Celtic chief executive Peter Lawwell insists the club have ‘never been in better shape’ off the park after preliminary financial results showed they have returned a profit for the second successive year.
The results, which are for the year ended 30 June 2008, show profit before taxation is £4.44million, down from £15.04million from last year with bank debt down from £4.99million to £3.52million net of cash.
Lawwell, who joined the club in October 2003 when Celtic were £35million in debt, told PA Sport the Clydesdale Bank Premier League champions continue to head in the right direction.
He said: ‘These are very good results and they demonstrate once again that the club is on a sound financial basis.
‘We have never been in better shape off the park and we are in good shape on it.
‘I've enjoyed every minute of my time here. I've enjoyed success on and off the pitch, worked with a very good board and two great managers.
‘The season, I came here we had reached the final of the UEFA Cup and lost £8million. That couldn't go on.
‘What we were looking for is something that was sustainable.
‘We wanted success on the pitch and off the pitch and we have achieved that.
‘Reducing the debt completely has not been our driving force.
‘What we want to do is continue to win the league and progress in Europe within financial restriction.
‘Everything else follows on from that.’
While Glenn Loovens looks set to complete his £2.5million move to Parkhead over the weekend after arriving in Glasgow today, Lawwell insists the financial parameters within which Celtic work have changed since he took over five years ago.
He said: ‘In a football sense, there has been rampant inflation in that time.
‘We can't compete with England and the other big nations.
‘What we have to do is operate at our own level and we have done that in the last two or three years.
‘We have invested in Lennoxtown training centre, coaching, sport science and senior scouting and have tried to be cleverer, looking for uncut diamonds.
‘There is no guarantees that more players will be signed before this transfer window closes but we will try for one or two more.’
