McCann acquired a 51% controlling stake in the Celtic Football and Athletic Company Ltd. in 1994 for £9.5m, after it became clear that the club was facing bankruptcy.
[1] Acting as a guarantor for the club's £7 million debt, he injected additional finance, floated the club on the London Stock Exchange as a public limited company, Celtic plc, to raise capital from a share issue, and oversaw an extensive redevelopment of Celtic Park.
The latter goal was met, halting Glasgow rivals Rangers in their quest for a record-breaking ten consecutive league titles.
[2] McCann's role in wrestling control of Celtic from its unpopular long-time owners and averting the apparent threat of bankruptcy, coupled with his subsequent record in developing the club, prompted a reappraisal of his tenure.
McCann returned to North America where he founded LimoLiner, a company running luxury bus services between Boston and Manhattan.