Celtic reveal annual losses

[Gers4Life 0]

Chairman John Reid intimated the team's fortunes under previous manager Tony Mowbray, who departed in March after a 4-0 defeat at St Mirren all but handed Rangers their second successive SPL title, were partly to blame for the financial downturn.

 

Feck of tosser,Rangers were handed nothing,Rangers won the league because we are a better team:):spl:

 

 

"Some pride was then restored from an unbeaten run in the SPL at the end of the season, with Neil Lennon taking temporary charge.

 

Ross County aside he did well in restoring pride:)

 

Ian you couldn't make that up eh with Reid, what a complete clown

[ian1964 10,514]

CELTIC yesterday blamed axed boss Tony Mowbray as it emerged they have plunged �£6million into debt - despite them not forking out a penny in compensation.

 

Club chairman Dr John Reid claimed the �£3.14million cost of terminating "certain employment contracts" helped turn a �£2million profit the previous year into a �£2million loss in the 12 months to June.

 

But sources close to Mowbray - who has not worked since he was fired - insist he is STILL on the Hoops' payroll.

 

When Dr Reid was asked if his comments referred to Mowbray, who was sacked in March, he replied: "I never go into individuals. You can draw your own conclusions."

 

He added: "I think it is public knowledge that, both in hiring a new management team and in parting with a new management team, there are costs involved. If it were not for those costs we would have equalled last year."

 

However, the Mowbray source said: "There is no way Tony has reached agreement with Celtic over his compensation. He is very keen to reach a settlement because he is anxious to get back into football.

 

"But as long as there is an outstanding debt due to him, he will not take up another manager's position."

 

It would cost Celtic �£700,000 to settle with Mowbray - the size of the ex-Parkhead skipper's claim against the club.

 

Earlier, Dr Reid said Mowbray's poor results were to blame for the hole in the Hoops' finances.

 

He said: "Unacceptable results on the pitch meant a change in the football management team was needed. It was simply not good enough for this club and those who support it."

 

Last season Celtic failed to win a trophy, missed out on the Champions League and crashed out of the Europa League at the group stages.

 

Results off the pitch were also poor - turnover fell from �£72.5million to �£61.7million.

 

Dr Reid said the economic downturn had contributed to a rise in the club's debts from �£1.5million to �£6million.

 

Hard-up fans have been buying fewer season tickets for Celtic Park and companies hit by the credit crunch have slashed spending on matchday hospitality.

 

Chief executive Peter Lawwell revealed government and council cutbacks had also hit bookings for conferences and banqueting events.

 

He added: "Potential cuts in public spending in the coming year also mean trading conditions will remain difficult for some time to come."

 

Mr Lawwell revealed the club had spent a total of �£13.6million on transfer fees for players, managers and coaches over the year.

 

But this was partly balanced by raking in �£5.7million from player sales.

 

And last week Celtic effectively wiped out their debts by flogging star winger Aiden McGeady to Russian side Spartak Moscow for almost �£10million.

 

 

Read more: http://www.thescottishsun.co.uk/scotsol/homepage/news/3099080/Celtic-blame-loss-in-their-accounts-on-the-cost-of-the-Mowbray-regime.html#ixzz0wqRqCPQr

[Bluedell 5,376]

They never factor in DD's soft loan either. They owe �£12 million to DD if I recall, a figure most orcs don't disagree with. Their debt won't be far of ours come the end of the season.

 

There's no such thing as far as I can see.

 

If their debt is sitting at �£5m and ours at, say, �£25m then there's still a fair bit to go for us to be near each other, particulalry with the McGeady transfer fee.

 

Like TB, I'm surprised that their results are as good as this.

[bmck 117]

Can one of the amazing number-y people explain to me how it is we're so vastly different than Celtic? Has our spending really been that much more? Didn't we have the debt down to nothing only recently? How is it we're so much further in the shit?