Celtic relaxed about loss and debt
Celtic are relaxed about a small profit turning into a loss of more than £7m and debt increasing by £2m.
The club's preliminary results for the year ending 30 June showed a decline in turnover to £51,34m, an increase in operating expenses of £1.93m and an overall loss of £7.37m. The level of debt has risen from £0.53m in June 2011 to £2.77m in June 2012.
Chief executive Peter Lawwell said that the loss could have been eliminated if the club had taken the opportunity to sell one or two players in January and cut the wage bill. However, the priority was to win the Scottish Premier League and create a pathway to the Champions League.
Lawwell argued that a debt level of under £3m was very comfortable for a club of Celtic's size and revenue streams. With Celtic in the Champions League it became more manageable while the transfer window had been successful in terms of player trading.