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Celtic turn profit into loss

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Celtic have turned a £4m profit into a £11m loss in the year to 30 June.  The explanation is a failure to reach the group stages of the Champions League and a reduction in transfer income.  Revenue fell by over a fifth to £51.1m.

Chief executive Peter Lawwell said, 'Our core strategy remains focused on a football operation with a self-sustaining financial model and relies upon the youth academy, player development, player recruitment, management of the player pool, and sports science and performance analysis, to deliver long-term sustainable football success.'

We turned an 11m profit into

We turned an 11m profit into 4m loss. Not the other way around