Fergus McCann

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, Arizona. He is best known for his involvement in Celtic F.C., the football club based in Glasgow, Scotland. He acquired a 51% controlling stake in the club in 1994, after it became clear that the club was facing bankruptcy. [Rob Hughes, [http://www.iht.com/articles/1994/03/09/rob.php Glasgow's White Knight] , "The International Herald Tribune", March 9, 1994] Acting as a guarantor for the club's £7 million debt, he injected additional finance 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. [ [http://news.bbc.co.uk/sport1/hi/football/teams/c/celtic/953651.stm McCann hits back at critics] , "BBC News", 2 October, 2000] [ [http://news.bbc.co.uk/sport1/hi/football/teams/c/celtic/959586.stm McCann to sue Di Canio] , "BBC News", October 6, 2000] 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 Old Firm 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. 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. [ [http://news.bbc.co.uk/1/hi/scotland/475389.stm Celtic share sale 'delights' Fergus McCann] , "BBC News", October 15, 1999] While McCann personally profited in a significant way from the sale of the bulk of his shareholding, he donated £1.5 million from the proceeds to help the club fund a football academy.

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 [ [http://www.limoliner.com/footer/about.html About LimoLiner] ] [Vicky Hallett, [http://www.usnews.com/usnews/culture/articles/031103/3diversions.htm The deals on the bus] , "US News & World Report", 3 November, 2003]

References

See also

*History of Celtic F.C.

External links

* [http://www.celticfc.net Celtic F.C]