<SUBMISSION>
<ACCESSION-NUMBER>0001209191-03-003335
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20030505
<FILING-DATE>20030507
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>CELADON GROUP INC
<CIK>0000865941
<ASSIGNED-SIC>4213
<IRS-NUMBER>133361050
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>ONE CELADON DR
<CITY>INDIANAPOLIS
<STATE>IN
<ZIP>46236-4207
<PHONE>2129774447
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ONE CELADON DRIVE
<CITY>INDIIANAPOLIS
<STATE>IN
<ZIP>46236-4207
</MAIL-ADDRESS>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>RUSSELL STEPHEN
<CIK>0001023971
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>000-23192
<FILM-NUMBER>03686322
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE CELAPHON DRIVE
<CITY>INDIANAPOLIS
<STATE>IN
<ZIP>46236-4207
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ONE CELAPHON DRIVE
<CITY>INDIANAPOLIS
<STATE>IN
<ZIP>46236-4207
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>boc76890_boc1sr.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>    <schemaVersion>X0101</schemaVersion><documentType>4</documentType><periodOfReport>2003-05-05</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000865941</issuerCik>        <issuerName>CELADON GROUP INC</issuerName><issuerTradingSymbol>CLDN</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001023971</rptOwnerCik>            <rptOwnerName>RUSSELL STEPHEN</rptOwnerName>        </reportingOwnerId>        <reportingOwnerAddress>            <rptOwnerStreet1>  </rptOwnerStreet1>            <rptOwnerStreet2>  </rptOwnerStreet2>            <rptOwnerCity>  </rptOwnerCity>            <rptOwnerState>  </rptOwnerState>            <rptOwnerZipCode>  </rptOwnerZipCode>        </reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Chief Executive Officer</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeSecurity><securityTitle><value>Common Stock</value><footnoteId id="F1" /></securityTitle><transactionDate><value>2003-05-05</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>J</transactionCode><equitySwapInvolved>1</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>261152</value></transactionShares><transactionValue><value>8.35</value></transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>500552</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeSecurity><derivativeSecurity><securityTitle><value>Employee Stock Option</value><footnoteId id="F2" 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/></securityTitle><conversionOrExercisePrice><value>6.125</value></conversionOrExercisePrice><transactionDate><value>1999-12-07</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>20000</value></transactionShares><transactionValue><value>1</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2000-12-07</value></exerciseDate><expirationDate><value>2009-12-07</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common 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/></securityTitle><conversionOrExercisePrice><value>3.11</value></conversionOrExercisePrice><transactionDate><value>2001-04-13</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>75000</value></transactionShares><transactionValue><value>1</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2001-04-13</value></exerciseDate><expirationDate><value>2011-04-13</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>75000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>75000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeSecurity><derivativeSecurity><securityTitle><value>Employee Stock Option</value><footnoteId id="F7" /></securityTitle><conversionOrExercisePrice><value>6.41</value></conversionOrExercisePrice><transactionDate><value>2002-04-04</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>75000</value></transactionShares><transactionValue><value>1</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2003-04-04</value></exerciseDate><expirationDate><value>2012-04-04</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>75000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>75000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeSecurity><footnotes><footnote id="F1"> Transfer of shares pursuant to divorce decree.</footnote><footnote id="F2">Options for 8,334, 8,333 and 8,333 shares became exercisable on 6/20/96, 6/20/97 and 6/20/98, respectively.</footnote><footnote id="F3">Options for 6,667, 6,667 and 6,666 shares became exercisable on 3/7/97, 3/7/98 and 3/7/99, respectively.</footnote><footnote id="F4">Options for 8,334, 8,333 and 8,333 shares became exercisable on 8/1/98, 8/1/99 and 8/1/00, respectively</footnote><footnote id="F5">Options for 6,667, 6,667 and 6,666 shares became exercisable on 12/7/00, 12/7/01 and 12/7/02, respectively.</footnote><footnote id="F6">Options will become exercisable the earlier of the date that the closing price for the Company's stock exceeds $6.22 per share or the third anniversary.</footnote><footnote id="F7">Options for 25,000, 25,000 and 25,000 shares became exercisable on 4/4/03, 4/4/04 and 4/4/05, respectively.</footnote></footnotes><ownerSignature><signatureName> /s/ Stephen Russell</signatureName><signatureDate>2003-05-06</signatureDate></ownerSignature></ownershipDocument>

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</SUBMISSION>
