The club’s group revenue was down 14.8 per cent on the previous year to a 10-year low of £52.56 million and Lawwell attributed that dip to the failures in Continental competition at this time last season.
Back then Celtic were eliminated from the Champions League by Sporting Braga and the Europa League by FC Utrecht, failing to make the group stage of the latter tournament.
In the most recent accounts, Celtic posted a profit of £100,000, against a loss of £2.13 million the previous year. That was largely possible to the revenue generated by three domestic cup ties against Rangers and to the club receiving a record transfer fee in the region of £9.5 million from Spartak Moscow for Aiden McGeady.
Lawwell stressed on three separate occasions during his statement which accompanied the accounts the importance of a European run to the club’s future profitability.
The fact that Celtic, albeit down to ten men failed miserably to see of Swiss side FC Sion in Thursday's Europa League game is by their own pre-admission a disaster.Celtic's only revenue this season can now come from domestic competition and it's world-wide commercial activity.
More worringly for Scottish football is the combined failure of all its clubs in Europe this season, With no side left to compete beyond August, this is bound to have an effect on Scotland UEFA 'coefficient' that dicates how many and at what stage a countries clubs enter both the Champions League and the Europa League.
England, with three sides guaranteed to enter the Champions League at the group stage, have only to make a slight improvement to make that four automatic qualifiers next season. Arsenal are the last team outside the automatic qualifiers and they made it four English sides in the group stages,after beating Udenese on Wednesday.
With Hearts thrashed by Spurs in the Europa League and Rangers dumped out of the Champions League by inauspicious opposition Mirabor after a dismal 1-1 draw at Ibrox, Scottish Football is at a low ebb and that's for sure.
It is almost becoming a vicious circle, with poor European performances meaning less cash, means less attraction and money for better players, means worse prformances. Yet, it is not that long ago that both Glasgow clubs competed in European finals. The slide into obscurity may be ireversable.