Fergus McCann
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| Fergus McCann | |
| 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, 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. [1] 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. [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 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.[4] 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 [5] [6]
[edit] References
- ^ Rob Hughes, Glasgow's White Knight, The International Herald Tribune, March 9, 1994
- ^ McCann hits back at critics, BBC News, 2 October, 2000
- ^ McCann to sue Di Canio, BBC News, October 6, 2000
- ^ Celtic share sale 'delights' Fergus McCann, BBC News, October 15, 1999
- ^ About LimoLiner
- ^ Vicky Hallett, The deals on the bus, US News & World Report, 3 November, 2003
[edit] See also
[edit] External links
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