Celtic Football Club saw their revenues drop 16% percent last season as the pandemic had an immediate impact on their finances.
The club made a pre-tax profit of £ 100,000 – down from £ 11.3million the previous season – after revenues fell to £ 70million.
Operating expenses were also down 7% to £ 80.5million, while the club made a £ 3.5million transfer profit from Kieran Tierney’s move to Arsenal.
As of June 30, Celtic still had £ 18million in cash, net of bank borrowings, and increased its credit facility to £ 13million in case of need, but said its finances were secure in the short run. and medium term.
However, President Ian Bankier admitted they were “still grappling with the challenges of the pandemic, including near-term uncertainty”.
Bankier added that Covid-19 had a “detrimental effect” on the bottom line.
He said: “Government restrictions imposed to protect public health continue to have a negative financial impact on the football industry.
“Our hard work and measured approach to investing over the past several years has provided some degree of protection, but given the inherent uncertainty in the current environment, we need to proceed and invest with some caution.
“Nonetheless, we remain confident in the fundamentals of our footballing model and since the date of the balance sheet we have strengthened our number of players.
“After the end of the year, we invested in registrations from Vasilis Barkas, Albian Ajeti, David Turnbull and signed loans from Shane Duffy and Diego Laxalt. We have also extended Mohamed Elyounoussi’s loan.
“In addition, we have retained all of our key players from last season. “