Fergus McCann: Difference between revisions
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McCann's wealth stemmed initially from a golf vacation company, based in [[Montreal]] and [[Phoenix, Arizona|Phoenix]]. He is best known for his involvement in [[Celtic F.C.]], the [[football (soccer)|football]] club based in [[Glasgow]]. In 1972, he obtained the satellite television rights to broadcast the Celtic v [[Internazionale]] [[1971–72 European Cup]] semi-final in 1972 in [[Toronto]]. |
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McCann's wealth stemmed initially from a golf vacation company he founded in 1972. Located in Montreal and with an affiliate in Bermuda, it grew rapidly and by 1985 was serving 4,000 customers |
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McCann acquired a 51% controlling stake in the Celtic Football and Athletic Company Ltd. in 1994 for £9.5m, after it became clear that the club was facing [[bankruptcy]].<ref>{{cite news|author=Rob Hughes|url=https://www.nytimes.com/1994/03/09/sports/09iht-rob.html|title=Glasgow's White Knight|work=[[The International Herald Tribune]]/[[The New York Times]]|date=9 March 1994|accessdate=22 August 2017}}</ref> 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]]. He raised £14m in a share issue, and that contributed to funding the rebuilding work of the team and the stadium. By the end, Celtic had 53,000 season ticket holders.<ref name="BBCScotAug2015">{{cite web|url=http://www.bbc.com/sport/0/football/28810947|title=Celtic: Fergus McCann to banish blues with flag day return|author=Richard Wilson|date=15 August 2014|publisher=[[BBC Scotland]]|accessdate=22 August 2017}}</ref> |
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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.<ref>{{cite news|url=http://news.bbc.co.uk/sport1/hi/football/teams/c/celtic/953651.stm|title=McCann hits back at critics|department=[[BBC Sport]]|publisher=[[BBC News]]|date=2 October 2000|accessdate=22 August 2017}}</ref><ref>{{cite news|url=http://news.bbc.co.uk/sport1/hi/football/teams/c/celtic/959586.stm|title=McCann to sue Di Canio|department=BBC Sport|publisher=BBC News|date=6 October 2000|accessdate=22 August 2017}}</ref> 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 [[Scottish football champions|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. |
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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.<ref>{{cite web|url=http://www.thecelticwiki.com/page/Celtic+Board+-+Past|title=Celtic Board - Past|work=TheCelticWiki.com |
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|accessdate=22 August 2017}}</ref> 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.<ref>{{cite news|url=http://news.bbc.co.uk/1/hi/scotland/475389.stm|title=Celtic share sale 'delights' Fergus McCann|publisher=BBC News|date=15 October 1999|accessdate=22 August 2017}}</ref> McCann personally profited in a significant way from the sale of the bulk of his shareholding. Since leaving Glasgow in 1999 he has maintained his routine of purchasing four season tickets every year.<ref name="BBCScotAug2015"/> |
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McCann's role in wrestling 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. |
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McCann returned to North America where he founded [[LimoLiner]], a company running luxury bus services between [[Boston]] and [[Manhattan]].<ref>[http://www.limoliner.com/footer/about.html About LimoLiner]</ref><ref>{{cite news|author=Vicky Hallett|url=http://www.usnews.com/usnews/culture/articles/031103/3diversions.htm|title=The deals on the bus|work=[[US News & World Report]]|date=3 November 2003|archiveurl=//web.archive.org/web/20050411080341/http://www.usnews.com/usnews/culture/articles/031103/3diversions.htm|archivedate=11 April 2005}}</ref> |
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==See also== |
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*[[History of Celtic F.C.]] |
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==References== |
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{{Reflist}} |
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==External links== |
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*[http://www.celticfc.net Celtic F.C] |
*[http://www.celticfc.net Celtic F.C] |
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Revision as of 18:24, 24 August 2017
Fergus McCann | |
|---|---|
| Born | 1942 (age 81–82) |
| Nationality | Canadian |
Fergus McCann is a Scottish born Canadian businessman and philanthropist.
McCann's wealth stemmed initially from a golf vacation company he founded in 1972. Located in Montreal and with an affiliate in Bermuda, it grew rapidly and by 1985 was serving 4,000 customers