Fergus John McCann (born 26 February 1941) is a Scottish–Canadian businessman and entrepreneur.
Biography
McCann's wealth stemmed initially from a golf vacation company, based in
Montreal
Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
and
Phoenix
Phoenix most often refers to:
* Phoenix (mythology), a legendary bird from ancient Greek folklore
* Phoenix, Arizona, a city in the United States
Phoenix may also refer to:
Mythology
Greek mythological figures
* Phoenix (son of Amyntor), a ...
. He is best known for his involvement in
Celtic F.C.
The Celtic Football Club, commonly known as Celtic (), is a Scottish professional football club based in Glasgow, which plays in the Scottish Premiership. The club was founded in 1887 with the purpose of alleviating poverty in the immigran ...
, the
football
Football is a family of team sports that involve, to varying degrees, kicking a ball to score a goal. Unqualified, the word ''football'' normally means the form of football that is the most popular where the word is used. Sports commonly c ...
club based in
Glasgow
Glasgow ( ; sco, Glesca or ; gd, Glaschu ) is the most populous city in Scotland and the fourth-most populous city in the United Kingdom, as well as being the 27th largest city by population in Europe. In 2020, it had an estimated popul ...
. In 1972, he obtained the satellite television rights to broadcast the Celtic v
Internazionale
Football Club Internazionale Milano, commonly referred to as Internazionale () or simply Inter, and colloquially known as Inter Milan in English-speaking countries, is an Italian professional football club based in Milan, Lombardy. Inter is t ...
1971–72 European Cup semi-final in 1972 in
Toronto
Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
.
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. Acting as a
guarantor
In finance, a surety , surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a surety or guarantor to pa ...
for the club's £7 million debt, he injected additional finance, floated the club on the
London Stock Exchange
London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
as a
public limited company
A public limited company (legally abbreviated to PLC or plc) is a type of public company under United Kingdom company law, some Commonwealth of Nations, Commonwealth jurisdictions, and the Republic of Ireland. It is a limited liability company ...
, Celtic plc, to raise capital from a share issue, and oversaw an extensive redevelopment of
Celtic Park
Celtic Park is the home stadium of Celtic Football Club, in the Parkhead area of Glasgow, Scotland. With a capacity of 60,832, it is the largest football stadium in Scotland, and the eighth-largest stadium in the United Kingdom. It is al ...
. 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.
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 Glasgow rivals
Rangers in their quest for a record-breaking
ten consecutive league titles.
In 1999, McCann sold his shares, leaving Irish entrepreneur
Dermot Desmond
Dermot Desmond (born 14 August 1950) is an Irish businessman and financier. He is estimated to be worth €2.04 billion and is ranked by the ''Sunday Independent'' as the ninth-richest person in Ireland.
Early life and education
Desmond was b ...
as the largest
shareholder
A shareholder (in the United States often referred to as stockholder) of a corporation is an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the legal own ...
, with a 19.8% holding. As his successors, McCann appointed Allan MacDonald as Chief Executive and Frank O'Callaghan as chairman. 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. Since leaving Glasgow in 1999 he has maintained his routine of purchasing four season tickets every year.
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 popularity among 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 (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...
and
Manhattan
Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...
.
He retired from his role in the company in 2014.
See also
*
History of Celtic F.C.
References
External links
Celtic F.C
{{DEFAULTSORT:McCann, Fergus
Living people
Canadian businesspeople
Celtic F.C. directors and chairmen
Chairmen and investors of football clubs in Scotland
Scottish emigrants to Canada
1942 births
People from Croy