Celtic release financial results as club feel the effects of missing Champions League

Celtic are counting the cost of failing to qualify for last season's Champions League - though they still managed to turn a profit from the financial year ending June 30, 2019.

Celtic have released their financial results. Picture: SNS

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Contributing to the profit was the sale of Moussa Dembele to Lyon. The club received £17.7m in payments for players sold and spent £6.2m themselves, giving them a net profit of £11.5m.

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Revenue was also down, going from £101.6m to £83.4m, a decrease of 17.9 per cent.

Chairman Ian Bankier was pleased to see the club still turn a profit despite Brendan Rodgers and his team missing out on the Champions League group stages last season.

He wrote: "These results... reflect a satisfactory performance in a financial year in which the Club did not qualify for the Group Stages of the UEFA Champions League, as it had done in the prior year.

"On behalf of the Board I congratulate Neil Lennon, his management team, the players and all staff at the Club on achieving the "Treble Treble". At short notice, Neil took charge of the squad, delivered an eighth consecutive League Championship and triumphed in the Scottish Cup, making it the Club's ninth successive domestic trophy.

"Of course, we were disappointed to lose Brendan Rodgers during the season, when he left to pursue an opportunity in the English Premier League. Brendan and his staff delivered record breaking success and they leave a phenomenal legacy for which the Board and everyone at Celtic is truly grateful. We thank them for their outstanding contribution.

He added: "The financial results for the year demonstrate the robustness of the Group's strategy of investment in football operations, whilst maintaining a self-sustaining financial model. This continues to provide a stable platform for football success and shareholder value. The gains on sales of player registrations, primarily reflected by the gains achieved on the sales of Moussa Dembele to Olympique Lyonnais and Erik Sviatchenko to FC Midtjylland, as well as contingent fees crystallising on previous player transfers, were key to the performance of the Group."