Celtic FC have revealed their half-year financial report, which recorded a pre-tax loss of £6 million and a decrease in revenue of 24 per cent.
Holding onto the clubs key players in search of a tenth Scottish Premiership title, as well as the impact of COVID-19, have been labelled as key factors behind the losses in the interim report for the six months through to December 31, 2020.
The report unveiled revenues of £40.7million, down from £53.3million in 2019. period end net cash at bank was UK£19.7 million, down from UK£32.9 million in 2019.
Celtic have suffered a poorer than expected 2020/21 season, having been knocked out the UEFA Europa League and Betfred Cup and the bid to win ten consecutive league titles in a row looks to be all but over after they sit 18 points behind current league leaders, Rangers.
"Season 2020/21 started with further significant investment into our playing squad as we prepared for the season ahead, commencing with the Champions League qualification fixtures, featuring challenging single-leg knockout ties as a result of the restricted football environment," read a statement from Bankier via the club.
"The prolonged summer transfer window, the impact of Covid-19 and, crucially, the loss of our passionate support at matches have undoubtedly had a damaging effect on our performance levels in domestic and European competitions, but we recognise that our performance has not been good enough.
"The two key factors that adversely affected our financial results for the period under review were: firstly, reduced gains from player trading as we sought to keep intact our squad this season; and, secondly, the unforeseen and prolonged value destructive impact of Covid-19."
Author: Jake Wilkin