# Celtic chief backs O'Neill despite painful week

> Martin O'Neill keeps his job after three losses in seven days, but Celtic's financial struggles reveal deeper problems.
- Title: Celtic chief backs O'Neill despite painful week · Sky Sports
- Summary: Martin O'Neill keeps his job after three losses in seven days, but Celtic's financial struggles reveal deeper problems. Celtic's chief executive is standing…
- Keywords: celtic, martin o'neill, michael nicholson, rangers, champions league, europa league, scottish premiership, financial loss, transfer strategy, brendan rodgers, sports, chief
- Source: Sky Sports — https://skysports.com/football/news/12040/13590809/celtic-martin-oneill-backed-by-chief-executive-michael-nicholson-despite-painful-week
- Published: 2026-09-22T19:30:00+00:00
- Read time: 2 min
- Topics: celtic, martin o'neill, michael nicholson, rangers, champions league, europa league, scottish premiership, financial loss, transfer strategy, brendan rodgers, sports
## Three losses in one week
Celtic lost twice to Rangers in the League Cup and Scottish Premiership, then fell to Ferencvaros in the Europa League. It capped a brutal stretch after collapsing 4-0 up against LASK in the Champions League play-off.
## O'Neill considers his future
After the second Rangers defeat, the 74-year-old manager said he would reflect on his future and admitted "it might be time to wrap it up."

> it might be time to wrap it up
## Chief executive backs the manager
Michael Nicholson said the losses have been painful but insisted the club will support O'Neill and the players as they focus on domestic and Europa League success.

> the losses in the last week have been painful for us all
## O'Neill's complicated return
O'Neill came back to Celtic last October, 20 years after his first spell, following Brendan Rodgers' resignation. He then stepped in as interim boss again when Wilfried Nancy was sacked after just 33 days.
## £32m spent on new signings
Celtic invested around £32m on players including record signing Kasper Hogh, Camilo Duran, Mika Baur and Haïssem Hassan, with the board working alongside O'Neill on recruitment.
## Club posts £4.8m loss
Celtic's financial results for the year ending June 2026 revealed a £4.8m loss, a stark drop from a £33.9m profit the previous year. The club blamed lack of Champions League football, increased wages and lower player trading profits.
## Champions League failure costs £40m
Celtic's failure to qualify for the Champions League this season will cost around £40m in lost revenue compared to Europa League earnings. The club earned around £75m from Champions League participation the previous season.
## Rodgers warned of unpreparedness
Brendan Rodgers had repeatedly called for investment before the Champions League play-off, but Celtic entered the tie without replacements for sold players Kyogo Furuhashi and Nicolas Kuhn. The club eventually lost to Kairat Almaty on penalties.
## Cash reserves sit at £66m
Despite the losses, Celtic ended the year with £66.4m in the bank. Critics question why the club doesn't use more of this to fully prepare for Champions League qualifiers and prioritize European competition.
## Key takeaway

Celtic's chief executive is standing by manager Martin O'Neill despite recent defeats, but the club's £4.8m loss shows the real cost of missing Champions League football.