CELTIC stumped up £630,000 in contract termination payments in the year which saw Neil Lennon leave the club, it has been revealed.
The figure is one of the revelations from the club’s annual report at the end of a tumultuous 12-month period in the life of the Parkhead side to June 30.
The club announced that Lennon – who was operating with a 12-month rolling contract at the club – had resigned at the end of February.
And under the heading “exceptional operating expenses”, the total fee for “settlement agreements on contract termination” came in at £630,000 compared to just £80,000 12 months earlier.
The report confirms that: “Settlement agreements on contract termination are costs in relation to exiting certain employment contracts.”
The Northern Irishman wasn’t the only high-profile departure from the organisation over this period.
Chief executive Peter Lawwell was also working on a 12-month rolling contract, with a basic salary reported at £1.2m.
His date of departure was formally given as June 30, the final day of this reporting period – but SunSport understands Lawwell didn’t receive a PENNY in contract termination payouts.
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Lawwell continues to serve the club on the executive Board of the European Club Association and the Professional Football Strategy Council of UEFA, although he doesn’t receive a fee for those posts.
Then there is head of football operations Nick Hammond, who left to pursue other opportunities in March.
All in all, it was a costly period for the club – with further payments likely in the next set of results to reflect the short-lived tenure of Lawwell’s replacement as Celtic chief executive Dominic McKay.
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Source: Soccer - thesun.co.uk
