Although the turnover was down the financial statements showed clearly that Celtic were in a position to go into the January transfer window with available cash balances in order to bring players in and that is why we presumably saw such a flurry of activity. The net debt had risen from just under £1m last year to around £3.1m but the cash at the bank on 31 December 2009 stood at around £8.8m. The second half of the season almost always sees a net cash outflow as wages and running costs outstrip income. So expect to see Celtic’s net debt rise again by the time the financial year ends in June.
Perhaps the most deflating element to this years 6 month statement is the list of operational ‘highlights’ which hardly make for great reading. In fact whoever decided that the sponsorship deal with Tennents is a highlight is well wide of what the general support think about the joint arrangement with the huns.
Overall the financial statements continue to show that Celtic are running a sensible approach to their finances, still amazingly shifting 50,000 season books and the level of investment in new players is considerable particularly in the light of the transfer window just closed. John Reid points to the rebuilding process that Celtic are underway with as the first team squad is being completely overhauled from the one that ended last season. He also makes mention of the developments at Lennoxtown which are designed to develop Champions League players of the future. Much has been made of the ‘projects’ in recent months and lets hope that this new crop of youngsters coming from far and wide across Europe will develop as future Celtic stars.