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Fergus Mc Cann acquired a 51% controlling stake in the Celtic Football and Athletic Company Ltd. in 1994 when the club was facing bankruptcy and liquidation. He paid off the club's £7 million debt and put in more capital which in total amounted to 2/3rds of his personal savings. The club was floated on the London Stock Exchange as a public limited company to raise money from a share issue to finance an extensive redevelopment of Celtic Park.