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Growing on trees: Celtic chief plays down £7 million losses

Peter Lawwell insists that the club’s presence in the Champions League can help to wipe the debt clear.

Image: Mike Egerton/EMPICS Sport

CELTIC CHIEF EXECUTIVE Peter Lawwell insisted the Scottish champions’ finances are under control after their preliminary financial results on today revealed annual losses of more than £7 million (€9.1 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.”

- © AFP, 2012

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