The Scottish champions saw their year-end debt for the 12 months until June 30 fall to £16.47m compared to £29.62m in 2001, and still managed to retain the Premier League title under Martin O’Neill.

Almost £15m was spent on new players but this was offset by an increase in turnover of 35.4% - from £42.01m in 2001 to £56.89m this year - thanks in part to their foray into Europe.

Celtic and Rangers had discussed the possibility of joining the Nationwide League with English representatives before leading authorities dismissed the move as impossible.

But the current TV deal with BBC Scotland expires in two years - the same time as Sky’s contract with the Premiership ends.

The satellite broadcaster recognises that the Old Firm have a huge worldwide appeal and could use their influence to exert pressure on governing bodies.

Now Quinn maintains the difficulties which first prompted discussions over a move will not disappear overnight although he insists the club will not desert the game north of the border.

Quinn said: "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.

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

"The financial environment for football deteriorated further 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."

Quinn added: "The situation in Scotland differs from that in England and other leading European countries in two important respects; first, Scottish Premier League clubs’ income from media contracts generally represents a smaller proportion of their total revenues than their counterparts elsewhere; secondly, the expiry of the existing contracts at the close of last season gave Scottish clubs less time to adjust to the changing media climate.

"In these circumstances it is hardly surprising that tensions arose within the Scottish Premier League, throwing doubt on the future of the competition.

"Nor should it be surprising against this background, that Celtic explored suggestions that they might consider joining the Nationwide Football League along with Rangers.

"In the event, this possibility did not develop beyond an exploratory stage."

But, while the Old Firm may be arm-in-arm off the field, Celtic midfielder Neil Lennon admits he has become fed up with the taunts from across Glasgow.

Lennon told Celtic View: "I’ve been looking forward to this season more than any I can remember in a long, long time.

"It took me a while to recover from what happened in the Cup final in May and I had the summer to stew over it.

"So, yes, it’s fair to say I’ve been dying to get started again.

"Some of the stuff that’s been said on the other side of Glasgow also got my back up a bit, although I really want to avoid giving them the satisfaction of becoming embroiled in a silly war of words.

"I want this to be a club where we do our talking on the pitch and, at the moment, I feel we’re well placed to do that.

"I don’t feel we have anything to prove because of what Rangers have done, but you are always under pressure here.

"The league title is what is expected of us and, given what has been said it’ll be all the more special if we can bring it home once again this season."