Celtic chief executive Peter Lawwell happy with club's finances despite reporting loss

Celtic chief executive Peter Lawwell has insisted that he is "comfortable" with the club's finances despite recording an annual loss.

The Scottish champions reported a loss of £7.37m for the year ending June 30, 2012, plus an increase in debt of more than £2m.

Lawwell thinks that a return to the Champions League means that the club are still in a healthy position.

He said: "The club's in a decent place and we have built up over the past few years.

"Although making that loss, our debt level is still under £3m, which is very comfortable for a club of Celtic's size and revenue streams.

"We are in the Champions League and we have a great foundation, a great basis to take the club forward. There will be challenging times ahead but we are prepared for that."

The Hoops play their first match in the group stages of the Champions League for four years on Wednesday when Benfica make the trip to Celtic Park.