CL failure hits Celtic bottom line

Celtic’s profits have dropped dramatically and its debts have

increased following the team’s failure to qualify for this season’s

Champions League.

The Scottish Premier League club says its pretax profit for

the six months ending Dec. 31 was down 85 percent to 1.27 million

pounds ($1.99 million) and its bank debt increased more than

threefold to 3.13 million pounds ($4.9 million).

Celtic finished runner-up to fierce city rival Rangers last

season and was beaten in Champions League qualifying in August by

Arsenal.

Club chairman John Reid says “football and commercial success

went hand in hand.”

Celtic trails Rangers by 10 points with about a third of this

season remaining.