Hoops have debt figured out

Aug 17 2008 By Mark Guidi

PETER LAWWELL last night revealed his delight that Celtic's debt has been slashed by more than £30million.

When the Hoops chief executive took over the reins five years ago the club owed around £35m but latest financial results show that is down to just £3.52m.

The figures are all the more impressive given there has also been significant investment in the team with the likes of seven-figure fees spent on Massimo Donati and Barry Robson.

Artur Boruc has also been rewarded with a lucrative new contract.

Lawwell said: "We have created a stable foundation and there is a lot to be proud of.

"The figures are good and we are continuing to reduce the debt as well as being successful on the pitch, delivering SPL championships and progressing in the Champions League.

"Our priority will always be to make sure we do not stand still as a club. We need to keep trying to improve the playing squad in order to do that.

"We know we can't compete with the major clubs in England in transfer fees and salaries but we'll always operate at our level as best we can and back the manager."

And Lawwell revealed Celts have no players with exit clauses in their contracts in a week when Carlos Cuellar left Rangers for Aston Villa in an £8m deal for just that reason,

As Celtic yesterday unveiled their fourth summer signing - Cardiff defender Glenn Loovens - the chief executive said: "We have been asked to include exit clauses but have resisted it.

"Sometimes players ask for it and less money but we have no-one who has one."