Explain the Fergus McCann situation/Celtic 1994

Before the match starts.

I just had a massive argument with my (hun) dad over the McCann situation and what happened to Celtic.

I'm trying to tell him the media had a bias against us and explain the Masterton situation - obvious hun mentality, * doesn't understand it.

Thinks 'they' will challenege us when they are back up.

Can anyone explain exactly what happened, what would have happened had McCann not secured the overdraft? Would it have been administration, would we have been liquidated.

Sorry for this thread but * me I'm riled man. The head in the sand mentality with this lot and its my old man aswell. He is actually and intelligent guy aswell, normally but with Rangers he is honestly the most irritating and dumbest * ever.

 

Your Dad's a Hun ... you the only Tim in your family?

 

Aye.

How I turned out so normal is a mystery.

 

There's an interview the day explaining it, we were about £5m in debt and insolvent. We would have been liquidated had Fergus not came in, probably after administration.

 

It must get right under his skin you turned out a tim

 

In brief, we were in dire straits.We had an overdraft and the then board were not willing to pay it off. The Bank of Scotland were hours away from padlocking Celtic Park shut and closing us down. McCann came in and saved us - and our history. He rejected the idea of moving to Cambuslang, instead, redeveloped Celtic Park. He put his money where his mouth was. He promised he would sell his shares within 5 years, part of his 5 year plan to redevelop the stadium, the team and walk away with more cash. He did it all. He also said there was no need to redevelop Hampden, declaring it "a white elephant", he was right. He also rid Scottish football of one of the most corrupt men, Jim Farry. Farry intention held up Cadete's registration to stop him playing against (the late) Rangers. McCann went after him and got him. He was an abrasive wee *, but he saved us and we are better for it.



Full story:


An early Scottish Cup exit in January 1994 at Motherwell sealed another dismal season for Celtic.However, events off the field were gathering momentum. Two consortiums headed by Fergus McCann and Gerald Weisfield were vying to take over Celtic. The Celtic Board were, however, pushing forward plans for the building of a new stadium at Cambuslang. On 25 February 1994, Celtic held a press conference where they announced that funding was in place for the new stadium via Swiss merchant bank, Gefinor. However later that day Gefinor denied that funding had been agreed for the project, and that same evening the proposed plans were being ridiculed by the Scottish television and radio media.
The days that followed saw any remaining credibility that the Celtic Board had vanish. The Bank of Scotland summoned the Celtic Board on 3 March 1994 and informed them that unless a guarantee of £1m was found within 24 hours then they would begin the process of winding up the club affairs. The following day, Fergus McCann became the new owner of Celtic with a new team of directors appointed.Brian Dempsey, former director and heavily involved in the campaign for change, pledged £1 million of his own money to assist the McCann takeover, and stated "the rebels have won"
The Bank of Scotland informed Celtic on Thursday 3 March 1994 that is was calling in the receiver as a result of the club exceeding a £5 million over draft. However, expatriate businessman Fergus McCann wrested control of the club from the family dynasties which had controlled Celtic since its founding, and bought the club for a reported £9 million. According to media reports, McCann took over the club minutes before it was to be declared bankrupt.

 

We wouldn't have been Liquidated, Administration and the selling of all assets would have started, The reason it went down to the wire is because unlike most sane reasonable people who would recognize their dire situation, the old Board refused to work with the bank and creditors and basically tried to hide their head in the sand and pretend there was no problem.

 

As silly as it may sound, taking our credit away from that hun * is arguably the best thing we have done in our history.

 

l thought your post hilarious mate, your old man being a Hun, a * with a Hun mentality and an irritating and dumbest * ever. :smiley-laughing002:

 

Why are they conncerned with what happened with us in 1994?

Liquidation means nothing after all according to them.

 

How did you come to be a Tim ? Did your dad take you to Ibrox as a youngster ?

 

It does mate, it really does - I remember him looking at me one day and saying 'Where the * did I go wrong, raising a pape' gutted for him.

I thought the process of administration would have happened aswell - not just liquidation.

Definitely mate. I told my dad this aswell, that there is so much to Scottish football that him and the rest of the hoards don't know about. However trying to explain to him that the BOS were working with Murray, officials and the media were all biased and that Rangers had an unfair advantage, just falls on deaf ears - 'paranoid' so we are. :smiley-laughing002::smiley-laughing002:

Aye, it riled me yesterday, we were arguing for about half an hour.

Because started when he was talking about his club and how 'good', yes how good they were the other night ago. Then talking about how we miss them, we will get a true 'battle' when they are up 52 and then I said his club died, but apparently they still have their history - ask anybody and they will say the same: the papers say that; the guys on the radio say that and our men say that. The whole media bias went right over his head.

Nope, he was eventually going to take me when I was 9-10 but by that time I had already decided on Celtic. My big cousins were all mad Celtic fans, used to always play rebels in their car, suppose something must have stuck with me because of them. From a young age I just felt a connection with Celtic, a 'family' feeling. Something just didn't sit right with me regarding them and as I grew older I started to learn more and more about the histories and I loved our 'underdog' spirit at times and being the 'anti-establishment'. :icon_mrgreen:

He still had me wear a jersey when I was like 6-8, sickening man, remember having one that had Numans name on the back. Thank * I learned.

 

From what I remember of it, if McCann never came in, we were done. The BOS gave only 24 hours to come up with money or they were going to seize control and the doors would be closed. McCann came in and acted as guarantor for the £7m debt I think it was, and if it wasn't for him, Celtic wouldn't be here today.

 

* brilliant I think my dad would have murdered me