Celtic have announced a £13million crash in revenue for the 2019-20 season – as the sale of Kieran Tierney just pushed the accounts into the black amid the Covid crisis.
Clubs across football have been financially impacted by the shutdown, with the Premiership season ended early.
The impact of the pandemic has been laid bare in Celtic 's accounts as revenues fell 15.8 per cent to £70.2m against £83.4m.
The Parkhead club were still able to post a £100,000 pre-tax profit for the year, largely thanks to the sale of Kieran Tierney to Arsenal.
The accounts show the Scotland international brought in £24.2m, with income from player sales increasing from £17.7m for the 2018-19 season.
Profit was significantly down, however, on the £11.3m up to June 30 2019.
Celtic also spent £20.7m buying players, a significant increase on the £6.2m the previous season.
The Premiership champions also saw their cash in the bank take a £10m hit as cash net of bank borrowings sank from £28.6m to £18.2m.
That led the club to increase its revolving credit facility from £2m to £13m after the end of the financial year.
The accounts are made up to June 30 so the impact of Celtic Park being closed to spectators, as well as this summer's signings, will not be felt until the next set of accounts.
Chairman Ian Bankier said: "The overwhelming event in the year under review was the emergence of Covid-19 and the attendant restrictions on social movement and trade. This has had an adverse impact on our operations and our balance sheet.
"At the time of writing we, like many football clubs and indeed many businesses, are still grappling with the challenges the pandemic presents including the near term uncertainty.
"However, the board continues to monitor the situation closely, taking proactive measures to ensure the club and our colleagues remain safe and is in the best position to allow football to continue."