Editing Celtic F.C. (section)

===McCann takeover and transition to plc===
Throughout the 1960s and 70s Celtic had been one of the strongest clubs in Europe. However, the directors failed to accompany the wave of economic development facing football in the 1980s, although the club continued to remain successful on the field, albeit limited to the domestic scene in Scotland.<ref name="decl">{{cite book|last1=Hamil|first1=Sean|last2=Michie|first2=Jonathan|last3=Oughton|first3=Christine|last4=Warby|first4=Steven|title=The Changing Face of the Football Business: Supporters Direct|date=2000|publisher=Routlegdge|page=72|isbn=978-0714681634|url=https://books.google.com/books?id=dt4TYm7FojQC&q=history+of+celtic+charity&pg=PA71|access-date=15 March 2016|archive-date=9 September 2022|archive-url=https://web.archive.org/web/20220909141743/https://books.google.com/books?id=dt4TYm7FojQC&q=history+of+celtic+charity&pg=PA71|url-status=live}}</ref> In 1989, the club's annual budget was £6.4&nbsp;million, about a third as much as [[FC Barcelona|Barcelona]], with a debt of around 40% and on-field success deteriorating.<ref name="LeicesterStudy">{{cite web|url=http://www.le.ac.uk/so/css/resources/sf-review/99-00/00article5.html |title=If You Know The History ... A Study of Celtic |work=Singer & Friedlander Review 1999-00 Season Football |first=Stephen |last=Morrow |access-date=28 May 2012 |url-status=dead |archive-url=https://web.archive.org/web/20050330233644/http://www.le.ac.uk/so/css/resources/sf-review/99-00/00article5.html |archive-date=30 March 2005 }}</ref> In the early 1990s the situation began to worsen as playing success declined dramatically and the club slipped further into debt.<ref name="decl" />

In 1993 fans began organising pressure groups to protest against the board, one of the most prominent being "Celts for Change". They supported a takeover bid led by Canadian-based businessman [[Fergus McCann]] and former director [[Brian Dempsey (businessman)|Brian Dempsey]]. Football writer [[Jim Traynor]] described McCann's attempt to buy the club as "good against evil".<ref>{{cite news |url=https://www.independent.co.uk/sport/football-celtic-at-mercy-of-a-power-game-james-traynor-on-a-critical-meeting-to-decide-the-future-of-a-club-at-war-1505661.html |title=Football: Celtic at mercy of a power game: James Traynor on a critical meeting to decide the future of a club at war |work=The Independent |date=21 November 1993 |access-date=28 May 2012 |archive-date=31 August 2010 |archive-url=https://web.archive.org/web/20100831033111/http://www.independent.co.uk/sport/football-celtic-at-mercy-of-a-power-game-james-traynor-on-a-critical-meeting-to-decide-the-future-of-a-club-at-war-1505661.html |url-status=live }}</ref> Despite declining attendances and increasing unrest amongst supporters, the Kelly, White and Grant family groupings continued to guard their control of Celtic.<ref name="decl" /><ref name="LeicesterStudy" />

On 4 March 1994, McCann bought Celtic for £9&nbsp;million, finally wresting control from the family dynasties that had run the club for almost 100 years.<ref name="Herald Scotland">{{cite news |url=http://www.heraldscotland.com/sport/spl/aberdeen/new-celtic-team-takes-over-three-directors-ousted-as-17-8m-rescue-package-pledged-the-new-team-takes-over-with-a-promise-1.717089 |title=New Celtic team takes over. Three directors ousted as #17.8m rescue package pledged. The new team takes over with a promise |work=Herald Scotland |date=5 March 1994 |access-date=23 September 2011 |archive-date=11 October 2012 |archive-url=https://web.archive.org/web/20121011194234/http://www.heraldscotland.com/sport/spl/aberdeen/new-celtic-team-takes-over-three-directors-ousted-as-17-8m-rescue-package-pledged-the-new-team-takes-over-with-a-promise-1.717089 |url-status=live }}</ref><ref>{{cite news|last=Glenn|first=Patrick|title=Celtic, the house that McCann built|url=https://www.theguardian.com/football/2004/feb/29/sport.comment5|access-date=22 January 2016|work=The Guardian|date=29 February 2004|archive-date=13 June 2018|archive-url=https://web.archive.org/web/20180613161127/https://www.theguardian.com/football/2004/feb/29/sport.comment5|url-status=live}}</ref> When he bought the club it was reported to be within 24 hours of entering receivership due to exceeding a £5&nbsp;million overdraft with the [[Bank of Scotland]].<ref name="Celticseer">{{cite news |url=https://www.scotsman.com/sport/fergus-celtic-seer-2475996 |title=Fergus the Celtic seer |work=The Scotsman |date=29 February 2004 |access-date=23 September 2011 |archive-date=15 September 2021 |archive-url=https://web.archive.org/web/20210915180812/https://www.scotsman.com/sport/fergus-celtic-seer-2475996 |url-status=live }}</ref><ref name="Herald Scotland"/> He turned Celtic into a [[public limited company]] through a share issue which raised over £14&nbsp;million, the most successful share issue in British football history.<ref name="Celticseer" /><ref name="McCannAttack">{{cite news |url=https://www.telegraph.co.uk/sport/4772870/McCann-on-the-attack-over-Celtic-criticism.html |archive-url=https://ghostarchive.org/archive/20220110/https://www.telegraph.co.uk/sport/4772870/McCann-on-the-attack-over-Celtic-criticism.html |archive-date=10 January 2022 |url-access=subscription |url-status=live |title=McCann on the attack over Celtic criticism |work=The Telegraph |date=3 October 2000 |access-date=23 September 2011 |first=Andrew |last=Lomax}}{{cbignore}}</ref> He also oversaw the building of a new stadium, the 60,000 seater [[Celtic Park]], which cost £40&nbsp;million and at the time was Britain's largest club stadium.<ref name="McCannSellshare" /><ref name="Celticseer" /><ref>{{cite news |url=http://news.bbc.co.uk/1/hi/sport/football/scottish_premier/341197.stm |title=Kerr's Ceaucescu jibe at McCann |work=BBC Sport |date=11 May 1999 |access-date=23 September 2011 |archive-date=10 August 2003 |archive-url=https://web.archive.org/web/20030810134004/http://news.bbc.co.uk/1/hi/sport/football/scottish_premier/341197.stm |url-status=live }}</ref> This allowed Celtic to progress as a club because over £20&nbsp;million was being raised each year from season ticket sales.<ref name="Celticseer" />

McCann had maintained that he would only be at Celtic for five years and in September 1999 he announced that his 50.3% stake in Celtic was for sale. McCann had wanted the ownership of Celtic to be spread as widely as possible and gave first preference to existing shareholders and season-ticket holders, to prevent a new consortium taking over the club.<ref>{{cite news |url=http://www.rte.ie/sport/soccer/1999/0920/146301-celtic/ |title=McCann places Celtic shareholding on market |work=RTÉ Sport |date=20 September 1999 |access-date=23 September 2011 |archive-date=25 March 2017 |archive-url=https://web.archive.org/web/20170325202002/http://www.rte.ie/sport/soccer/1999/0920/146301-celtic/ |url-status=live }}</ref> 14.4&nbsp;million shares were sold by McCann at a value of 280 pence each. McCann made £40&nbsp;million out of this, meaning he left Celtic with a £31&nbsp;million profit. During his tenure, turnover at Celtic rose by 385% to £33.8m and operating profits rose from £282,000 to £6.7m.<ref name="McCannSellshare">{{cite news |url=http://news.bbc.co.uk/1/hi/scotland/452152.stm |title=McCann sells Celtic shares |work=BBC Scotland |date=20 September 1999 |access-date=28 May 2012 |archive-date=25 August 2020 |archive-url=https://web.archive.org/web/20200825173255/http://news.bbc.co.uk/2/hi/uk_news/scotland/452152.stm |url-status=live }}</ref> McCann was often criticised during his time at Celtic and many people disagreed with him over building a stadium which they thought Celtic could not fill, not investing enough in the squad and being overly focused on finance. However, McCann was responsible for the financial recovery of the club and for providing a very good platform for it to build on. After he left Celtic, the club were able to invest in players and achieved much success such as winning the [[Treble (association football)|treble]] in [[2000–01 Celtic F.C. season|2000–01]] and reaching the [[2003 UEFA Cup Final]].<ref name="McCannSellshare" /><ref name="Celticseer" />

After McCann's exit, Irish billionaire [[Dermot Desmond]] was left as the majority shareholder. He purchased 2.8&nbsp;million of McCann's shares to increase his stake in the club from 13% to 20%.<ref>{{cite news |url=http://www.independent.ie/business/markets-lift-on-back-of-takeover-bids-397912.html |title=Markets lift on back of takeover bids |work=Irish Independent |date=25 September 1999 |access-date=28 May 2012 |archive-date=9 September 2022 |archive-url=https://web.archive.org/web/20220909141733/https://www.independent.ie/business/markets-lift-on-back-of-takeover-bids-26139406.html |url-status=live }}</ref>

In 2005, Celtic issued a share offer designed to raise £15&nbsp;million for the club; 50 million new shares were made available priced at 30p each. It was also revealed that majority shareholder Desmond would buy around £10&nbsp;million worth of the shares. £10&nbsp;million of the money raised was for building a new training centre and youth academy, expanding the club's global scouting network and investing in coaching and player development programmes. The rest of the money was to be used to reduce debt. Building a youth academy was important for Celtic to surpass both [[Heart of Midlothian F.C.|Hearts]] and [[Rangers F.C.|Rangers]] who had superior youth facilities at the time.<ref>{{cite news |url=http://news.bbc.co.uk/sport1/hi/football/teams/c/celtic/4386814.stm |title=Celtic launch a £15m share issue |work=BBC Sport |date=28 October 2005 |access-date=28 May 2012 |archive-date=2 November 2005 |archive-url=https://web.archive.org/web/20051102052701/http://news.bbc.co.uk/sport1/hi/football/teams/c/celtic/4386814.stm |url-status=live }}</ref> The share issue was a success and Celtic had more applicants than shares available,<ref>{{cite news |url=http://www.scotsman.com/sport/football/top-football-stories/celtic-on-target-for-training-base-after-163-15m-raised-from-share-issue-1-685117 |title=Celtic on target for training base after £15m raised from share issue |work=The Scotsman |date=22 December 2005 |access-date=28 May 2012}}</ref> The new [[Lennoxtown training centre]] was opened in October 2007.<ref>{{cite news |url=http://www.kirkintilloch-herald.co.uk/news/local-headlines/watershed-year-ahead-for-lennoxtown-1-358853 |title=Watershed year ahead for Lennoxtown |work=Kirkintilloch Herald |date=7 November 2007 |access-date=28 May 2012 |archive-date=30 June 2013 |archive-url=https://web.archive.org/web/20130630152558/http://www.kirkintilloch-herald.co.uk/news/local-headlines/watershed-year-ahead-for-lennoxtown-1-358853 |url-status=live }}</ref>

Celtic have been ranked in the [[Deloitte Football Money League]] six times. This lists the top 20 football clubs in the world according to revenue. They were ranked between 2002 ([[2000–01 Celtic F.C. season|2000–01 season]]), 2006 ([[2004–05 Celtic F.C. season|2004–05 season]]) and 2008 ([[2006–07 Celtic F.C. season|2006–07 season]]).<ref>{{cite news |url=http://www.deloitte.com/assets/Dcom-UnitedKingdom/Local%20Assets/Documents/UK_SBG_DeloitteFootballMoneyLeague2006.pdf |archive-url=https://web.archive.org/web/20120917030803/http://www.deloitte.com/assets/Dcom-UnitedKingdom/Local%20Assets/Documents/UK_SBG_DeloitteFootballMoneyLeague2006.pdf |archive-date=17 September 2012 |title=2006 Deloitte Money Football League |website=Deloitte |date=February 2006 |access-date=30 May 2012}}</ref><ref>{{cite news
|url=http://www.deloitte.com/assets/Dcom-UnitedKingdom/Local%20Assets/Documents/UK_SBG_FML08.pdf
|archive-url=https://web.archive.org/web/20120222005036/http://www.deloitte.com/assets/Dcom-UnitedKingdom/Local%20Assets/Documents/UK_SBG_FML08.pdf
|archive-date=22 February 2012 |title=2008 Deloitte Money Football League |website=Deloitte |date=February 2008 |access-date=30 May 2012}}</ref>

Celtic's financial results for 2011 showed that the club's debt had been reduced from £5.5&nbsp;million to £500,000 and that a pre-tax profit of £100,000 had been achieved, compared with a loss of over £2&nbsp;million the previous year. Turnover also decreased by 15% from £63&nbsp;million to £52&nbsp;million.<ref>{{cite web |url=http://www.celticfc.net/newsstory?item=1415 |archive-url=https://web.archive.org/web/20120405031751/http://www.celticfc.net/newsstory?item=1415 |archive-date=5 April 2012 |title=Celtic plc preliminary results |work=Celtic FC |date=15 August 2011 |access-date=15 August 2011}}</ref>

In May 2012, Celtic were rated 37th in Brand Finance's annual valuation of the world's biggest football clubs. Celtic's brand was valued at $64&nbsp;million (£40.7&nbsp;million), $15&nbsp;million more than the previous year. It was the first time a Scottish club had been ranked in the top 50. Matt Hannagan, Sports Brand Valuation Analyst at Brand Finance, said that Celtic were constrained by the amount of money they got from the SPL and that if they were in the Premiership then, due to their large fan base, they could be in the top 10 clubs in the world.<ref>{{cite news |url=http://brandirectory.com/league_tables/table/top-50-football-club-brands-2012 |title=The world's most valuable football brands |website=Brand Finance |access-date=25 May 2012 |archive-date=24 May 2012 |archive-url=https://web.archive.org/web/20120524064650/http://brandirectory.com/league_tables/table/top-50-football-club-brands-2012 |url-status=live }}</ref><ref>{{cite news |url=http://www.dailyrecord.co.uk/football/spl/2012/05/24/celtic-break-into-global-marketing-top-50-but-ibrox-crisis-forces-rangers-out-86908-23871603/ |title=Celtic break into global marketing top 50 but Ibrox crisis forces Rangers out |work=Daily Record |date=24 May 2012 |access-date=25 May 2012 |archive-date=25 May 2012 |archive-url=https://web.archive.org/web/20120525185609/http://www.dailyrecord.co.uk/football/spl/2012/05/24/celtic-break-into-global-marketing-top-50-but-ibrox-crisis-forces-rangers-out-86908-23871603/ |url-status=live }}</ref> Later that month David Low, the financial consultant who advised Fergus McCann on his takeover of Celtic in 1994, said that Celtic's "enterprise value" (how much it would cost to buy the club) was £52&nbsp;million.<ref>{{cite news |url=http://www.express.co.uk/posts/view/323107 |title=Charles Green can get rangers for a song says low |work=Daily Express |date=29 May 2012 |access-date=28 May 2012 |archive-date=29 May 2012 |archive-url=https://web.archive.org/web/20120529045033/http://www.express.co.uk/posts/view/323107 |url-status=live }}</ref>