Fergus- why I couldn’t let Celtic be liquidated

Fergus McCann has explained why he couldn’t let Celtic be liquidated.

In the spring of 1994 the bills were piling up for the old board that had led Celtic on the road to ruin with the Taylor Report about to condemn the terraces of Celtic Park to the history books.

On the pitch Lee Martin and Wayne Biggins had failed to lift the side with Tommy Coyne’s goal for Motherwell ending the club’s interest in the Scottish Cup which had kept many a previous season alive.

McCann and others had tried and failed to convince the Kelly and White families that new investment was needed but it was only when they were faced with bankruptcy that they called on McCann to save the day.

“The balance sheet turned out to be negative — insolvent.,” McCann explained in an interview with The Sun. “Other liabilities — even a big tax claim regarding Paul Elliott — had to be met.

“It would’ve cost less, and left the previous owners with nothing, to go into liquidation but it would also be humiliating for Celtic. So we paid all the bills.”

HMRC, Strathclyde Police, newsagents and even face-painters all got their money as a new chapter at Celtic kicked off.

Transforming the ground into a 60,000 seater stadium capable of hosting Champions League nights seemed a pipedream as Rangers under the guidance of Dave Murray swept the boards from the 50,000 capacity Ibrox Stadium with plans in place for a 5,000 bed hotel, conference centre and retractable roof set to turn the Govan venue into a 365-days-a-year money making machine.

Over five years the capacity of Celtic Park was raised to 60,000 and although crowds have now dipped McCann has no regrets about the bold decision that ensured Celtic could generate more matchday income than their city rivals.

Critical to the success of the McCann plan was the support with thousands showing their faith by pouring their money into a share issue in January 1995.

“Although many said that relying on supporters to provide more capital in a share issue was a gamble that wouldn’t succeed, the fans came through with £10million,” the Scots-Canadian explained.

“It was an exciting time, but a daunting responsibility to take on. I was now responsible to 10,000 shareholders as well. When I set a target of 52,000 season tickets, the support understood and responded.

“And it took a few years for success on the field to occur. Celtic Park was built with 60,000 seats for a reason — active supporters who make the commitment to be there to fill it instead of watching TV are the strength of the club.”

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