Michael Nicholson's huge Celtic salary and bonus revealed as club reveal full effect of Not Another Penny campaign

Celtic CEO Michael Nicholson received £904,000 in total pay last year, including a £258,000 bonus, as the club posted a £4.8m operating loss partly driven by a £4.3m drop in merchandise revenue following fan protests.

Celtic have published detailed financial accounts ahead of their shareholder AGM on December 1, revealing the impact of the 'Not Another Penny' campaign on club revenues.

CEO Michael Nicholson banked £904,000 in total compensation for the last financial year, comprising a £529,000 base salary and a £258,000 bonus. Chief financial officer Chris McKay earned £626,000 in total, with a £367,000 salary and £163,000 bonus. Principal shareholder Dermot Desmond took a £40,000 base salary.

The club posted a £4.8m operating loss, with merchandise revenue dropping £4.3m to £25.8m — a 20 per cent fall from record levels the previous year. Celtic attributed the decline to a difficult consumer environment, though the drop was exacerbated by the fan-led boycott campaign that began after their Champions League qualifying exit to Kairat Almaty last season.