Celtic make pre-tax loss of £11.5m in annual accounts

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Celtic's income was reduced by the absence of fans during 2020-21 campaign

The club announced in its annual results that Celtic lost 11.5 million last year due to a decline in revenue of nearly 10m.

Chairman Iain Bankier identifies two key factors in the decline in player sales and the absence of fans among Covid-19 as the main reasons.

He said that this season's return of supporters means "conditions have improved significantly".

Bankier said that the club had "measured confidence" in this campaign, both on and off the pitch.

Celtic lost their trophy bid for the 10th consecutive league title in the last season.

Ange Postecoglou, the current boss, was appointed in June. Dominic McKay, chief executive began in July. McKay stepped down in August for personal reasons.

Celtic earned 9.4m from sales of Jeremie Frimpong and Jack Hendry to Patryk Klimala. This was a decrease from 24.2m last Year after Kieran Tierney's move from Arsenal.

Next year's accounts will include the sales of Kristoffer Ajer from Brentford and Odsonne Edouard from Crystal Palace. Bankier said they "demonstrate [our core strength] of being able transform young talented players into experienced professional footballers".

The club spent 13.5m recruiting players - a decrease of 7m - while overall revenue at the end of June dropped from 70.2m down to 60.8m.

The club saw its costs drop from 80.5m down to 74.4m.

Bankier said, "In the face this adverse swing in financial results, we are satisfied we took sufficient and proper steps to mitigate losses and control costs in our business."

"The absence of football supporters and the disruption caused by our operations throughout the season was the hallmark of the entire season."

"On behalf the board and all club members, I thank Celtic Support for their support and understanding last season while also sharing their frustrations and disappointment."