DERMOT DESMOND SELLING CELTIC? IT’S NOT AS CRAZY AS YOU MAY THINK
- BY LIAM CARRIGAN
- 13 minutes ago
- 4 min read
The very notion would be music to the ears of many Celtic fans, and, rumor has it, quite a few staff within the club too. However, Desmond has not stated publicly any interest in selling his current, minority shareholding in Celtic.
But then again, Dermot Desmond rarely, if ever, states anything publicly. This is particularly so when it comes to Celtic.
Hence why journalists had to scrape together quotes from a 2008 interview last week, in the absence of any recent, meaningful dialogue from Celtic’s largest shareholder (not our owner). In order to formulate a story in response to last week’s failed attempt at an AGM.
So, when Alan Brazil said on Talksport today that he’s “heard murmurings Desmond is willing to sell if the right offer comes in” my first instinct was: “This is a load of the proverbial bovine excrement” (or words to that effect.)
However, the more I think about it, the more I could actually see it happening. Not because of wishful thinking, or fan pressure, but for a number of actual, practical business and personal reasons.
What Circumstances Could Actually Lead to Dermot Desmond Selling Celtic Shares?
Anybody who watched the TV show Succession, led by the brilliant Brian Cox (the actor not the scientist), will maybe see where I’m going with this.
That show centers around a billionaire tycoon, unsure of who amongst his offspring deserves to inherit his empire, leading to plenty of in-fighting, sibling melodrama and so on.
There’s no evidence to suggest that any of that is going on in the House of Desmond with regards to Celtic. Indeed, the only emotions that seem to emanate from the Desmonds when it comes to Celtic are apathy and, very occasionally, indignant anger.
However, Dermot Desmond, much like Succession’s main character Logan Roy, isn’t getting any younger. Having recently turned 75, the man with an estimated worth of around 2 billion seems to spend far more time on the golf course these days than he does the boardroom of any of the numerous companies in which he holds a substantial stake.
What if Ross Desmond’s unannounced appearance at the recent AGM wasn’t merely a case of “I’m here because my dad can’t be bothered”?
What if it was a test, to see if the younger Desmond has the ruthlessness, the charisma and the sheer force of will his father has?
These traits may not make Dermot Desmond a particularly likeable individual to those out with his social circle, but they are the same traits that have allowed him to maintain iron-fisted control over Celtic for more than 20 years despite never owning more than 34% of the club.
The younger Desmond certainly has his father’s arrogance, and that’s not necessarily a bad thing in business. It is however, utterly toxic to running a football club, if you can’t back it up with sustained growth of the team on the park and, in turn, command the respect of fans off it.
Ross Desmond looked very much like a caricature of what many believe him to be during that shambolic AGM speech: An arrogant, mouthy, entitled brat, with all of his dad’s ego but none of his business smarts.
Now, we can all have a bad day, and I’m not going to write off someone based entirely on the one and only time I’ve seen them deliver a speech publicly. However, plenty of football people will have already done so. It’s patently obvious that, from what little we have seen so far, Ross Desmond does not have the leadership skills, the experience or the authority to engender the respect (or is it fear?) his father commands among the Celtic Board.
None of Desmond’s other children seem particularly interested in taking over Celtic, a decision, which, lets be frank will have to be made probably within the next 5-10 years. I certainly don’t wish ill health on the man, but time catches us all eventually. I really don’t see Dermot Desmond continuing to be the man behind the corporate curtain at Celtic well into his 80s.
In terms of a sellable asset, Celtic is as valuable now as the club has ever been. Purely looking at the bankbook, we are the second-most cash rich club in British football. That being said, with European success become increasingly difficult in the years ahead, thanks in large part to the mismanagement of the current board, Celtic’s future financial growth, at least under the current leadership looks uncertain, to say the least.
If the AGM was indeed an audition of sorts for Desmond junior to inherit his dad’s shares then, I would suggest, he failed it miserably.
Of course, neither he nor his dad will ever publicly admit that. But in private, I would not be surprised if the idea of Dermot Desmond selling Celtic (or at least the part of the club he owns), to a new investor hasn’t at least been considered and discussed in recent days.
Dermot Desmond didn’t make his fortune by being a nice guy or allowing sentimentality to get in the way of his own capitalist ambitions. His 34% stake in Celtic, as an asset, is as valuable now as its ever likely to be in his lifetime.
If he’s even considering selling, then the next couple of years would be the time to do so.
It would also explain why Celtic Park, the facilities, and indeed the wider business, has been sorely lacking infrastructural investment in recent years.
Why plow any more money into a business if you aren’t planning to keep it long term?
Dermot Desmond hasn’t put any fresh capital into Celtic, via the acquisition of shares since 2005.
That’s not the actions of someone who wants to build a solid legacy, a foundation for his heir to take over. That’s the actions of a businessman, biding his time for the right moment to sell.
As I said, Alan Brazil could be talking complete b*llocks with his latest “in the know” ramblings. But, the more I think about it, the more I wonder if he’s onto something...