the case requires it, and does so as honest opinion on a matter of public interest, supported by fact.
What it argues, in one line. 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.
How to read this page.
The executive summary reads in ten minutes and gives the full case. The full paper is for those who want the chapter-by-chapter evidence. The Celtic versus Rangers benchmark briefing is for those who want the head-to-head numbers. The cost-of-inaction model is the financial workings.
The Celtic Paradox – Strategic Review
Strategic review of Celtic PLC
(pdf format)
The Celtic Paradox – Summary
An executive summary of the full document. (pdf format)
The Celtic Paradox – Cost of Inaction
Why we need to act
(Excel format)
Celtic v Rangers Benchmark
What’s the difference
(pdf format)
CSL is a vehicle for shareholders, season ticket holders and supporters of Celtic Football Club to unite around and to articulate a collective view to the Board of directors of Celtic plc on matters of importance concerning our football club. We are a professional organisation (see Our Team) with high standards of governance. We seek to influence the future direction of our club and to protect the interests of all stakeholders. We aim to ensure our collective voice is heard. We are not a protest movement.
CSL is a company limited by guarantee and registered in Scotland. It does not have shareholders. It’s directors will be elected by its members in general meeting. All members have one vote each. All members are equal.
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 release and the underlying paper 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.