Celtic Announce Debt Increase Of $3.2M And A Total Loss Of $11.4M
Scottish Premier League club Celtic announced a £2M ($3.2M) increase in the club’s debt, "despite recording pre-tax profits of nearly £200,000 for the second half of '11," according to the SCOTSMAN. The club recorded a total loss of £7M ($11.4M), spending £5.24M ($8.5M) on players in '12, nearly "half of the previous year’s £10.29M outlay on signings." The figures do not include the money from the sale of Ki Sung-Yueng to EPL club Swansea City or the "financial windfall" from reaching the UEFA Champions League group stages (SCOTSMAN, 9/18). In Edinburgh, Michael Grant reported that Celtic CEO Peter Lawwell insisted Celtic's prudence has allowed them to "cope with Scottish football's economic downturn." Lawwell said that the club's finances were "robust despite the impact of Rangers being in the third division." Lawwell: "We said months ago that we had our own strategy for particular outcomes. We are keeping to that and coping well. Our fans have re-engaged with the club. Our season-ticket sales have been fantastic. The Champions League games are sold out. So we are doing OK" (HERALD SCOTLAND, 9/19).