20 Aug 2010Celtic chairman dismisses debt fears

Football Clubs News | Football Finance News

Celtic chairman John Reid has denied suggestions that the Scottish Premier League football club are in financial difficulty, after it emerged they are in debt to the tune of £5.85 million.

According to BBC Sport, Celtic made a loss of £2.13 million in the financial year ending in June 2010, with overall turnover falling by 15 per cent to £61.72 million after a particularly disappointing season on the field.

"We invested a lot in players last year, we had a new management team and we hoped that would be the beginning of a rebuilding," Reid explained. "But we now start again and I have to say that we have a renewed vigour and optimism."

The former Labour minister added that winning back the Scottish Premier League crown remains a crucial objective for Celtic, as well as qualifying for the lucrative knock-out stages of the UEFA Europa League.

Arch-rivals Rangers also face monetary challenges and are burdened by arrears of around £30 million.

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Written by Terry Mitchell

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