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Celtic chief plays down ?7 million losses

18 Sep 2012 17:47:26

Celtic chief plays down ?7 million losses

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."


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