CELTIC shareholder Brian Dempsey is to discuss forming a ''potent
force'' of so-called rebel groups after Scots-Canadian businessman
Fergus McCann's announcement of plans to redevelop Celtic Park, as
revealed in yesterday's Herald.
Declaring his broad support for the plans -- which would include a
#36m all-seated stadium for 60,000 spectators -- Mr Dempsey said
yesterday he would consider meeting Mr McCann and Mr Gerald Weisfield,
another wealthy businessman, with a view to forming a powerful alliance
which Celtic might find difficult to ignore.
Previous attempts to join forces have failed because of differences of
opinion.
He said: ''I am impressed with Fergus McCann's plans. There is a
pragmatism about them which is appealing and it would be good to see if
the various 'rebel' groups could come together.
''That hasn't seemed likely in the past but I would like to think that
we could now. If people have Celtic's interests at heart and are
prepared to make compromises, we could make a potent force, and the more
money we can put together the better.''
Mr Dempsey added that, although Celtic still had considerable assets,
the club might not be able to resist such moves much longer.
''The only thing that can force an unwilling seller is that they run
out of money and can no longer service outstanding debts.
''But someone is going to have to say, for the good of the club, that
changes have to be made before then. I don't think we are that close
yet, but they (Celtic directors) are very quickly running out of
opportunities because their debts are mounting constantly.''
Celtic's annual accounts due out in October are expected to reveal
total debts of more than #10m and an operating loss of almost #2m last
season, pushing the overdraft to about #6.5m.
Mr McCann has said that, while Celtic's financial situation had
weakened, he could raise an initial capital sum of #12.5m and would seek
a 50% stake and the right to run the club for five years in return for
his investment.
Celtic director Michael Kelly declined yesterday to comment on the
move, Celtic's financial situation, or a report that the Bank of
Scotland had said money raised from the sale of players had to be shared
with them to reduce the club's overdraft.
A spokeswoman for the bank said customer confidentiality prevented her
from discussing the matter.
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