Some fans are perplexed by the declaration that Celtic Football Club issued to the London Stock Exchange regarding their updated financial forecast. However, this notification is required by law and isn’t something the club is doing voluntarily.
Due to its public listing, Celtic is governed by the Market Abuse Regulation, which is still a part of UK law. Under this legislation, Celtic is required to disclose any information that could influence investor decisions or the value of the company’s shares, whether it be significant or price-sensitive. Ensuring market fairness and transparency while giving all shareholders equal access to significant developments is the goal.
The financial projections in the announcement are especially important because they have the potential to affect the club’s stock price. Celtic is upholding market integrity and honouring its legal obligation to shareholders by making this announcement. The club’s activities depend on this disclosure as not doing so could have major legal repercussions.
Despite this, some supporters are annoyed with the statement’s timing, particularly in light of Celtic’s cautious approach to the transfer market. The transfer window is still open for just under four weeks, and supporters are hoping to add players to bolster the team in preparation for the Champions League. As of right now, Celtic has added Kasper Schmeichel, Viljami Sinisalo as a backup custodian, and Bernardo, who was on loan from the previous season, back. Still, the roster is essentially the same, and recruitment has been viewed as mediocre at best.
Michael Nicholson, the CEO of Celtic, has come under fire for what many see to be a careless handling of the transfer window. This follows the generally viewed as inadequate recruitment push from last summer. Supporters are wondering why the team has been spending so sparingly, especially considering the enormous cash reserves that are on hand. The financial boost from competing in the Champions League increases the pressure on the team to make big roster additions.
Although the fans’ outrage is understandable, Celtic’s resolve to abide by the law is an essential step in upholding good governance..
As part of the club’s larger obligation to its shareholders, the financial forecast submitted to the London Stock Exchange makes sure that everyone is aware of noteworthy changes.
