Rich, Safe, and Small-Time: How Midtjylland Exposed Celtic’s Lack of European Courage

Celtic’s board boast £143 million revenue and £77 million in the bank, yet timid planning and late recruitment have left them outclassed by Denmark’s FC Midtjylland.

Celtic’s European shadow

Celtic may still tower over Scottish football, but Europe continues to shrink them.

On Thursday night in Herning, the Scottish champions were taken apart 3–1 by FC Midtjylland, a club whose total wage bill is roughly one-fifth of Celtic’s, yet whose sense of purpose, planning, and ambition dwarfs anything coming from Parkhead’s boardroom.

For a club that trades on heritage and history, Celtic’s modern European record is an indictment. They are a financial heavyweight that fights like a lightweight.

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Two clubs, two directions

Celtic FC (2025)

• Revenue: £143.6 million (up from £124.6 million the year before)

• Wage bill: £65.6 million in 2023–24, the highest in club history

• Cash reserves: £77 million at both 2024 and 2025 year-ends

• European outcome: Knocked out of the Champions League by Kairat Almaty, then beaten 3–1 by Midtjylland

• Model: Domestic dominance first, European ambition optional