Let’s have a look at the Celtic’s Chief Executive Michael Nicholson’s review which formed part of the Celtic PLC’s latest accounts that were released via the official Celtic FC website last night after being sent to the Stock Exchange…

We’ve highlighted the main talking points from this rare communication from a CEO who prefers life in the shadows rather than being a leader who leads from the front. FYI, photos added by Celtic Shorts, not the club.

Let’s hear your thoughts via the comments section below on this review from Michael Nicholson, particularly on the text we have highlighted….

CHIEF EXECUTIVE’S REVIEW

We were delighted to end season 2025/26 on a high, winning the Scottish Premiership on the final day of the season and adding the Scottish Cup and Women’s Scottish Cup in the weeks following, but last season was a challenging one for the Club, both on and off the pitch.

Following a period of stability, which has borne fruit in terms of success and growth over recent years, we experienced turmoil which affected the Club’s performance. We will address and learn from the challenges faced and mistakes made.

The final weeks of the Premiership season; the final match at Celtic Park; the Scottish Cup final; these will live long in the memory for Celtic fans, whose support was a decisive factor. I thank Callum McGregor and all of the players and staff for their hard work and determination throughout the season that made the success possible. As the Chairman has noted, the environment was unstable, following Brendan Rodgers’ resignation and our decision to move on from Wilfried Nancy. We owe a debt of gratitude to Martin O’Neill and his management team, who stepped up for Celtic, twice, and who guided the team to success.

We were therefore delighted that Martin agreed to lead the Club again this season and we have worked with Martin and his team over the summer transfer window to invest in the squad. Having started well in the Premiership this season, we experienced disappointment in the UEFA Champions League play-off. Reaching the league phase of the Champions League is an objective for us all, and we are sorry not to have achieved it. On top of that, the losses in the last week have been painful for us all. We will now come together and support Martin and the players, as we focus our efforts on achieving success domestically and in the Europa League.

Last season also brought change for Celtic FC Women. After a successful period in charge, during which we won our first SWPL title, Elena Sadiku moved on with our best wishes as we appointed Grant Scott as manager in January 2026. I congratulate Grant and Stewart McGuire, our Women’s Team Operations Manager, our captain Kelly Clark and all of the players and staff on our Scottish Cup victory. We are ambitious not only for the development of Celtic FC Women this season, but also for the women’s game as a whole in Scotland.

Alongside football success for the first teams, we remain committed to our strategic objective of creating Champions League players, in our men’s and women’s programmes. During the year we have continued to invest in the development of our training facilities at Barrowfield and Lennoxtown, as well as evolving and improving our recruitment and technical functions, which develop the talent in our boys and girls academies as well as players recruited from Scotland and beyond. We will also continue to work with the Scottish and European football authorities to develop opportunities for growth in youth development and innovation in competition that will allow our talented players to maximise their potential.

Despite the challenges experienced during the season, thanks to the dedication and assistance of our supporters, colleagues and partners we continued to make progress off the pitch. We appreciate the support of adidas, JD Sports, Dafabet and all of our partners as we look to grow our Club. As we saw at the end of the season, we are at our strongest together. Following our comprehensive supporter survey, and through listening to supporter feedback through the season, we have made progress with our supporter engagement and digital strategies. We are investing in our approach to supporter engagement with additional resource and new and refreshed structures (including our supporter engagement group, Celtic Connect) along with making improvements in matchday experience. On the digital front we have launched our Club App and Celtic Player and are progressing our plans on membership. We trust that these investments together with additional communication resource will hopefully continue to bring us together and unite us behind our teams.

The work of Celtic FC Foundation is the heartbeat of the Club. Celtic FC Foundation honours the founding ethos of Brother Walfrid as it works to create opportunities for society’s most marginalised and vulnerable groups. I would like to express my thanks to all who support and contribute to Celtic FC Foundation, without which it would not be possible to deliver such valuable work.

During the year, there were also changes on the Board of the Club. I echo our Chairman’s thanks and appreciation to Peter Lawwell and Tom Allison, whose contributions to the Club have been immense. I also note my gratitude to Brian Wilson, for stepping into the role of Interim Chairman and for helping bring unity and progress at a difficult time. I join with Brian and my colleagues on the Board to welcome Mark Keane, who was appointed on 17 September, and Raymond Buchanan, whose appointment will take effect following the conclusion of his current role, as we work to take the Club forward.

This season, we will commemorate the 60th anniversary of the Club’s proudest moment, and celebrate the Lisbon Lions, their legacy and our supporters’ role in that journey. The success of the Lisbon Lions continues to inspire us all. As we look forward together, I thank my colleagues for their hard work, dedication and skill, and on behalf of everyone at the Club I thank our supporters for everything they do for our Club. We all want the best for Celtic.

Michael Nicholson, Chief Executive

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