Celtic reveal increase in debts

GLASGOW (AFP) – Celtic’s debts increased by more than four million pounds (6.2 million dollars) 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 pounds (3.2 million dollars), and also showed a 15 percent drop in annual turnover, after making a profit of two million pounds (3.1 million dollars) the previous year.

Turnover dropped to 61.7 million pounds (96 millon dollars) and net bank debt rose to 5.85 million pounds (9.1 million dollars) 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.

“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.

“Just as football and financial strength are essential partners in progress, so too they affect each other adversely when we are not succeeding as we should.

“Thus the combination of the financial/economic recession and disappointing football results have taken their toll in this year’s report.”