CL failure hits Celtic bottom line

Published Feb. 15, 2010 9:54 p.m. ET

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.