Celtic principal shareholder Dermot Desmond has reportedly seen losses grow in the firm behind the Titanic Quarter in Belfast. Titanic Property Development Ltd is controlled by billionaire Desmond and Co Donegal businessman Pat Doherty and family.
Losses rise at Titanic Quarter firm
The Belfast Telegraph reports that losses before tax at the business rose from £2.1m in 2024 to £2.75m in 2025. Turnover stood at £4.84m, said to be up slightly from £4.8m a year earlier. The land value for the development is also said to have risen, now reaching £22.3m.
The report describes the Titanic Quarter as "home to over 100 companies with around 20,000 people living and working in the area", and notes that "one million are said to visit every year."
Strategic report outlines development plans
In a strategic report filed with the accounts, the company said: "TPDL has been focused throughout 2025 on the planning and implementation of development activity associated with the land available for sale and development.
"This activity has yielded further results in terms of progression of the sale of sites at Titanic Quarter for development by third parties and the negotiation of agreements that will result in further development during 2026 and beyond."
It is also said the company stakeholders, funders and shareholders remained committed to progressing further development "in the near term". The report follows development of the asset and the landmark build-to-rent £190m 'Loftlines' project.
Fan tensions with Desmond escalate
The news comes amid unrest between Celtic fans and the board, with tensions with Desmond rapidly escalating. Supporters in balaclavas took the protest to Desmond during the Alfred Dunhill Links Championship in St Andrews.
The Irishman was competing at the golf event, and after his round was disrupted the club called out the Celtic Fans Collective, who released a statement on the protests alongside videos and pictures of the event. Ultras group the Green Brigade and the club's Trust have also taken vocal stances against the board following the incident.
Desmond rules out selling shares
But amid calls for change at the top of the club, Desmond has already declared he will never sell his slice of the Glasgow giants. The Irishman, according to Sharecast, holds 32,772,073 shares which have a market value of £56,531,826.71.
In a wide-ranging sit-down in 2022, the 75-year-old said: "Nobody has ever approached me about buying shares from me, that's in the last 27 years or so.
"I have no intention of selling any shares, not now or in the future, even if somebody offers me a price three or four times the current share price, I'm not selling.
"I've been privileged and honoured to be able to be a shareholder of a club I supported as a youth and I've been a fan for well over 50 years.
"Therefore I'll continue to be a fan and shareholder and hopefully contribute to the continued development of the club."
