 On 4 March 1994, McCann bought Celtic for £9 million, finally wresting control from the family dynasties that had run the club for almost 100 years.When he bought the club it was reported to be within 24 hours of entering receivership due to exceeding a £5 million overdraft with the Bank of Scotland.He turned Celtic into a public limited company through a share issue which raised over £14 million, the most successful share issue in British football history.