Celtic chief plays down ?7 million losses

18 September 2012 05:47

Celtic chief executive Peter Lawwell insisted the Scottish champions' finances are under control after their preliminary financial results on Tuesday revealed annual losses of more than £7 million ($11 million).

Celtic's accounts for the year ended June 30, 2012 showed a decline in turnover to £51.34 million, an increase in operating expenses of £1.93 million and an overall loss in the period of £7.37 million after a small profit the year before.

The level of debt has also risen from £530,000 in June 2011 to £2.77 million in June 2012.

But Lawwell was adamant Celtic's success on the field -- the club won the Scottish title last season for the first time in four years and are back in the lucrative Champions League -- made the figures more palatable.

"The club's in a decent place and we have built up over the past few years," Lawwell told Celtic's website.

"We are in the Champions League and we have a great foundation, a great basis to take the club forward. There will be challenging times ahead but we are prepared for that."

Source: AFP