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The Scotsman 04/03/1994
By Hugh Keevins
THE expatriate millionaire Fergus McCann and the former director Brian Dempsey are to take control of Celtic FC, which was dragged back from the brink of receivership last night.
Two board members are being asked to resign. Celtic said that the club had been saved from receivership only after the chairman, Kevin Kelly, and Mr Dempsey had given undertakings to its bank, the Bank of Scotland.
A board meeting today will invite Mr Dempsey and Mr McCann to take charge of the club. The announcements followed a meeting between four club directors and the bank.
Celtic said the board was seeking the resignation of the club's director/secretary, Christopher White, and David Smith, the vice-chairman. It said that the four directors at the meeting had been told the club was in immediate danger of being put into receivership and the extent of its financial difficulties had been kept from the full board. The directors at the meeting were Mr Kelly, Tom Grant, James Farrell and Jack McGinn.
Full report, Page 30
McCann, a multi-millionaire, had, with Dempsey and three others, deposited 13.8 million in the Bank of Scotland last year as part of an attempt to wrest control of the club from the seven-man board of directors.