Fergus McCann

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Fergus McCann
Born 1941 (age 72–73)
Nationality Canadian

Fergus McCann is a Scottish-born Canadian businessman and entrepreneur.

McCann's wealth stemmed initially from a golf vacation company, based in Montreal and Phoenix. He is best known for his involvement in Celtic F.C., the football club based in Glasgow. He acquired a 51% controlling stake in the Celtic Football and Athletic Company Ltd. in 1994, after it became clear that the club was facing bankruptcy.[1] Acting as a guarantor for the club's £7 million debt, he injected additional finance, floated the club on the London Stock Exchange as a public limited company, Celtic plc, in order to raise capital from a share issue, and oversaw an extensive redevelopment of Celtic Park.

What some perceived as McCann's abrasive manner, coupled with his preoccupation with building a sustainable infrastructure for the club off the field rather than a title winning one on it, prompted sustained criticism during much of his tenure.[2][3] Although credited with rescuing the club from imminent bankruptcy, McCann stated at the outset that he would stay for only five years, with the objectives of placing the club on a firmer business footing and returning the league championship to Celtic Park. The latter goal was met, halting Glasgow rivals Rangers F.C. in their quest for a record-breaking ten consecutive league titles.

In 1999, McCann sold his shares, leaving Irish entrepreneur Dermot Desmond as the largest shareholder, with a 19.8% holding. As his successors McCann appointed Allan MacDonald as Chief Executive and Frank O'Callaghan as Chairman.[4] McCann offered an interest-free payment plan to encourage individuals, rather than financial institutions, to purchase shares. The result was that small shareholders - principally supporters of the club - owned 63% of the stock at the time of McCann's departure.[5] McCann personally profited in a significant way from the sale of the bulk of his shareholding.

McCann's role in wresting control of Celtic from its unpopular long-time owners and averting the apparent threat of bankruptcy, coupled with his subsequent record in developing the club, prompted a reappraisal of his tenure. Some years after leaving Celtic, he came to enjoy a popularity amongst many or most Celtic supporters that was often absent during his time as the club's chairman.

McCann returned to North America where he founded LimoLiner, a company running luxury bus services between Boston and Manhattan.[6][7]

See also

References

  1. ↑ Rob Hughes, Glasgow's White Knight, The International Herald Tribune, March 9, 1994
  2. ↑ McCann hits back at critics, BBC News, 2 October 2000
  3. ↑ McCann to sue Di Canio, BBC News, October 6, 2000
  4. ↑ "Celtic Board - Past". TheCelticWiki.com. Retrieved 21 February 2012. 
  5. ↑ Celtic share sale 'delights' Fergus McCann, BBC News, October 15, 1999
  6. ↑ About LimoLiner
  7. ↑ Vicky Hallett, The deals on the bus, US News & World Report, 3 November 2003

External links

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