Celtic have revealed their debts have risen to close to the £20million mark following a drop in turnover and a poor season in Europe last term.


The amount owed at Celtic Park has risen by £3.7million to £19.5million after turnover dropped by 9.9%, leaving the club with a loss of £7.73million for the year ending June 30.


The Glasgow giants confirmed group turnover decreased by 9.9% to £62.17million.


Celtic, who won the Tennent's Scottish Cup last season under Martin O'Neill, confirmed the year-end debt was up from £15.8million to £19.5million from the previous year, while loss after taxation was also up from £7.47million in 2004 to £7.73million.


But the team finished bottom of their Champions League group last season, leaving them without an additional round of UEFA Cup football.

bad news after bad news!!!