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Page last updated at 20:25 GMT, Friday, 14 August 2009 21:25 UK

Reid finance warning to SPL clubs

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Reid pleased with Celtic stability

Celtic chairman John Reid says every Scottish Premier League club will be hit by reduced television revenue.

The Glasgow club have announced reduced debt and profits in their preliminary results up to 30 June 2009.

And Reid is calling on the leadership of the Scottish Premier League to admit their mistakes over television rights.

"It'll affect every club in Scotland, You can't take £75m out of Scottish football without the clubs being affected," Reid told BBC Scotland.

"If £75m that otherwise would've gone into Scottish football disappears from it, our supporters are entitled to know why.

"Now, if others aren't going to tell the supporters, fine. I'm going to continue to tell the Celtic supporters.

"Whether it's a commercial problem, political problem, footballing problem or a personal problem, the first step in overcoming it is to admit you've got a problem.

So we will always reinvest the monies we get for financial stability in the playing side of this club

John Reid

"So, if you don't admit that you've made a mistake, if you don't admit that the way you've done things creates a problem, you won't rectify it in the future."

Celtic opposed the SPL's acceptance of a deal with broadcaster Setanta in 2008, insisting that Sky would have been a better option.

With Setanta having gone into administration, the SPL were this summer forced to accept a deal on reduced terms from Sky and ESPN.

"All I was trying to do was to say we've got a problem because we took a decision on a certain basis, it was a wrong way to do it; it cost us a lot of money and don't let's do it again," added Reid.

The preliminary results show that Celtic's bank debt is down to £1.51m net of cash - a reduction of more than £2m. But pre-tax profit also fell, from £4.44m to £2m.

"I think we've done better than most in difficult financial circumstances," Reid said.

Celtic missed out on a fourth consecutive SPL title last season with Rangers claiming the championship on the last day of the season.

Celtic manager Tony Mowbray
Mowbray's arrival at Celtic has prompted spending by the club

Since then, Gordon Strachan has been replaced as manager by Tony Mowbray and Reid is pleased the club have been able to fund several transfer deals.

"It will take time, he will want to build his own team," said Reid.

"Part of our job is to keep this company and club so stable that we can provide resources for him to do that but the one thing that we all need to give him is time.

"Last year, we came second in the SPL and I don't find that satisfactory. That is why our new manager is now building a new set-up here. I think he's made great strides forward in a very short period of time.

"We've tried to give him the resources, even in these difficult times.

"I've obviously gotten to know Tony pretty well over the past few weeks. I think he has established a fabulous rapport with management, playing staff and the supporters of Celtic Football Club and I think he'll go from strength to strength. I think he can be a great manager here."

The transfer activity at Celtic has not been mirrored by their Old Firm rivals with Rangers yet to add to their squad.

Reid added: "This year already if you look around Scotland, you won't find many clubs bringing in players but we brought in Zaluska, N'Guemo, Fortune, Fox, three young players from Stockport and we'll continue to look at other players.

"So we will always reinvest the monies we get for financial stability - i.e. profits - in the playing side of this club. The playing side has to be successful in order to give us that economic stability and when we get that financial stability, the money will go back into the players."



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see also
Old Firm blast SPL over TV deal
16 Jul 09 |  Scottish Premier
SPL agrees TV deal with Sky/ESPN
16 Jul 09 |  Scottish Premier


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