Champions League - Celtic wipe out debt with Champions League run

Celtic's finances have been boosted by the Scottish Premier League champions' run to the last 16 of the Champions League.

The Glasgow club's interim financial results for the six months to December 31 show Celtic making a pre-tax profit of £14.94 million, an increase from £0.18 during the previous year.

With Celtic virtually debt-free, they also saw turnover increase by 71 percent to £50.06m with net bank debt being reduced from £7.05m to £0.13m.

They face Italian champions Juventus on Tuesday night in the first leg of the Champions League last 16 at Celtic Park.

"The revenues generated by the team's success in Europe this year have significantly impacted our half year results," said chairman Ian Bankier.

"Celtic's achievements, both domestically and in Europe, have had a similarly positive effect on merchandise and ticketing income, notwithstanding the current difficult economic climate.

"The results on the park and additional matches produced an increase in operating expenses to £36.96m and our profit from trading, before asset transactions and exceptional operating expenses, was £14.94m - a significant uplift on last year's figure of £0.18m for the same period.

"As in previous years, we continue to make investments in the playing squad and support services.

"The management of the playing squad is an important aspect of our business model. In the period under review we invested £4.65m in strengthening the first team squad, and added to this in the January transfer window."

Celtic are 18 points clear and on the cusp of claiming their second straight Scottish Premier League title, but this has been their first run to the Champions League last 16 since 2008.