leading a 12.5 million ($18.75 million) bid to take control of cash-strapped Glasgow Celtic Football Club, one of Europe's best-known sides.

Mr. McCann, who, according to his spokesman has been attempting to talk with the incumbent directors for four and a half years, finally got a foot in the door at Celtic's stormy AGM on Friday.

He obtained the support of at least ten percent of the club's shareholders that was needed to force an extraordinary general meeting, which must be held by November 26, 1993.

The Scots-Canadian businessman is using his Bermuda-registered investment company Firstgreen Ltd. as the vehicle for the takeover bid.

He wants to rescue once-great Celtic from its current state of turmoil and financial uncertainty by buying 50 percent of the its shares.

The club made a pre-tax loss of 3.2 million in fiscal 1992 and had a bank overdraft of 4.6 million.

According to Mr. McCann's spokesman, Mr. Robert Bain, the club has made an accumulated loss of 61 million over the last four years.

"Celtic FC is in dire financial straits. Their bank overdraft is now in the region of 5 million ($7.5 million) and there is no capital,'' he said.

The club's position is made worse by the fact that, by 1994, it has to comply with new ground safety regulations which were introduced in the wake of the Hillsborough Stadium disaster at Sheffield, England, when several fans were crushed to death.

Celtic's current board of directors is seeking planning permission to build a new ground near Celtic Park at Cambuslang.

But they have no money to put into the project themselves and want a developer to build the ground and then lease it to the club.

If Mr. McCann and his backers gain control, he has a proposal to redevelop Celtic Park and turn it into a 65,000-seat stadium at an estimated cost of 36 million ($54 million).

The McCann group is offering to put up 12.5 million ($18.75 million), 8.5 million ($12.75 million) of which is Mr. McCann's own money, to buy a 50 percent stake in Celtic.

A further 5.4 million ($8.1 million) is expected to be raised by a public share issue, which will be partly supported by Mr. McCann who is personally offering 2 million ($3 million) worth of `soft' loans to enable Celtic supporters to buy shares.

This total initial investment of 17.9 million ($26.85 million) would be enough to get the redevelopment of Celtic Park off the ground, said Mr. Bain.

Mr. McCann's proposals would increase the number of shares in Celtic from its current 20,000 to 250,000.

Mr. Bain said: "On the balance sheet, Celtic's shares are worth no more than 30 ($45) each, but Mr. McCann is offering to buy them at a minimum of 60 ($90) each.

"Eighteen months ago, the club's shares were trading for 3.75, although about a year ago they briefly changed hands for 200 to 300 each because a dissident group was trying to gain control.'' If Mr. McCann succeeds in gaining control of Celtic, he would become Celtic's chairman and CEO, running the organisation on a full-time basis.

"He would not be allowed to sell any of his 50 percent stake for five years, which is the time he believes he needs to turn the club around,'' said Mr.

Bain."At the end of that period, his shares would be offered to all the rest of the shareholders at a price below whatever the market value is at the time.

"From that point on, no-one would be allowed to own more than ten percent of Celtic Football Club.'' Mr. McCann, a 51-year-old bachelor, has homes in Arizona, Montreal and Bermuda (at Grosvenor Court in Pembroke).

After growing up in Scotland, he attended Glasgow University and became a chartered accountant before emigrating to Canada aged 22.

A Celtic supporter since he was a boy, he claims to have made heavy financial losses televising the Celtic-Inter Milan European Cup semi-final in Toronto in 1972, according to Scottish newspapers.

He made his fortune by selling golf package tours to Americans on the premise that every American golfer wanted to visit the Scottish course of St.

Andrew's, which is the home of golf.

Mr. McCann, a keen golfer with an eight handicap, later began running golf tours to Bermuda, Ireland and also the British Open.

When World Golf was sold in 1986 to another Bermuda-registered company, ADT, the British conglomerate, it was the largest business of its type in the world, handling 4,000 clients a year and operating tours to 14 countries.

Mr. McCann reportedly made $8 million from the sale, which became the base for his current estimated wealth of $25 million.