Celtic reveal increase in debts by £4m

Aug 16, 2010 |

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Financial crunch

Glasgow, Aug. 16: Celtic’s debts increased by more than £4million in the last financial year as a result of “unacceptable results” under former manager Tony Mowbray.

The Scottish Premier League club posted a loss before taxation of £2.1 million and also showed a 15 per cent drop in annual turnover, after making a profit of £2 million the previous year.

Turnover dropped to £61.7 million and net bank debt rose to £5.85 million in the year up to June 30, according to the club's preliminary financial results.

Celtic chairman John Reid claimed the team’s struggles under Mowbray, who departed in March after less than a season in charge, were partly to blame for the financial downturn. “The unacceptable results on the football pitch meant that a change in the football management team was needed,” Reid told the club’s official website.

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