15 Feb 2010Celtic reveal major drop in turnover

Football Clubs News | Football Finance News

Celtic's latest financial data has unveiled a large decline in turnover at the Scottish Premier League outfit, as well as an increase in debt.

According to the club's interim results for the six months to the end of December 2009, turnover at Celtic Park has dropped by just under 23 per cent to reach £36.11 million.

Meanwhile, profit before taxation has fallen from £8.36 million to £1.27 million, with bank debt rising from less than £1 million to £3.13 million.

In a statement accompanying the results, chairman Dr John Reid admitted that Celtic's failure to qualify for the group stage of the UEFA Champions League had severely damaged the club's finances.

However, he also pointed to the loyalty of the Glasgow side's supporters and other commercial ventures as reasons for optimism.

"Despite the absence of Champions League participation, over 50,000 season tickets have been sold and our merchandising business is holding up well," the chairman said.

Earlier this month, Celtic and Rangers confirmed a three-year football sponsorship agreement with brewing firm Tennent's. The deal is thought to be worth £1.5 million a year to both clubs.

Written by Mark Thompson

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