Celtic's failure to qualify for last season's Uefa Champions League group stage saw the Scottish soccer champions' annual revenue for the year ending 30th June 2019 fall 17.9 per cent to UK83.4 million (US$102.2 million), reports, www.sportspromedia.com/.
The Scottish Premiership club's latest financial results also show a pre-tax profit of UK11.3 million (US$13.8 million) for the 2018/19 season, down from UK17.3 million (US$21.2 million) the previous year.
Celtic were able to offset some of the cost of missing out on the Champions League through player sales, bringing in UK16.5 million (US$20.2 million) from outgoing transfers, not including the reported UK25 million (US$30.6 million) Arsenal paid them in August for left back Kieran Tierney.
The club ended the year with UK38.9 million (US$47.6 million) in the bank, up from last season's UK27 million (US$33 million).
A statement from club chairman Ian Bankier described the results as 'satisfactory' given the failure to reach the Champions League, adding: 'The financial results for the year demonstrate the robustness of the group's strategy of investment in football operations, whilst maintaining a self-sustaining financial model. This continues to provide a stable platform for football success and shareholder value.'
