[goldenHuddlestone]

Celtic plc have posted encouraging results for the financial year despite a decrease in turnover. Turnover of the group fell by 7.7 per cent to £57.41million, largely due to the loss of gate receipts and television income from missing out on Champions League and UEFA Cup football last season. But the club bounced back from their qualifying defeat to Artmedia Bratislava to reduce the debt significantly to £9.09million, compared to the £19.33million for 2005.

Celtic, who won the Bank of Scotland Premierleague by 17 points and the CIS Insurance Cup, also saw operating expenses reduced by 7.6 per cent to £53.67million and profits from operations of £3.74million. They also handed new contracts to Stilian Petrov, Stephen McManus, Stanislav Varga, Neil Lennon and Shunsuke Nakamura. The Glasgow club also saw construction commence on the new training academy at Lennoxtown, the successful launch of new playing kits under the new agreement with Nike and the extension of Carling shirt sponsorship contract until 2010.

The successful £15million share issue in December 2005 helped reduce the bank debt at year end. Celtic chairman Brian 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 Tennents 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."

Quinn added: "The successful £15million share issue in December 2005 rebuilt the balance sheet, reducing bank debt at year end from £19.3million to £9.1million and almost doubling net assets. We also increased investment in the acquisition of players from £2.3million to £8.8million."

[Jedi Knight]

really good news long term . at the end of the day we can't have our cake and eat it. it is either buy now and risk going bankrupt or reduce the debt, strengthen financially and build for the future. we've been crying out for a purpose built training facilty for years. finally that is now a work in progress.

[goldenHuddlestone]

All appears to be on the up financially now hopefull things on the pitch will be the same

[Jedi Knight]

it's a difficult balancing act. Fans , especially Old Firm fans, can be irrational when it comes to the running of their clubs.
We all remeber what happened to Leeds when they tried to satisfy their fans demands for success

[goldenHuddlestone]

It's very rare to find a club that is both succesfull fomamcially and on the pitch and vice versa. That's why Man U, at their peak, were such a special thing.

[Jedi Knight]

yeh they nailed it. Successful on and off the pitch. Chelsea, however, operate in exceptional circumstances, having such a rich benefactor. When Abramovich leaves we'll see how Chelsea do.

[goldenHuddlestone]

When do you think that will be. I think it will be a very long time

[Jedi Knight]

don't know but i have a funny feeling that he'll get bored in the next few years and move onto another challenge and someone else will get the benefit of his play money.

[squid]

personally i hope that he leaves soon. It just isnt fair that a club should be able to work so far outwidth its operating costs. Every other club has a financial reality that they have to live by, even Man U.

Back to the 'tic. Yep its good news that we're getting the dept down, hopefully we will be able to invest something towards the squad soon, even if its better training facilities.

[goldenHuddlestone]

The fact you couldn't afford Tristan is very telling

[Joe]

It is good news and the club is now going in the right direction. Developing youth should be the main focus but also add to that some experienced players to help their development.

This season it also looks as if Celtic will get the whole share of the Champions League revenue, at least an extra £2.5M.

[Jedi Knight]

totally agree. as i have said b4, the Ajax model is what Celtic should strive to emulate. As long as were are restricted by the confines of the SPL, it should about bringing through the youth and signing a few experienced players

[goldenHuddlestone]

I think your starting to get a good transfer balance too. For instance if you look at the window just gone you signed 2 really good players that you got on the cheap and the others were nifty little bids for average players. the rest of the players you need will come from youth.