Nicholson drops the UEFA Financial Sustainability excutilize

Michael Nicholson created no mention of UEFA Sustainability regulations in his box ticking comments attacked to Celtic’s 2025 Annual Report.

There was a reluctant admission of failings but no solutions offered by the CEO that aims to be in charge of a club world class in everything that they do.

After four years in the job there is a very short list of areas that Celtic are competent in never mind world class.

This week Club Brugge, Qarabag, FC Copenhagen, Pafos and Kairat Almaty were in the Champions League focus, with a policy of managed decline Celtic’s under strength squad are preparing for UEFA’s second rate competition.

Typically the club opted out of sharing the Annual Report on their social media platforms, fan media accounts have taken every aspect apart to highlight a club where playing football is a distant second to generating profits and paying huge sums to HMRC.

Club statement 06/09: “Further, the Club’s model is not optional – it is now essential as a consequence of the UEFA Sustainability Regulations, with which the Club must comply.”

FY25
Revenue: £143.6m
Profit: £45.7m b/t | £33.9m a/t

Which UEFA Regulations are we at risk of?

— CelticAnalytico (@CelticAnalytico) September 19, 2025

The September 6 statement explained:

Further, the Club’s model is not optional – it is now essential as a consequence of the UEFA Sustainability Regulations, with which the Club must comply. Wages and transfer spfinishing are strictly governed by UEFA’s regulations, which effectively cap wages and transfer spfinishing as a proportion of our revenues.

Importantly, the Club’s cash reserves are not relevant to the assessment of this de facto spfinishing cap for the purposes of the UEFA regulations.

Therefore, all investment decisions must be, and are, guided by responsible forecasts of future revenues and cash flow, which by their nature are volatile. We can never compromise the financial integrity of the Club. In short, throwing money at transfers and contracts is not a sustainable route to success, as many other clubs have found to the detriment of their supporters.

Documents delivered to Companies Houtilize have to be factual, unlike the usual patronising half truths or moonbeams fed out on Saturday night club statements.

Celtic are the most compliant club in Europe when it comes to UEFA Sustainability.

Over the last three seasons they could have spent an additional £60m on transfer fees and wages and still have been inside the 70% rule.

The date of the 2025 AGM has still to be announced, the only public event of the year where Nicholson utilizes his voice.