So, the latest Ibrox investment fantasy has emerged today, with the whiskey magnate being touted as the latest saviour on a white charger. Earlier, I discussed the investment coming into Hearts and the potential investment at Dundee United. I stated that the reason these investors won’t touch Ibrox is due to three main factors.
First, there’s the unrealistic level of expectation among Ibrox fans regarding what investment would actually entail.
Second, these investors are well aware that genuine investment only works if it involves aspects likely to generate profits, such as developing and selling players found through analytics and good scouting.
Third, everyone understands UEFA’s financial sustainability regulations and knows that spending large sums on players without corresponding earnings is wholly unfeasible.
Despite this, the fantasy persists. Today, the Daily Record is awash with euphoria over the prospect of new money coming into Ibrox. However, it’s crucial to remember that this money hasn’t actually materialised, and the individual linked to this investment has yet to confirm any intent. In fact, his comments suggest a degree of uncertainty.
He doesn’t want to be the principal investor; he seeks minimal investment while retaining a say in how the club is run. Essentially, this means he wants control over how his investment is spent. By ruling out being the principal investor, he signals that he won’t fund cash shortfalls or unrealistic fantasies. Instead, any money he puts in must be safeguarded for specific purposes.
Even then, his actual intentions are only vaguely expressed and may not materialise anytime soon. Yet the Record is getting overly excited about this prospect, even though I see little chance it will lead to any significant change.
While the media propagates these fantasy scenarios, real news is unfolding at Celtic Park. We’re on the verge of announcing a brand-new deal with Adidas, which will surpass our current agreement. We’re being elevated into their top tier of merchandising. That’s real money—guaranteed cash that will further widen the gap between us and the club across town.
Additionally, reports indicate our Champions League income is currently guaranteed at around £33 million. This figure is virtually sitting in the accounts already, resulting from our Champions League qualification. Unless I’m mistaken, this does not account for the revenue we will generate from gate receipts, ticket sales, and other associated income.
In contrast, the corresponding figure for the Ibrox club’s Europa League campaign stands at £11 million. This creates a £22 million differential based solely on UEFA cash allocations. This is just one revenue stream; we generate £22 million more in this area alone. And this is before we even consider player sales, the extra 10,000 season tickets, or the superior merchandising deal and a multimedia setup that continues to generate additional monies.
While they deal in fantasy, we remain grounded in reality, the reality of the cash we actually have available for immediate spending, as opposed to whatever some future magic money tree might provide. Remember, even if their so-called investment materialises, that money cannot be spent on players or salaries. Let me explain why this is crucial for both clubs and what the rules actually dictate regarding spending.
Last season, UEFA’s financial sustainability regulations allowed clubs to spend 90% of their revenues on wages, transfer fees, and agent fees. When I mention wages, I mean football wages, not those of non-football staff. Celtic wasn’t approaching that limit, while across the city, they were running very close to it.
This season, that percentage has dropped by 10% to 80%, and it will drop another 10% to 70% next season. If you’re wondering why the Ibrox club spent so much time this summer attempting to offload players, limit transfer spending, and slash their costs, this is the reason—a 10% drop in what they are allowed to spend relative to their income.
A club like Celtic, which posts profits annually, has the latitude to spend money and approach that cap. Conversely, a club making losses each year is already exceeding what it should be spending. The squad cost rule leaves no room for flexibility. This regulation is written in stone and must be justified through detailed financial summaries and accounts to satisfy UEFA licensing.
Now, let’s focus on the figures from 2022 to 2023, available in both clubs’ published accounts. These reveal just how close—or far—each side is from the proposed 70% cap.
In 2022–2023, Celtic’s salaries were between 50% and 55% of revenues. Modest transfer spending meant we comfortably adhered to financial sustainability regulations. In contrast, the Ibrox club was hovering between the 70% and 75% mark, which, as of next season, would put them in breach. When transfer fees are taken into account, they even have been close to this year’s 80% threshold.
Celtic’s turnover in 2022–2023 was £119.9 million, and with a wage bill of £52 million, we comfortably aligned with UEFA’s spending regulations. As a result, we remain well within safe limits. In contrast, the Ibrox club’s revenue was around £83 million, significantly lower than Celtic’s, and their wage costs ranged from £55 to £60 million—putting them in breach of the 70% threshold which will be the norm from next season on.
The critical point is that our financial advantages enable us to spend more. Our spending could easily exceed theirs by £25 to £30 million without breaching the cap. This underscores the impossible position they find themselves in.
That’s why the crucial story about money in the newspapers today is that £22 million disparity between our European earnings and theirs. This is why that figure is so significant.
Any talk of investors coming in across the city is irrelevant unless that club can substantially increase its earnings—by around 40%.
In the meantime, we will comfortably be able to spend more because we earn more.
This isn’t about some billionaire arriving with a bag full of cash and tossing it down the marble staircase. That scenario won’t change anything unless that money represents earnings, commercial deals, UEFA prize money, gate receipts, or other income justifiable under UEFA regulations.
They can’t spend it—not on players, not on salaries.
It’s not usable in any way that might breach the squad cost cap and this isn’t up for negotiation; it’s an ironclad rule—written in stone, inflexible, and unbreakable—except with severe consequences attached.
What are those penalties? They operate on a sliding scale and rise in severity as clubs continue to violate regulations.
For a first offence, based on the severity of the breach, a club would likely face a fine. Such a fine would be a significant sanction, designed to prevent further breaches.
For a second offence, UEFA would take a harsher stance and start withholding European prize money. This would seriously damage the club’s balance sheet and impact its ability to meet the UEFA squad cost cap. In the most severe cases, UEFA could withhold all prize money, which would be devastating for a club like the one at Ibrox, given their current situation.
Breaches on top of these sanctions would lead to UEFA imposing a transfer embargo and limiting squad sizes for European competitions. The situation worsens the deeper clubs dig themselves into these problems.
And you haven’t heard the worst of it yet.
What comes next are points deductions and performance sanctions. If you think that sounds bad in European terms, that’s just scratching the surface, as UEFA can impose those sanctions on domestic competitions as well as European ones.
The ultimate sanction is disqualification from European club competitions for a number of seasons, determined based on the severity of the breaches and the clubs’ attempts at compliance.
I know reality is a strange concept for the club across the city, but this is the reality: it’s all in the hard numbers, in the accounts, in the facts and figures.
It cannot be denied, only ignored.
Their disregard for this is perilous, as these factors will determine not only their future but ours too. This will dictate the next five to ten years of dominance in Scottish football. Hence, all this talk of investment is a waste of oxygen and energy because it won’t alter any of the fundamentals upon which this matter will be decided.
They simply cannot spend money they did not earn. Sugar-daddy spending is over with. When they finally wake up to that fact they will finally start coming to terms with the position they find themselves in; they are going to be in our shadow for years.