But the Glasgow outfit will continue to explore structural changes within the game - such as the proposed North Atlantic Cup - to further improve their finances.

The Scottish champions nearly halved their year-end debt for the 12 months until 30 June to �16.5m compared to �29.6m in 2001 and still managed to retain the title under Martin O'Neill.

And financial analysts have told BBC Scotland that Celtic have every right to be proud of their latest figures, being one of the few clubs to be running at under the 60% wages-to-turnover threshold seen as being required for financial health.

Celtic chairman Brian Quinn admitted that the possibility of joining the English Nationwide League, along with Rangers, had been investigated.

"I believe the factors which prompted us to explore such possibilities will not disappear and we will continue to be receptive to structural change, while maintaining our stance of not abandoning Scottish football," he said.

"How these objectives are reconciled is, of course, a challenge. We believe it can be done, with goodwill on all sides."

The future of the game in Scotland is once more embroiled in uncertainty after the 10 non-Old Firm clubs announced they will quit the SPL in two years' time because of Rangers' and Celtic's reluctance to concede ground on voting rights within the league.

Reviewing the last financial year, Quinn explained: "The financial environment for football deteriorated during the period.

"The pressures on media companies in the current subdued phase of the economic cycle made it clear that income to football companies worldwide from this source seemed certain to decline in the near future.

"Existing contractual commitments have effectively locked players' wages into an upward trend as the major element of expense; and many clubs both in Scotland and England have experienced serious financial difficulties as a result.

"A process of adjustment to the changed conditions has commenced. But, undoubtedly, there is more to come.

"Until this process has run its course, the share prices of quoted football clubs can be expected to remain depressed.

"The situation in Scotland differs from that in England and other leading European countries in two important respects.