Scotland's twelve Scottosh Premier League clubs recorded combined losses of £48million and were £132million in debt for the year 2000/01.
Celtic, who won the league title, Scottish league and cup in 2001, increased their turnover by nine percent but the club's losses rose from £6million to £11million, due mostly to rising player wages. Celtic's Old Firm rivals Ranger's reduced their losses from £25million, but their net debt increased to £$52million.
Wage bills rose from £89million to £101million, with three clubs - Dundee, Dunfermline Athletic and Motherwell - paying out more money in players' salaries than they earned.
However, an SPL spokesman believes that current finances are not as bad as the report paints them to be. "The figures in the report cover the period 2000-1 and are therefore over a year out of date. Since then, we have seen a real change in the approach of clubs to their finances, with a welcome emphasis on youth development and a much reduced spend on transfer activity," he said.
Filed by Rob Wright
