Celtic reveal share fund academy

Celtic have announced a £15m (€22m) share issue after revealing majority shareholder Dermot Desmond has agreed to underwrite up to £10m (€14.7m).

The club hope to use the funds for establishment of a purpose-built training facility, incorporating a outh academy, football development and balance-sheet strengthening.

Subject to shareholder approvals being obtained, 50million new ordinary shares will be available to existing shareholders and new investors, priced at 30p per share.

Celtic chairman Brian Quinn said: “If Celtic is to remain competitive in Scotland and Europe, it must give a high priority to finding, developing and training high quality Celtic players of the future.

“Therefore, the board believes that, as well as continuing to retain and attract experienced players, we must build upon the already excellent results of the club’s youth development programme.

“The first team is already seeing the enormous benefit of the country’s most successful youth development programme, with players such as Ross Wallace, Craig Beattie, Shaun Maloney, David Marshall, Paul Lawson, Stephen McManus, Aiden McGeady and John Kennedy already coming through, and there are many more in the pipeline.

“A key objective of this fundraising activity is the establishment of a purpose-built training facility incorporating a state-of-the-art youth academy.

“This, together with planned major investment in coaching, scouting and player development programmes would account for £10m (€14.7m) of the potential £15m (€22m) sought.

“The remainder would enable Celtic to strengthen its balance sheet for commercial purposes, including debt reduction.”

The club have already applied for planning permission for their new state-of-the-art training complex at Lennoxtown, to the north of Glasgow city centre, and manager Gordon Strachan has welcomed the news.

He said: “When I joined Celtic, I was very impressed by the standard of young player here.

“I am sure the new facility the club is looking to fund through this share issue will assist in developing more new talent for Celtic, as well as providing a state-of-the-art complex for the first team.”

Celtic chief executive Peter Lawwell thanked Desmond for his gesture.

He added: “We are, of course, extremely grateful to Mr Desmond for his offer to underwrite up to £10m (€14.7m) of the share offer, a measure of his long-standing and continuing commitment to the club.”