Celtic Post Loss After Tough Year For Scottish Football
Wed 19th Sep 2012 | Money & Finance
Celtic Football Club’s annual results have reported a loss of over £7m for the year ending June 2012.
The latest figures published by the Glasgow club showed a decline in turnover to £51.34million, an increase in operating expenses of £1.93m and an overall loss in the period of £7.37m against a very slight profit the year before.
The level of debt has risen from £0.53m in June 2011 to £2.77m in June 2012.
Speaking of the results on the club’s official website, Chief Executive Peter Lawwell said: “You can see that we have registered a loss, to June 30, 2012, of just under £7.4million.
“Now that loss, we could have eliminated if we had taken the opportunity to sell one or two players in January and cut the wage bill, but our main priority was to win the SPL and hopefully give us a pathway into the Champions League, so we made a conscious decision to keep the squad together, not to sell, and to keep a level of investment in the wage bill.
“We were able to make that decision because of the financial strength that we’ve built up over the previous years, which put us in a very good position, and you can see that – that’s reflected in our debt.
“Although making that loss, our debt level is still under £3million, which is very comfortable for a club of Celtic’s size and revenue streams.
“In terms of our planning, and our scale, we would be comfortable with that level of debt and, of course, going forward, with a successful transfer window in terms of player trading, the fact that we’re now in the Champions League, that becomes even more manageable.
Lawwell also stressed how Celtic have made a considerable investment in football infrastructure at all levels with their long-term plan now beginning to show positive results.
“Five or six years ago, we took what was a brave decision to take some money out of our first-team budget and invest it in the facilities at Lennoxtown, our recruitment, sports science, performance analysis and, of course, our Academy,” the Chief Executive explained.
“And we’re now beginning to see the green shoots of that strategy beginning to come through. We have a young, ambitious, energetic management team. We’ve got a young and exciting squad with considerable value.
“Looking forward, there are huge challenges that are still going to face Scottish football but we’re in a pretty decent place. We’ve got a strong financial foundation to take those challenges on."
Posted by: Aaron Gourley
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