CCP Celtic Plc

RNS No 2947e
CELTIC PLC
18th December 1998

Rejection of Consortium Proposals

Following the approach by BT Wolfensohn, the financial advisers to a
consortium which includes the venture capitalists BT Capital Partners Europe,
Kenny Dalglish, Jim Kerr and others (together, the "Consortium"), the Board of
Celtic plc has, after careful consideration with its advisers Greig Middleton
& Co Limited and Nomura International plc, concluded that the Consortium's
proposals are not in the best interests of the ordinary and preference
shareholders of Celtic.

The Board remains of the view that it is in the best long-term interests of
Celtic for Mr McCann's shareholding to be offered to existing shareholders and
season-bookholders of Celtic and to other individual investors who are also
keenly interested in the long-term success of Celtic.

The Board has certain criteria which have guided it in considering the
Consortium's proposals and which it intends to apply to any further proposals
received from any party.  These criteria include:-

-       Price and Value

       the Board of Celtic would find itself unable to recommend a proposal
which was at less than the full market value of Celtic and the general
composition of which did not provide fair value to Celtic shareholders;

-       Ownership

       the Board shares the view publicly stated by Mr McCann that he make
available his shareholding in Celtic to as wide a membership base as possible;

-       Marketability

       a proposal should allow Celtic shareholders to trade their shares if so
wished by them as freely as possible;

-       Exit

       a structure which may enable a controlling shareholder to exit without
the other shareholders being able to obtain the same deal and level of
protection which they currently enjoy as shareholders in a listed company
would, in the view of the Board, be contrary to the interests of existing
Celtic shareholders as a whole;

-       Gearing

       a proposal which provided for a substantial increase in Celtic Football
Club's debt beyond the level which the Board considers to be prudent would in
its view be a high risk strategy and one which should be avoided in order to
ensure that the financial difficulties faced by the club in the past do not
return, and

-       Commercial Development

       a proposal should provide evidence of continuity of commercial
management skills in order that the Board can satisfy itself that the business
will be taken forward to the benefit of all Celtic shareholders.

The specific details of the Consortium's proposals (including, for example,
price, player spend and youth development) are subject to considerations of
confidentiality imposed by BT Wolfensohn which prevent the Board from
commenting on them specifically and publicly.   Earlier today, Celtic formally
requested release by BT Wolfensohn from the constraints of confidentiality but
this was refused.   However, having reviewed the Consortium's proposals
against the above criteria, the Board concludes that those proposals are not
in the best interests of the ordinary and preference shareholders of Celtic
and accordingly it rejects the Consortium's approach.

Any further approach from the Consortium must be in the form of a firm offer. 
 This will enable the Board to explain in detail its position on the specific
proposals of the Consortium to shareholders.

Although it has concluded that the Consortium's proposals are not in the
shareholders' best interests, the Board is appreciative of Messrs Dalglish,
Kerr and other individuals' interest in the future of the Company and Club and
encourages them to participate in the development of the Club.   In particular
Messrs Dalglish, Kerr and other individuals will be invited to participate in
the share offering to be made by Mr McCann which is expected to take place
towards the middle of 1999.

Finally, the Board notes speculation in yesterday's press that the Board has
actively been examining an offer (from the Consortium) which is believed to be
in the region of #100m.   At no time has an offer of any kind been received
from the Consortium.   Further, at no time has the Board received a proposal
which in its opinion would provide shareholders with a price of #100m.

The Directors of Celtic plc accept responsibility for the information
contained herein.   To the best of their knowledge and belief (having taken
all reasonable care to ensure that such is the case) the information contained
herein is in accordance with the facts.


Enquiries-

Celtic plc
Peter McLean, Public Relations Manager         Tel:0141-551 4276

Greig Middleton & Co Limited
Hugh Nash                                      Tel:0141-240 4506
Rod Venables                                   Tel:0171-655 4177

Nomura International plc
Aldo Monteforte                                Tel:0171-521 2187
Michael Boardman                               Tel:0171-521 2733

Gavin Anderson & Company
Richard Barton                                 Tel:0171-457 2345



END

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