Celtic's chief executive Michael Nicholson has pledged to "stand by" manager Martin O'Neill following a "painful" week for the club. Nicholson made the statement alongside the release of the latest financial results, which show a drop in income of nearly £33m.
O'Neill had hinted that he would use the international break to consider his future, following two defeats to Rangers — with the domestic loss and a European League defeat in between. In the weekend's defeat in the local derby, the 74-year-old O'Neill said that "perhaps it is time to bring this to a close".
Nicholson suggested that the club would rally behind the manager, who has won nine trophies in two stints. His comments were released alongside the latest financial figures, which reveal a drop in income of nearly £33m. The £4.8m loss is primarily due to failing to qualify for last year's Champions League, with Celtic also missing out on the competition this time, having blown a 4-0 aggregate lead in the play-off against LASK last month.
"After a good start to the season, we experienced disappointment in the Champions League play-off," said Nicholson in a written statement accompanying the financial results. "Reaching the league phase is a goal for all of us, and we regret that we did not achieve it."
"On top of that, the defeats in the last week have been painful for all of us. We will now come together and support Martin, while focusing our efforts on achieving success in the domestic league and the European League," Nicholson said.
