Fergus McCann: Difference between revisions
The Bio was Changed by Fergus McCann's Executive Assistant |
The GBP symbols |
||
| Line 26: | Line 26: | ||
The takeover of Celtic whereby McCann obtained a 51% controlling interest was protracted and hostile, featuring supporter rallies, match boycotts, anti - Bank of Scotland demonstrations, and shareholder proxy battles over a two-year period. Three books were published with varying accounts of the issue. |
The takeover of Celtic whereby McCann obtained a 51% controlling interest was protracted and hostile, featuring supporter rallies, match boycotts, anti - Bank of Scotland demonstrations, and shareholder proxy battles over a two-year period. Three books were published with varying accounts of the issue. |
||
McCann invested |
McCann invested £9.4m, eliminated the bank loan, obtained five minority partners who invested £7 m, including £4m by Dermot Desmond, and later led a public offer of shares which raised £10m from 10,000 Celtic supporters. This was the only occasion whereby substantial funds were raised by a public offer to supporters of a football club. |
||
By 1998, Celtic Park had been rebuilt with 60,000 covered seats as the largest and best football stadium in Scotland, the club had 53,000 Season Ticket Holders (a UK record number), the company made a |
By 1998, Celtic Park had been rebuilt with 60,000 covered seats as the largest and best football stadium in Scotland, the club had 53,000 Season Ticket Holders (a UK record number), the company made a £7m profit, and The Scottish Premier League Championship had been finally wrested from Celtic's Glasgow rivals, Rangers FC. The Celtic Charity Fund was formed during this time, in line with the original charitable objectives for which Celtic was founded in 1888. McCann instituted the Bhoys Against Bigotry campaign for which he received the City of Glasgow Gold Medal for Public Service. |
||
What some perceived as McCann's abrasive, direct manner, coupled with his agenda to build a financially sound business with the required infrastructure, while resisting ever-increasing demands to spend heavily on players led to frequent criticism by fans and the media during his tenure. |
What some perceived as McCann's abrasive, direct manner, coupled with his agenda to build a financially sound business with the required infrastructure, while resisting ever-increasing demands to spend heavily on players led to frequent criticism by fans and the media during his tenure. |
||
| Line 34: | Line 34: | ||
But McCann's promises - to restore a sound financial footing for the Club, to build a modern stadium, to recapture the national championship, and after five-years to depart and make his shares fully available to supporters and other shareholders - were all met. |
But McCann's promises - to restore a sound financial footing for the Club, to build a modern stadium, to recapture the national championship, and after five-years to depart and make his shares fully available to supporters and other shareholders - were all met. |
||
On his departure in 1999, all his shares were sold at |
On his departure in 1999, all his shares were sold at £280 each (issued in 1994 at £64) with a majority held by supporters. He provided an interest free payment plan to encourage individuals, rather than financial institutions to purchase shares. Dermot Desmond became the largest shareholder. |
||
McCann's record of developing the club led to a reappraisal of his tenure. Some years after leaving, he came to enjoy the popularity among most Celtic supporters that was at times absent during his time as Chairman. |
McCann's record of developing the club led to a reappraisal of his tenure. Some years after leaving, he came to enjoy the popularity among most Celtic supporters that was at times absent during his time as Chairman. |
||
Revision as of 18:53, 24 August 2017
Fergus McCann | |
|---|---|
| Born | February 1941 |
| Nationality | Scottish |
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 with an affiliate in Bermuda, it grew rapidly and by 1985 was serving 4,000 customers annually to 14 overseas destinations, mostly transatlantic, with the main destination Scotland - the home of golf. He sold the business to ADT in 1986.
He is best known for his rescue of Celtic, the Glasgow football club, from bankruptcy in 1994 and its ownership and management in the following five years.
In 1972 McCann obtained the satellite television rights to show the Celtic v. Internazionale 1972 European Cup semifinal in Toronto. This was the first transatlantic color television transmission of a sporting event. The event was well attended at Maple Leaf Gardens, but lost money with the extra time following a draw resulting in Satellite costs for 152 minutes.
The takeover of Celtic whereby McCann obtained a 51% controlling interest was protracted and hostile, featuring supporter rallies, match boycotts, anti - Bank of Scotland demonstrations, and shareholder proxy battles over a two-year period. Three books were published with varying accounts of the issue.
McCann invested £9.4m, eliminated the bank loan, obtained five minority partners who invested £7 m, including £4m by Dermot Desmond, and later led a public offer of shares which raised £10m from 10,000 Celtic supporters. This was the only occasion whereby substantial funds were raised by a public offer to supporters of a football club.
By 1998, Celtic Park had been rebuilt with 60,000 covered seats as the largest and best football stadium in Scotland, the club had 53,000 Season Ticket Holders (a UK record number), the company made a £7m profit, and The Scottish Premier League Championship had been finally wrested from Celtic's Glasgow rivals, Rangers FC. The Celtic Charity Fund was formed during this time, in line with the original charitable objectives for which Celtic was founded in 1888. McCann instituted the Bhoys Against Bigotry campaign for which he received the City of Glasgow Gold Medal for Public Service.
What some perceived as McCann's abrasive, direct manner, coupled with his agenda to build a financially sound business with the required infrastructure, while resisting ever-increasing demands to spend heavily on players led to frequent criticism by fans and the media during his tenure.
But McCann's promises - to restore a sound financial footing for the Club, to build a modern stadium, to recapture the national championship, and after five-years to depart and make his shares fully available to supporters and other shareholders - were all met.
On his departure in 1999, all his shares were sold at £280 each (issued in 1994 at £64) with a majority held by supporters. He provided an interest free payment plan to encourage individuals, rather than financial institutions to purchase shares. Dermot Desmond became the largest shareholder.
McCann's record of developing the club led to a reappraisal of his tenure. Some years after leaving, he came to enjoy the popularity among most Celtic supporters that was at times absent during his time as Chairman.
In 2017 Celtic dominates Scottish football having won Championships over the previous six-years. The club employs 500 people, has 30,000 shareholders, and participates in the European Champions League.
McCann moved to Boston with his family in 1999. Since that time he has invested in other business, but devoted most of this time to operating a private charitable foundation.