Dermot Desmond spotted at Cheltenham Festival as Celtic powerbroker turns cheerleader for billionaire

Celtic major shareholder Dermot Desmond has been spotted at the Cheltenham Festival as he takes more interest in another sporting passion.

The Hoops powerbroker will be delighted over the progress of Brendan Rodgers’ side out of the Champions League’s new league phase format this season, with the Hoops enjoying the riches of Europe’s top table once again. They are also closing in on a Treble and booked a Scottish Cup semi-final slot over the weekend against St Johnstone.

Desmond does have other sporting passions though and PA have spotted him in attendance at the world-famous horse racing event in Cheltenham this week.

Celtic powerbroker’s billionaire support

Amongst some of the other punters in attendance are Man Utd and Scottish football icon Sir Alex Ferguson. According to the Daily Record, Desmond is there in support of business partner and close ally JP McManus. The billionaire has the biggest wallet on the pinboard, and Desmond was in attendance at the races “carrying on a long tradition of supporting his billionaire business partner.” McManus, valued over £2bn, is the most successful horse owner at the Cheltenham Festival and managed to claim his 79th win at the event on Tuesday.

The pair have had a hand in each other’s success since McManus and Desmond met in the late 90s. Along with John Magnier, they own together a thriving nursing home group called Barchester Healthcare, that announced an astonishing £871million in revenue during 2023. There have also been investments into the pub and restaurant business through Mitchells & Butlers, , where McManus holds a significant share. Magnier, Desmond and McManus all invested in Ladbrokes and Manchester United previously.

Booming Celtic profits

Now Desmond is a key figure behind booming Celtic profits, which stood at £43.9m pre-tax in February. Chairman Peter Lawwell stated in the club accounts: “The results for the six months ended 31 December 2024 show revenues of £83.5m (2023: £85.2m) and a profit from trading, representing the profit excluding other income and player related gains and charges, totalling £26.9m (2023: profit of £32.0m). The profit before finance income & expense and taxation (“PBIT”) amounted to £43.9m (2023: £30.3m).

“The Club’s earnings profile and cash generation from trading is biased toward the first half of our financial year and we naturally expect a seasonal downturn in earnings in the second half of the year. This reflects the fact that receipts from European competition are largely recognised in the first half of the year, whereas the second half does not benefit from this.

“In addition, strong player trading gains in August 2024 were not replicated in January 2025. This seasonal profiling is entirely within expectations and our planning assumptions. Our outturn earnings can also be materially impacted by football success and the year-end assessment of player registration carrying values. Taking all of this into consideration, we would expect our total outturn financial performance for the year ending 30 June 2025 to be significantly lower than the result posted for the first six months of the financial year.

“I wish to extend our gratitude and appreciation to our supporters for the backing of our Club on behalf of the Board. Thanks also must go to our employees, shareholders and commercial partners for their continued support. “