Between player sales and the Brendan Rodgers effect, Celtic have made a pre-tax profit off 500k year ending 30 June 2016.
This was up on the £3.9m loss last year as a result of failing to reach the Champions League for a second time and overall poor performance.
Virgil Van Dijk to Southampton for £11.5 million was pivotal in helping Celtic balance the books. The club also had to pay around £715,000 to part company with Ronny Deila and other staff members before bringing Brendan Rodgers in this summer.
The Celtic chairman spoke candidly after Celtic’s accounts were published
Bankier said: “These results, which show a profit before taxation of £0.5m compared to loss before tax of £3.9m last year, in comparable trading conditions, reflect in large part the increased contribution during the year from the sale of player registrations.
: “For a club like Celtic, operating in a market where television values have fallen significantly behind our neighbours across Europe, qualification for the group stages of the UEFA Champions League is of paramount importance.
“The financial rewards allow for investment in the playing squad and physical assets, but moreover, the prestige of participating in the premier club competition in the world reinforces the reach and importance of the club to so many people around the world.”
The board are often criticised for selling players and not bringing in big money signings but the accounts show that it’s absolutely vital that they continue to create players to sell on for a healthy profit, especially in years where there is no Champions League windfall.
Celtic may not be able to compete as well as we would like in the next five games of Europe’s elite competition but the money will prove vital for the long term infrastructure of the club and hopefully make it easier to continue to get there and become competitive as the years go on.
Overall, Celtic are in a good place.