Peter Lawwell’s comments in the Celtic plc 2025 annual review have prompted fresh anger among supporters, coming after an AGM that collapsed amid frustration, walkouts and unanswered questions.
Lawwell’s upbeat assessment arrives in stark contrast to the experiences of supporters who watched the club fail to strengthen during the crucial early weeks of the transfer window. The lack of recruitment left Rodgers tackling Europe with a short-handed squad, and the consequence was plain: elimination to Kairat Almaty in a tie Celtic never managed to score in. That defeat came before the late flurry of signings — business completed only after the damage was done.
The annual review also comes after the high-profile sales of key players, departures that weakened the side far quicker than reinforcements replaced them. The imbalance between outgoing fees and incoming quality became one of the central issues for Rodgers, who publicly hinted at his dissatisfaction before ultimately walking away. The fallout from that resignation, and the statements that followed, sharpened scrutiny around the club’s leadership and strategy.
Against that backdrop, Lawwell’s suggestion that the club enjoyed a strong year understandably jarred with many supporters. His words offered a positive framing of achievements but avoided the summer missteps that shaped the current climate. For a fanbase still looking for answers, the tone of the review will only heighten concerns over whether lessons have been learned.
He said: (Celtic plc AGM 2025 annual review), “I think on the whole it was a very good year for the club, both on and off the park. On the pitch we were 15 minutes away from another treble.
“We probably had our best year in Europe for many seasons, including a real test against Bayern Munich in the play-offs. All in all, we were happy.
“It was a great achievement for the management and the players. Off the pitch, we delivered record financial results.
“Our revenue was up almost 15%, and profits of around £34 million were also a record, alongside a record spend in the transfer market. Our cash balance remained the same, reflecting the investment in player trading and CapEx projects, mainly Barrowfield.”
The contrast between that assessment and the frustrations of the past year is impossible to miss. Supporters watched the club approach its most important European qualifiers without adequate reinforcement. Several signing targets slipped away, and those who eventually arrived did so when the Champions League was already gone. The delay was costly both financially and reputationally, and the Kairat defeat added pressure that shaped every moment that followed.
Player sales only added to the frustration. Key figures left for significant fees, but the replacements struggled to match their impact. Rodgers’ departure weeks later highlighted how far the club had drifted from the standards he expected. His exit, followed by statements from Dermot Desmond, revealed a breakdown in trust at the heart of the football operation.
In that light, Lawwell’s focus on revenue, profit and balance sheets will seem detached from the football issues that defined the year. Supporters are not disputing the club’s financial strength — they are questioning why that strength was not leveraged when it mattered most. The review’s positive tone feels out of step with the setbacks that have shaped the season.
As Celtic move forward, words alone will not steady the situation. The gap between the board’s interpretation of the year and the supporters’ experience has rarely felt wider. With a new manager to appoint and a squad needing serious attention, the months ahead will demand more than polished financial statements. The success of the coming season depends on whether the club recognises the reality of its recent failures rather than reframing them as successes.
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