Celtic chief executive Peter Lawwell said Friday that the Scottish Premier League giants were financially healthy and could afford further signings this summer.
Financial data released on Friday has shown that the bank debt for the Parkhead club was reduced to 1.51 million pounds (2.4 million dollars), from 3.52 million pounds (5.9 million dollars) in 2009.
Although profit was two million pounds, down from 4.44 million pounds last year, Lawwell said that money is available for coach Tony Mowbray to further strengthen his squad in a bid to wrest the title back from rivals Rangers.
Celtic have recruited Landry N Guemo, Marc-Antoine Fortune, Danny Fox and Josh Thompson, while goalkeeper Lukasz Zaluska arrived from Dundee United in the summer.
Our figures are very satisfactory and credible in these tough times, Lawwell said.
It gives us a good foundation for us to go forward. We spent 8.5 million pounds last year and we have spent 4.5 million pounds this year and in the context of Scotland, that takes us ahead of the other teams.
I wouldn t discount more signings before the transfer window closes.
We have a lot of players in the squad and maybe one or two would have to go but that would not be necessary. We just need to wait and see.
Although the club s debt came down again, Lawwell insists he is not driven by a desire to get the club debt-free.
We are not obsessed with debt, Lawwell said. It is at a sustainable level and it gives us the edge over other clubs.
If you do the right things at the club then the debt will look after itself.
Season tickets are slightly down but we are hopeful of reaching our targets again.
