CCP Celtic Plc

RNS No 3656e
CELTIC PLC
5th December 1997


FERGUS McCANN GIVES AN UPDATE ON THE PROGRESS OF CELTIC FC

Celtic's Managing Director, Fergus McCann, comments on various
key issues affecting Celtic:

Progress

"I am very pleased with the progress of Celtic in the last few
years.   On the 4th of March 1994 Celtic faced bankruptcy, had
around #9 million of debt, a very poor stadium, a weak team, a
poor business reputation and only 7,100 season book holders.
Three and a half years on, we are near to finishing a top
class stadium, spending over #30 million in the process;  we
are a financially secure operation listed on the alternative
investment market; over #20 million has been invested in new
players and we have 40,000 season book holders - the largest
total of any club in Great Britain.   We have come a long way
in a short time.   I think the staff and the supporters have a
lot to be proud of".

The Stadium

"Celtic Park will be completed by the start of next season and
will seat just over 60,000 people, making it the largest club
stadium in Great Britain.   The funding of the stadium will
not affect the funds we have set aside for new players".

New Signings

"On the signing front, I am pleased to announce that the
Norwegian striker, Harald Brattbakk, has agreed to join
Celtic.   Terms have been agreed for a 4 and a half year
contract and he has signed a pre-contract agreement.   The
transfer costs of the deal with Rosenborg amount to a sum in
excess of #2 million.   Harald will join the squad immediately
after his Club's European match against Olympiakos next week.
His scoring record speaks for itself - 127 goals in 148 games
for his club and 14 in 32 European Cup matches".

Jock Stein

"Jock Stein's contribution to Celtic will remain a major part
of Celtic's history for all time.   The Directors have agreed
to name the West Stand as the 'Jock Stein Stand' in honour of
his memory and contribution to Celtic".

New Managing Director

"I will leave my position as Chairman and Managing Director in
the summer of 1999.   My fellow Directors and I will appoint a
replacement to head up the Club.   The new appointment may
come from people already involved, or possibly a new person.
The appointment will be a skilled professional who shares
Celtic's interests".

Ownership of Celtic

"I am discussing the best way to make my shares available.
Ideally, I would like to find a way to make some of my shares
available to existing shareholders.   However, I think the
most likely scenario will be a mixture of existing
shareholders and institutions.   What I will guarantee is that
ownership of the Club will not fall into the wrong hands".

Take-over Speculation

"Suggested take-overs are complete nonsense, as I hold just
over 50% of the ordinary shares.   That makes a take-over
impossible without my consent and I have no intention of
leaving before the summer of 1999.   The usual suspects, in
terms of names normally put forward, are, in my opinion, not
very likely candidates, as I will definitely have a say in who
acquires the shares".

Bhoys Against Bigotry

"The work against bigotry by Celtic will continue.   There is
no place for bigots at Celtic Park and they should also be
isolated in society.  Celtic is, and always has been, a Club
open to all people.   The actions of the Club and the
supporters should reflect that.   The bigoted minority must be
worked against.   With Celtic now having the biggest family
stand of any club in Britain, it is more important than ever
that the right environment is provided.   An example of Celtic
fans at their best being the after match celebrations at Ibrox
last Sunday following the Coca Cola Cup victory".

Charitable Traditions

"Over the last year we have raised over #100,000 for various
charities, namely - helping needy children, the homeless and
projects working against bigotry in Scotland and Ireland.   In
Celic's 109 year history the Club has never been as active and
supportive of charity than it is now".

The Future

"Celtic fans should look forward to my departure as we already
have in place a top management team to take the Club forward.
I have not dedicated five years of my life to hand the Club
over to the wrong people.  The Club is on an upward curve.
Our target is to have a dominant position in Scottish football
followed by being a recognised force on the European scene
once again.  The quality of people, a first class stadium,
substantial finances and a faithful supporter base is the
foundation on which future success will be built".

END

MSCNFXASELFXFFN

Celtic (LSE:CCP)
Historical Stock Chart
From Jul 2024 to Aug 2024

Celtic (LSE:CCP)
Historical Stock Chart
From Aug 2023 to Aug 2024