Last updated on .From the section Celtic

Celtic's Champions League exit to AEK Athens proved costly

Celtic's annual revenue fell by 17.9% to £83.4m last season as they failed to reach the Champions League group stage for the first time in three years.

The Scottish champions' financial results, for the year ending 30 June 2019, show a pre-tax profit of £11.3m, down from £17.3m the previous year.

Celtic have £38.9m in the bank, and the £17.7m player sales does not include Kieran Tierney's £25m move to Arsenal.

Chairman Ian Bankier described the results as "satisfactory".

The accounts show Celtic spent £6.2m on player acquisitions, compared to £16.6m in the previous 12 months when they paid a club record £9m for Odsonne Edouard, and their year-end cash, net of bank borrowing dropped from £36.1m to £28.6m.

The Parkhead club's revenue stood at £101.6m at the end of season 2017-18 after qualifying for the Champions League group phase and going on to reach the Europa League last 32.

But they faltered in the Champions League third qualifying round against AEK Athens last term, before qualifying from their Europa League group to reach the last 32 of the less lucrative tournament.

They completed a third straight domestic treble - including an eighth league title in a row - with Neil Lennon returning as manager in February after Brendan Rodgers' departure to Leicester City.

The club record £19.7m sale of Moussa Dembele to Lyon helped to offset the loss of Champions League money.

"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," Bankier said.

"This continues to provide a stable platform for football success and shareholder value."