The Celtic Trust have called out Peter Lawwell for "gaslighting" supporters.
A post on the Celtic Trust website - written by vice-chair Jeanette Findlay - accused the Parkhead chief of showing "contempt for fans".
Ms Findlay's statement also branded the Celtic board as "out of touch" regarding the source of revenues at the club.
It's then claimed Lawwell's lengthy statement "does nothing to address these sensible and reasonable objectives" set out by Celtic supporters who took action against club chiefs with an open letter and vote of no confidence.
The Celtic Trust post read: "The Chairerson’s (Peter Lawwell’s ) gaslighting of fans in relation to Celtic’s 24/25 financial accounts indicates the level of contempt for fans and how out of touch the board and current custodians are with the source of their revenues.
"It is important that the custodians of Celtic Football Club (including Desmond, the executives and the non-Executives on the Board of Directors) understand that Celtic fans have more than the single objective of maximising short-term profits.
"The chairperson’s statement provides a very narrow perspective on the justification for hoarding cash given that the first team ‘fire power’ up front has been severely diminished over the past year or so. The selling of O’Reilly, Kyogo, Kuhn and Idah without timely ‘quality’ replacement saw Celtic fail to qualify for UCL with a loss of £30m to £40m in revenue for this coming year. This impacts on the European football coefficient and that makes it much more difficult for Celtic (assuming we win the domestic league) to qualify for UCL this season due to the increased number of qualification games; hence, will reduce our revenues in future years.
"The fans want to maximize several objectives including the quality of the football team, fan engagement and long-term financial stability. All the above need well thought out short, medium, long term commercial and football strategies supported by up-to-date structures and process, e.g. a Director of Football and a football committee that feeds back to the Board. The Celtic fans objectives include Celtic having the highest possible quality football team not just for domestic dominance but also for progression within European football competitions, an independent fan advisory board that provides effective stakeholder formal feedback and stadium redevelopment with increased capacity that will enhance both fan experience and revenues.
"The Chairman’s statement does nothing to address these sensible and reasonable objectives or any information on how they plan to achieve them.
"Meanwhile, we appear to be employing, at great cost, a lawyer who cannot negotiate deals and an accountant who cannot save us tax. What do we pay them a bonus for?"
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Peter Lawwell's statement in full
I am pleased to report on another successful year for Celtic Football Club (“the Club”) both on and off the pitch. The year ended 30 June 2025 saw the Club continue our domestic success coupled with a memorable European campaign and the delivery of a strong set of financial results. I congratulate Brendan, his backroom team and all our players for a memorable season.
Revenue increased to £143.6m (2024: £124.6m), with the increase driven by a significant uplift in matchday income and UEFA rights distributions following a successful Champions League campaign. This reflected the expanded Champions League format which now guarantees eight matches over the previous six and the fact we reached the play-off round. Profit after tax increased to £33.9m (2024: £13.4m), driven by the strong revenue growth and substantial gains from player trading of £31.5m (2024: £6.6m). These gains were largely reinvested into the playing squad, aligned to the Club’s commitment to sustained on-field success.
Despite these strong earnings, year-end cash remained broadly flat at £77.3m (2024: £77.2m). During the year we invested heavily in the first team, both by way of player transfers and wages along with infrastructure across our estate. First team labour costs were the highest levels in the history of the Club. In total and including committed agent fees, £42.6m was invested in player acquisitions during the year, more than doubling the prior year spend, marking the highest single-season investment in the Club’s history including twice breaking the Club transfer record. As a result, the carrying value of the squad is the highest it has been in the history of the Club. Over the past three years to 30 June 2025, total investment in player registrations including committed agent fees has totalled £77.5m.
The Board shares the ambition of our supporters to see the strongest possible team on the pitch and will continue to balance short-term performance with long-term financial stability, and we must factor in the long-term implications of all decisions made today. This strategy is vital to Celtic and has been pivotal to our success over the last 20 years.
On the pitch, the Club secured its 55th league title, winning the Scottish Premiership for the fourth consecutive season. We also lifted the Premier Sports Cup by defeating Rangers and reached the Scottish Cup Final, narrowly missing out on a domestic treble after losing out on penalties to Aberdeen. In Europe, we embraced the new Champions League format, playing eight group stage matches, earning 12 points and finishing 21st out of 36. This led to a high-profile play-off tie against Bayern Munich, where we exited the competition by a single goal following an aggregate 3-2 defeat. The campaign was a source of pride for the Club and our supporters. Our current domestic season has started strongly and at the time of writing we currently sit top of the Scottish Premiership and have reached the quarter-final of the Premier Sports Cup.
Our Women’s team made their debut in the UEFA Women’s Champions League in season 2024/25, an historic milestone for the Club. While the European challenge proved difficult, the experience gained will serve the team well as they look to build on their progress in the seasons ahead. The physical demands of European football undoubtedly had an adverse effect on domestic performance where we finished fourth in the league. Elena and the team look forward to the new season with enthusiasm and optimism.
During the 2025 summer transfer window, the Club undertook a number of changes to the Men’s first team squad as part of our ongoing strategy to refresh and strengthen the playing group by signing 11 players. We have acquired the registrations of Shin Yamada, Ross Doohan, Benjamin Nygren, Kieran Tierney, Callum Osmand, Hayato Inamura, Michel-Ange Balikwisha, Sebastian Tounekti and Kelechi Iheanacho along with the temporary transfers of Jahmai Simpson-Pusey and Marcelo Saracchi.
We recognise and share the frustration and disappointment of our supporters with respect to the timing of some of the incoming acquisitions. We will always look to improve how we operate and overcome challenges where possible.
The registrations of Gustaf Lagerbielke, Nicolas Kühn, Adam Idah, Mitchel Frame, Marco Tilio and Hyeok-kyu Kwon were permanently transferred to other clubs with Scott Bain, Greg Taylor and Daniel Cummings leaving at the end of their contracts. In addition, Maik Nawrocki, Adam Montgomery, Stephen Welsh and Luis Palma departed on loan. As always, we thank those players for their contributions to Celtic and wish them every success for the coming season at their new clubs.
Looking forward, myself and the Executive team will continue to represent our Club at the highest level of domestic and European football. Given the financial disparity that now exists across European Leagues it is vital that the interests of Scottish Football are represented to ensure that we are not only able to maintain our position but also to grow and take advantage of the continued global expansion of football.
This year also brought real sadness with the passing of Lisbon Lions John Clark and John Fallon, and our former Chairman Jack McGinn. Their contributions to Celtic and Scottish Football were immense, and we will continue to honour their legacy.
My sincere gratitude and thanks go to the Club’s supporters who season after season give their unwavering support. Thanks must also go to our hardworking and dedicated employees whose contribution is vital to the success we have enjoyed in recent years. Peter T Lawwell, Chairman
