Celtic chairman blames Mowbray over annual losses
Celtic have revealed a 15% drop in annual turnover and an increase in bank debt of more than £4million - a financial performance partly attributed to "unacceptable results" under Tony Mowbray.The Parkhead club posted a loss before taxation of £2.1million after making a profit of £2million the previous year.Turnover dropped to £61.7million and net bank debt rose to £5.85million in the year up to June 30, according to the club's preliminary financial results.Chairman John Reid claimed the team`s fortunes under previous manager Mowbray, who departed in March after a 4-0 defeat at St Mirren all but handed Rangers their second successive Clydesdale Bank Premier League title, 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. "Some pride was then restored from an unbeaten run in the SPL at the end of the season, with Neil Lennon taking temporary charge."But that does not in any way compensate for the extreme disappointment and frustration we and all Celtic supporters felt last season. It was simply not good enough for this club and those who support it. The combination of the financial/economic recession and disappointing football results have taken their toll in this year's report."
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