Celtic have released a new announcement that details some financial changes for players and employees amid the shutdown caused by COVID-19.
The novel coronavirus has out the Scottish Premiership LEague on hold, and as such many clubs have been put in financial dire straits. Celtic, however, have been sitting in a relatively good position economically.
Celtic has always been responsible with their money, and have made shrewd business moves that allows them to not just stay afloat, but thrive. Those same decisions is what also allows the club to continually be the best club in the league.
However, Celtic has begun to make some cut backs financially in order to ensure their economic survival. Players, coaches and executives have all agreed to take a reduction in salaries. This also represents having solidarity with the rest of the league and country.
Despite salary reductions and furloughs of employees, Celtic has promised to make up the difference between the Coronavirus Job Retention Scheme’s £2,500 per month and what their total salary was.
Celtic chief executive Peter Lawwell gave a little bit more insight when he released his statement regarding the economics of the situation:
"“I would like to pay tribute to Neil and the players for their desire to play their part and the outcomes achieved.“I am also grateful to my own executive team for the commitment they have devoted to this outcome in very difficult working circumstances and also their own willingness to play a part in the measures adopted.“I am extremely appreciative of the willingness of everyone concerned, to recognise the practical difficulties which this awful crisis has created.“Celtic are in a strong financial position but we are not immune to this unique set of circumstances.”"
As with anything, the Hoops and their players, coaches and staff are leading the way during these tough times. Times are tough, but at least Celtic is remaining true to their colours. Hopefully a resolution to the season will be realized and clubs can be paid their end of season revenues. Until then, more and more cuts will be likely for clubs.
As always, stay safe, and stay healthy.