REID: WE WON'T GO IN HOCK.
Celtic v Kilmarnock, today 3pm CELTIC will not be allowed to fall into the same financial turmoil which is enveloping Old Firm rivals Rangers, according to chairman John Reid.
Reid and chief executive Peter Lawwell met shareholders at the club's AGM at Celtic Park yesterday, where they rejected accusations that failure to bolster the squad in January had cost the club their fourth straight Premier League title.
Reid pointed to the troubles of their Govan rivals, who are reportedly around pounds 30million in debt.
He recalled darker days at Celtic Park 15 years ago as he discussed the issue of clubs in serious debt.
He said: "In the past week alone that could apply to Hull, Portsmouth and Rangers and in principle it could apply to the Royal Bank of Scotland, to anywhere else.
"That's why I say look around you, great institutions are falling apart or finding themselves in hock to others, from banks to commercial concerns and governments.
"You don't become dependant on a financial institution because you borrow some money from it.
"The experience of being three hours from bankruptcy and administration, as we were in 1994, is something those of us whose hearts belong to Celtic will never forget. That's what motivates us, not the fear of debt."
STANDING FIRM Celtic chief John Reid
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|Publication:||The Mirror (London, England)|
|Date:||Oct 31, 2009|
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