Let's talk about money (Johnny Steen)

Much has been said about the gulf in class between Celtic and Arsenal in the Champions League qualifier last month. That Celtic were second best is undoubtedly true. However, we need to put the whole thing into perspective. The main difference between the top of the English Premier League and the SPL is evident in their clubs spending and debt. Arsenal are £460m in debt. This astronomical sum is not the worst in England: Chelsea are £701m and Manchester United £699m in debt. Celtic run their club prudently, to borrow a phrase from the Prime Minister, who was Chancellor for 10 years. Peter Lawwell, the director responsible for the club’s wealth, has managed to reduce Celtic’s debt to an almost laughable £1.5m and he insists that this is the way forward at the club. Never again will Celtic spend £42,000 per week on the likes of Thomas Gravesen. Bobo Balde was the last Celtic player to earn the enormous sums of the early part of the decade and he was secured in 2005 for £28,000 per week.
Had Celtic begged Dermot Desmond to spend £100m on new players in time for the Arsenal matches, then there is a chance that Celtic might just have emerged as winners. But at what cost? It would be financially ruinous for Celtic. To service that kind of debt, Celtic would probably pay between £8m and £10m per season. Rangers stand to collect around £15m from participating in the Champions League. Had Celtic joined them in Europe’s premier competition, they along with Rangers would have seen that figure go down to £12.5m. (Celtic have actually done quite well out of being involved in the qualifiers. The revenue for the Dinamo Moscow game was £1.3m and the Arsenal tie brought in £1.7m before costs such as stewarding, catering and the police.) In other words, getting into debt would only have eaten away at any financial reward gained by playing in the CL.
And so both Glasgow giants enter the European arena with only loan deals. Celtic have secured Zheng Zie who is a versatile midfielder or forward and in January he will be joined by Ki Sung-Yung from South Korea. Ki’s team are in the later stages of the Asian equivalent of the Champions League and they wanted him to remain at home until their involvement ended. Rangers have signed Frenchman Jerome Rothen from Paris St Germain on loan. The 31-year-old, who has 13 caps for France, said that he preferred to come to Scotland for one year rather than Schalke in the Bundesliga or Blackburn Rovers in the EPL. This is a significant comment and one we have heard from players in the past. If Celtic and Rangers were free to join the EPL, more and more quality players would come north to Scotland. Old Firm players in the past have grown to love it here. Hateley and Butcher have gone on to make careers in Scotland. Larsson did not want to leave because of the quality of life that his family had. Moreover, Rothen feels that the SPL and at least six matches in the CL will help him get in to the France squad for South Africa next year.