"We don't need Rangers" says Peter Lawwell as Celtic reduce debt By ALAN PATTULLO Published on Tuesday 14 February 2012 02:34 ON THE day that the prospect of Rangers FC going out of business became an ever more realistic one, Celtic have stressed that they are capable of prospering on their own. Financial scrutiny was the name of the game for Scottish football's two biggest clubs yesterday. Just hours before Rangers lodged papers at the Court of Session in Edinburgh, Celtic released their interim results for the six months to 31 December. They showed that, although profits fell from £7 million to £180,000, bank debt was reduced from £9m to £7m. "We are comfortable that the debt level is manageable," said Peter Lawwell, the club's chief executive. He added that the "self-sustaining" model that the club embarked on five years ago has kept the club in robust financial health. It was impossible in any case to avoid comparisons with the situation across the city. An announcement just hours later that Rangers intend to go into administration was confirmation that the situation has come full circle since 1994, when Celtic themselves stood on the financial brink. The Old Firm term itself dates back to the early 20th century and refers to the mutual financial benefits stemming from their stranglehold on the Scottish game. However, Lawwell yesterday rejected the notion that Celtic would be harmed by Rangers" tribulations. Speaking just minutes before the Ibrox club lodged an intention to go into administration, Lawwell said such an outcome would have no "material" effect on Celtic. "The strategy we have embarked on is an independent one," said Lawwell. He stressed that the primary aim is to "re-establish Celtic as the main force in Scottish football." "The way we would look at is that we don't need Rangers," added Lawwell. It is something we have focused on ourselves. We don't see any real material influence on that, whatever happens to Rangers. We have to look after ourselves. We have embarked on a strategy of financial robustness and stability. However, Lawwell stressed that Celtic remain ambitious. In the modern game, our aspirations have to be Europe. That is what our fans expect. That is what they have been raised on and that is what we have to go for. We have to make sure we deliver that. Lawwell revealed that Celtic remain alert to possibility that a pan-European league could, in time, become a reality. "Our job is also to understand what is going on in the world of football and all the opportunities that presents for a big club in Europe," he said. If there is any change for the better then we would want to be part of it. We are fortunate that, having had Champions League football here, we know the personalities at big clubs. It is clear Celtic are thinking of a future that is not necessarily defined by their relationship with Rangers. With reference to the level of punishment that should be inflicted on the Ibrox club in the event of administration, Lawwell said: "We have a strong view in terms of what happens. But we need to know the facts and wait and see what happens. It would be totally inappropriate to talk about it now. Lawwell denied there was a sense of schadenfreude being felt at Celtic in relation to the current struggles of their rivals. He also dismissed any accusation of smugness at Parkhead, where Rangers" recent run of championship success had been sorely felt. "I think that would be wrong," said Lawwell. You have to look at yourselves. At this club, certainly in my time and just prior to it, we have paid the utmost recognition to governance. Overall it has been a highly transparent, well-run and highly governed, well-legislated company. In the long run, that is something you have to do. Ian Bankier, the club's new chairman, hailed the "financial discipline" which has kept the bank debt at a manageable level. He also made a point of highlighting the "virtuous trilogy of being able to keep our best players, build and develop significant value in our player pool and see improvements in football performance." Bankier noted the contribution of Dermot Desmond, the club's majority shareholder. "It is the quality of decision making which counts in any company," he said. Our principal shareholder has a fantastic record of calling it correctly.