Champions League boost to club profits

Celtic chairman Ian Bankier has attributed increased pretax profits of £6.9 million to the Hoops’ Champions League success.

The Parkhead outfit released their annual accounts for the year up to June 30, with improved revenue sums of £90.6m also reported.

The recent pre-tax profits compare positively to the 2016 figure of £500,000 and Bankier says much of that is to do with Brendan Rodgers’ team successfully qualifying for last term’s Champions League group stage.

The club also announced their operating expenses rose by a third to £76.3m, while cash brought in by the sale of players dropped from £12.6m in 2016 to just £2.3m.

Bankier said in his annual statement to shareholders: “These results reflect the paramount importance to the company of participation in the group stages of the Champions League.

“The foundations for that success are based on consistency, stability and the implementation of a prudent long-term strategy that dictates that the company invests in its football operations, whilst maintaining a self-sustaining financial model.

“The board considers that this strategy remains appropriate for Celtic plc and will continue to seek out and retain top talent on and off the field of play so as to deliver football success and, in turn, shareholder value.”