As a result, the club have decided to give top priority to rewarding the current stars instead of allowing manager Martin O’Neill to spend big in the transfer market.

The club’s plc today released its interim results for the second half of 2001 to the Stock Exchange.

Turnover increased by 59% to £36.3m (€58.9m) and an operating profit of £6.86m (€11.1m) was recorded, the accounts showed.

Quinn maintained that reaching the group stages of the Champions League for the first time was the significant single factor in the debt reduction.

He said: ‘‘Revenue generated from our run in Europe has assisted in reducing our debt from £29.6m (€48m) at June 30, 2001 to £11.5m (€18.6m) as at December 31, 2001.

‘‘However, as a result of significant instalment payments in respect of player acquisitions and reduced trading activity we do not believe this position will be maintained for the rest of the year.

‘‘As in previous years, the majority of our home games has been played in the first half of the season - and in addition we will not have the benefits of European matches to sustain revenue growth through the remainder of the year.

‘‘Trading performance in the second six months will therefore be well down on the first.

‘‘Overall, our ability to generate any profit for the year as a whole will be heavily dependent on the level of progress domestically and the impact of any player trading, should it arise.’’

The plc board already stands accused in some quarters of not giving O’Neill the financial backing to tempt more top players to Parkhead.

But Quinn insists rewarding the current squad with bonuses for continued success is a more sound policy.

He said: ‘‘The consistently high standard achieved by the team demonstrates the improvement in quality of the football squad and the inspired leadership of Martin O’Neill and his coaching team.

‘‘The squad has been strengthened by an additional net investment of £7.2m (€11.7m) in players.

‘‘More important but less publicised, we have pursued a policy of giving priority in the use of financial resources to remunerating players - particularly in respect of performances on the field.

‘‘Research indicates that success on the field is more closely related to players’ contracts than to transfer fees. That said, we have continued to control our costs carefully.’’

A summer share issue saw the club’s net assets rise from £30m (€48.6m) in June to £54.9m (€89.1m) and a large chunk of that was used to buy John Hartson, Steve Guppy, Momo Sylla and Bobo Balde.

Now the focus has turned towards emulating Rangers, who have spent millions on a youth academy to develop homegrown players.

But Quinn admits the fans will have to wait to see Rangers’ Murray Park training ground matched in the East End of Glasgow.

He said: ‘‘Plans to improve the scouting, training and coaching of young players are now being implemented.

‘‘Additions and improvements to the current training pitches are also proceeding.

‘‘The importance we attach to developing further a high-quality training facility remains unchanged, although it will take longer than originally envisaged to develop a suitable site.’’