Celtic turn record profit

Scottish Celtic nailed down a record GBP 15-million-plus profit for the past fiscal year, and believe they have more areas to develop.

The total amount of GBP 15.04 million is a club record for pre-tax profit, with more than 12 million heading back into the club. The club is coming off what it termed a successful United States tour, and is looking to Japan or the Middle East for future visits.

But the big difference appears when Celtic makes a run at the Champions League, bringing in higher TV revenues, gate, sales and the like.

"If you want to continue to compete, given the disparity in TV contracts, you have to look at other ways of building your revenue base," Celtic chairman Brian Quinn said. "And what we are doing now is being much more active in other parts of the world, with North America being a prime example. A lot of what we are doing there does not meet the public eye.

"We have been active in seven major US and Canadian cities, getting a familiarity with the Celtic name and encouraging an appetite for football. We hope that Celtic can follow that up to some kind of commercial advantage."

Year-end bank debt was reduced to GBP 4.99 million, down from GBP 9.09 million in 2006.

Only, perhaps, the goal of joining the English Premier League has been dashed. And the club can live with that.

"That is what we have done," Quinn said. "The more the new TV contracts in England become enriched, the less the English league clubs will contemplate giving up a slot to make way for Scottish teams. We are realistic. We have been scoffed at in the past, but there were times when we were given encouragement to think something might happen. That has certainly faded."

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.