SCOTTISH PREMIER LEAGUE:CELTIC manager Tony Mowbray received public backing from the club's chairman, John Reid, yesterday as the club revealed the damaging financial extent of failing to qualify for the Champions League group stage.

The club’s interim results revealed a turnover of €41.60 million, down 22.8 per cent on €53.9 million at the same time last year. Profits before tax were down from €9.63 million to €1.46 million, while bank debt increased from €1.07 million to €3.60 million.

“Not playing in the Champions League obviously results in a significant fall in income and we have taken a hit there,” said Reid. “It is not as bad as some people try to make out. I hear figures of £15 (€17.2) million and £20(€23) million being quoted as the drop in income if you are not in the Champions League. It’s not as bad as that. But even if it means being down by about £7(€8) million through playing in the Europa League instead, then that is still quite a drop.”

There is pressure on Mowbray to deliver success but Celtic’s slim hopes of regaining the Scottish Premier League title received a further blow at the weekend when they let slip a two-goal lead as they were held 4-4 by Aberdeen at Pittodrie on Saturday, allowing Rangers to go 10 points clear again on Sunday when they beat Hibernian 3-0 at Ibrox.

Mowbray has been assured of backing at board level by his chairman during what Reid described as a “period of tremendous change.” He said: “There is no getting away from the fact that some of our performances have been poor. We face an enormous task to make up the points deficit on Rangers. But there is still a way to go yet, 13 games. We don’t play down the challenge that faces us.

“Tony has the right to expect our loyalty and moral support while he faces this huge challenge. So we will back the manager both with our moral support and with the resources that are necessary to ensure the longer-term success for the club. We feel we owe it to Tony to give him loyalty and backing during this time.”

Reid was characteristically bullish regarding Celtic’s financial position. “There are lots of clubs in Britain right now facing financial difficulties,” he said. “We can still invest in the team more than any other club in Scotland and, arguably, we were the most active club in Britain during the recent January transfer window.

“We have also pushed the boat out a little on our borrowing, but we could do that from a position of strength.”