Celtic record debt of 5.85 million.

BBC Sport - Football - Celtic chairman John Reid bullish over the club's debt

Celtic debt is up by £1.5 million from end of June 2010, personally not worried about this but wonder if it will affect investment in terms of mcgeady transfer fee.

When you consider this should it not be important that the board should do more to ensure that the manager gets the backing to win the title.

Apologises for miss information the debt was up from 1.5 million too 5.85 million.

 

If we get given, the swede and the honduran then we should have enough to win the title. If we win the league this year i dont care if we never spend a cent of the McGeady money if it means we will be debt free.

 

Pretty sensational results considering we never made the champions league and spent over 13 million on transfers and almost 2 million on pay offs still controllable debt and shows why winning league is so important to give yourself a chance of champions league football

 

thats a good point when considering what TM was doing with transfers, dwindling attendances and TM and his lackies pay off that is a pretty remarkable result, am i correct thought that the TM saga of paying off though is still yet to be done?.

either couple it with keane coming in aswell and how much he cost us for the 6 months he was here, i have to say well done celtic for keeping at a minimum thats impressive.

overall with the debt at near £6mill i would of it maybe even double that after what happened last season, but just goes to show you really aslong as everything is kept in check and has it's place we can still spend as we are aslong as it brings the result we need and it won't effect our debt levels although that does show that winning the league and MAYBE just MAYBE reaching the knockout stage of the Europa and getting in some of the players we have been linked with recently will basically wipe that debt out completley as fans will come in the boat load to probably splash abit of cash on celtic gear and hopefully the on pitch results will draw in it's own money aswell and that debt is gone.

very promising despite the increase in debt

 

The too well remunerated board have cost Celtic millions.
People can blame Mowbray all they want the board cost us last season, and Strachans last season!

 

However over-remunerated you might think they are, the board have done their job a lot better than the players over the last few years. In terms of financial management, we are light-years better-run than our main rivals. Our "too well remunerated" board is the reason why - despite spending more than Rangers, and having no Champions League cash while they do - we are only 5 million in debt, and they are 30 million.

 

anyone read through the report - some interesting stuff in there. We sold 48,000 ST's last season and 240,000 paper tickets, 210,000 of which were for the 5 home European games, meaning 30,000 league tickets were sold during the season.

A new website is being launched in Autumn, which is will include more social networking ( i think it said that) and a new Hartson and Larsson DVD is being launched, as well as a biography on Jinky

 

apparently sacking mowbray grant and venus cost us 3.4million. absolutley shocking!

 

considering the debts of some EPL team's, 5.6m is nothing, we need to get into the Europa cup this season & win the league - winning the league is vital as champions league football is serving as a financial life line for rangers, if they lose that they're screwed big time.

 

True, but that's how much it costs to sack a football manager and his staff at a big club, when they're only one year into their contract.

Ever wondered why we never sack players?

 

yep we would have probably made a profit if it wasn't for that. 13 million spent on new players, 5.7 million brought in through sales. Decent expenditure, wasted by Mowbray and ultimately it is his fault as he failed to performs his duties as manager effectively

 

cant complain here tbh? no cl football no cup wins last season! paying off aheedless chicken as a manager and we are only that in the red? at least it is manageable though.

 

Also a good season this year, coupled with player sales of £13 million will easily see us pay off a large chunk of our debt.

 

Just downloaded the report there and read it breifly, should be uploaded here for people to read for themselves.

 

Agree with ' Bamboozle's' Comment that a debt of +£5m is nothing compared with some of the debts in the EPL ...... however it is not a straight comparison.
The bottom Club in the EPL gets around £25m in 1 season PLUS another £40m parachute payment over 4 years. So if we average the parachute payment to £10m per year, which gives the bottom Club around £35m just for being in the EPL for 1 season and working on the basis that the top Club in the SPL gets around £3m or x12 less than the bottom Club in the EPL, the £5m equates to a debt of around £60m in the EPL. The figures are much worse if we compare us with Man Utd who finished 2nd last year cos the higher up you finish the more the dosh rolls into the Club. Really brings home why we need money from Europe and why The Board need to continue being prudent..
By the way re another post about Robbie Keane's package being included in the figures, am sure I read at the time that the total outlay was financed fully by Dermot. If so would it not be part of the Accounts.

 

I can see us getting around 4m for player sales between now and end of TW as well very good considering we didnt make th CL

 

Considering we're talking about a high player turnover rate, low TV rights income, lack of Champions League football and low attendances, an extra £1.5m isn't that bad.

 

plus a massive tax bill on the way which if estimates are right could be upwards of 50 million :bbpd:

 

CELTIC MEN THROUGH AND THROUGH.

 

After last year it no suprise tbh