Awwal 11, 1432 H/Feb 14, 2011, SPA -- Celtic has announced a huge drop in turnover and a tripling in bank debt for the second half of last year as the Scottish power faces up to its failure to land Champions League football this season, according to AP. Celtic's turnover decreased 21.4 percent, while bank debt rose to 9.09 million pounds ($14.5 million) compared to 3.13 million pounds ($5 million) in 2009. The club posted pretax profits of 7.1 million pounds ($11.3 million), largely through the sale of forward Aiden McGeady to Spartak Moscow for 9.5 million pounds ($15.2 million). Celtic chairman John Reid says «the cold wind of economic recession, combined with the effects of the even colder Scottish winter and our early exit from Europe, are reflected in disappointing results.»
