Celtic Financial Results

dermot will be happy ..debt free next year ...he ll be able to offload his emotional interest.....

 

You old cynic you.................

 

Debts slashed by 10million

http://news.bbc.co.uk/sport2/hi/football/teams/c/celtic/4798315.stm

Celtic recorded a before-tax loss of £4m in the year to June but slashed their debt burden from £19m to £9m. That followed a "successful issue" of 50 million new Ordinary Shares, which raised £14.55m for the club.
Turnover fell from £62m to £57m despite a season when the Glasgow outfit regained the Scottish championship.
However, Celtic also reduced their operating expenses by nearly £5m to £53m, while profit from operations fell almost £400,000 to nearly £4m.
And chairman Brian Quinn stressed that the club had tripled the amount spent on strengthening their squad compared to the previous season.
Responding to the preliminary financial results, Quinn said: "It was, on the whole, a good year for Celtic plc and for Celtic Football Club.
"Although our early departure from European competition and the Tennent's Scottish Cup were disappointing, with substantial adverse effects on income, we fought back in a manner that is typical of this club and finished the year on a strongly positive note.

"We also strengthened our financial position and began the process of creating a modern purpose-built training facility at Lennoxtown.
"The football team is being rebuilt, as it has to if the successes of recent seasons are to be maintained.
"In the week-to-week excitement and uncertainty that characterise football, I believe it is crucial to have a clear idea of longer-term objectives and a sense of direction that goes beyond the febrile environment of the modern game.
"The successful £15m share issue in December 2005 rebuilt the balance sheet, reducing bank debt at year end from £19.3m to £9.1m and almost doubling net assets.
"We also increased investment in the acquisition of players from £2.3m to £8.8m."

 

The debt was cut down last december, it has only been maintained since. In that share issue £10M was for the new training ground and £5M was for the debt.

 

Dempsey is right. As a PLC we cannot send out dodgy financials. An audit would clearly see through it and we'd be fined, our share prices would probably drop which would effect the pockets of share holders.

We are on the right road and I'd love to see the debt wiped out as I'm pretty sure the interest we are paying is a fair amount, but wouldn't it be great if our money was building up and actually earning us interest rather than us paying it!?

 

I think a fine could the least of our worries if that happened, the SPL would have a field day aswell, points deductions, relegation, the * would love it

 

Isnt it just wonderfull, on the road to being tops in finacial prudence and frugality to boot, just think next year it will even be better!
Now in regards to the CL this season it will be a struggle but thats to be expected we cant afford good CL players as of yet, well maybe in a year or two we can get needed players, of course thats only a maybe Tic fans.
In the meantime lets hope the opposition in the SPL are poor again giving us a chance to win that, and getting back into the CL another year?
Opponents in the CL these past years and in the future, will appreciate our big support coming to their games and giving us at least a half decent challenge.
For me this has been the way it is since before the Basel game, and the year 2000, sure would be nice to see a team worthy of the name Celtic like we had so long ago 1967? However I doubt it, for I dont like those running Celtic!

 

Just watched the interview with Peter Lawwell and have to say that I agree with his assessment of the past year. WGS did a tremendous job during what was a very difficult season. The finances are finally under control, but we still lost money in the past financial year. I have to laugh when braindead supporters get their abacus out and start trying to work out why we can't spend £6 million on a centre forward. "Well the club has 60,000 every week, and I just bought my new strip, and we're in the champions league" The club is a plc with all financial results made public. Once the debt has been eliminated we can spend whatever money comes in to balance the books, so I think we can compete in the £2-3million market, but transfers worth more than that are well and truly in the past.

 

I think that the financial results were a sign of things to come.

We're down to £9m debt and costs are being reduced.

As long as the team continues to bring in constant silverware and retain the league then we're laughing, that debt will be cleared in no time in my opinion and we'll be one of the very few clubs in Scotland out of the red.