Glasgow Celtic Football Club (GCFC) has revealed that failure to qualify for the group stages of this season's Champions League contributed towards a decline in turnover.

Coupled with the effects of the recession, the Scottish Premier League club has reported a 22.8 per cent fall in turnover during the six months ending 31 December 2009, compared with the same period last year. GCFC chair Dr John Reid said: "A year ago I reported on a very positive set of interim results. This reflected good trading conditions, three recent Scottish Premier League Championships and participation in the Group Stage of the UEFA Champions League as Scotland's sole representative. I said then that football and commercial success went hand-in- hand."

"This year's report confirms that assertion. It certainly reflects different, more difficult trading conditions, and it is plain that like other commercial concerns we are affected by the recession. But it also reflects disappointing performance on the park."