Celtic's New Financial Figures Reveal Club Is Debt Free; Revenue Up By $22.8M
Scottish Premier League Celtic CEO Peter Lawwell insisted that the club is "possibly in the best financial position of the club’s 125-year history -- after figures showed the club is now debt-free," according to Craig Swan of the Scotland DAILY RECORD. Interim financial results for the second half of '12 "show the club made a pre-tax profit" of £14.94M ($23M), up from only £180,000 ($282,000) on the previous year, an increase of more than 8,000%. Turnover increased by 71% to just more than £50M ($78M) and Celtic "reduced net bank debt" from £7M ($11M) to just £130,000 ($203,000). Lawwell said, "Clearly we’re delighted and great credit to everyone at the club. We’re in a real stable and robust financial position, and I don’t think we have been as healthy for decades, if we ever have. Debt is virtually gone" (DAILY RECORD, 2/12).