Fergus McCann
Encyclopedia
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
. 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. 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. 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
.
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
-born Canadian businessman and entrepreneur.
McCann's wealth stemmed initially from a golf vacation company, based in Montreal
Montreal
Montreal is a city in Canada. It is the largest city in the province of Quebec, the second-largest city in Canada and the seventh largest in North America...
and Phoenix
Phoenix
Phoenix most often refers to:* Phoenix , a mythical bird* Phoenix, Arizona, a United States cityPhoenix or The Phoenix may also refer to:- Mythology :* Fenghuang, the Asian phoenix...
. He is best known for his involvement in Celtic F.C.
Celtic F.C.
Celtic Football Club is a Scottish football club based in the Parkhead area of Glasgow, which currently plays in the Scottish Premier League. The club was established in 1887, and played its first game in 1888. Celtic have won the Scottish League Championship on 42 occasions, most recently in the...
, the football
Football (soccer)
Association football, more commonly known as football or soccer, is a sport played between two teams of eleven players with a spherical ball...
club based in Glasgow
Glasgow
Glasgow is the largest city in Scotland and third most populous in the United Kingdom. The city is situated on the River Clyde in the country's west central lowlands...
. 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
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
. Acting as a guarantor for the club's £7 million debt, he injected additional finance, floated the club on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
as a public limited company
Public limited company
A public limited company is a limited liability company that sells shares to the public in United Kingdom company law, in the Republic of Ireland and Commonwealth jurisdictions....
, Celtic plc, in order to raise capital from a share issue, and oversaw an extensive redevelopment of Celtic Park
Celtic Park
Celtic Park is a football stadium in the Parkhead area of Glasgow, which is the home ground of Celtic FC. Celtic Park, an all-seater stadium with a capacity of 60,832, is the largest football stadium in Scotland and the sixth-largest stadium in the United Kingdom, after Murrayfield, Old Trafford,...
.
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. 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
Scottish football champions
The Scottish football champions are the winners of the highest league in Scottish football, namely the Scottish Football League from 1890 until 1998 and the Scottish Premier League thereafter....
to Celtic Park. The latter goal was met, halting Old Firm
Old Firm
The Old Firm is a common collective name for the association football clubs Celtic and Rangers, both based in Glasgow, Scotland.The origin of the term is unclear. One theory has it that the expression derives from Celtic's first game in 1888, which was played against Rangers. However, author,...
rivals Rangers F.C.
Rangers F.C.
Rangers Football Club are an association football club based in Glasgow, Scotland, who play in the Scottish Premier League. The club are nicknamed the Gers, Teddy Bears and the Light Blues, and the fans are known to each other as bluenoses...
in their quest for a record-breaking ten consecutive league titles.
In 1999, McCann sold his shares, leaving Irish entrepreneur Dermot Desmond
Dermot Desmond
Dermot Desmond is an Irish businessman and financier. He is estimated to be worth €1.45billion and is ranked by the Sunday Independent as the sixth-richest person in Ireland.-Background and education:...
as the largest shareholder
Shareholder
A shareholder or stockholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders own the stock, but not the corporation itself ....
, 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. 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
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
and Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
.