foxsports
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.
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