Celtic announce debt increase

Celtic have revealed their debts have risen to close to the £20m (€29.5m) mark following a drop in turnover and a poor season in Europe last term.

The amount owed at Celtic Park has risen by £3.7m (€5.5m) to £19.5m (€28.8m) after turnover dropped by 9.9%, leaving the club with a loss of £7.73m (€11.4m) for the year ending June 30.

The Glasgow giants confirmed group turnover decreased by 9.9% to £62.17m (€91.8m).

Celtic, who won the Tennent’s Scottish Cup last season under Martin O’Neill, confirmed the year-end debt was up from £15.8m (€23.3m) to £19.5m (€28.8m) from the previous year, while loss after taxation was also up from £7.47m (€11m) in 2004 to £7.73m (€11.4m).

But the team finished bottom of their Champions League group last season, leaving them without an additional round of UEFA Cup football.