Celtic paid a huge financial price for on-the-field success (it recently clinched its first domestic treble since 1969) as losses at the Glasgow mounted up in the year to 30 June. Pre-tax losses widened from £6m to £11.2m on sales lifted 9% to £42m. Operating expenses leapt by 21.3% to £41.1m, with wage costs the driving factor. Keeping arch rivals Rangers at bay hit the balance sheet, with £21.9m gross spent on seven new players and on extended contracts to key players. Chairman Brian Quinn reckons that Celtic's football costs, at 53% of turnover, 'compare favourably with the sector as a whole' and the green and white hooped hoardes can look forward to Champions League football next season. The club recently raised £22.5m through a convertible share offer which fell short of its £25m target - Formula One team owner Eddie Jordan and the club's manager Martin O'Neill both invested in Celtic through the fundraising.