Peter Lawwell insisted Celtic's prudence has allowed them to cope with Scottish football's economic downturn as losses of £7m for the year up to the end of June were announced yesterday.
The club's net bank debt rose to £2.77m and the £5.24m outlay on players in the 12 months to June 2012 was just over a half of the £10.29m spent in the previous year. The losses and bank debt figures in the results are already out of date, though, given the club subsequently made millions by selling Ki Sung-Yueng for £6m then qualified for the Champions League, in which they face Benfica tonight.
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