Former Celtic managing director Fergus McCann will today formally place his majority shareholding in the club up for sale, having kept to his commitment of offering Parkhead supporters the first opportunity to buy.

McCann, who left the club at the end of last season five years after effectively saving the club from folding, has a 50.3% stake in the Glasgow club worth an estimated £45million. Under the offer of sale through Williams de Broe, priority will be given to existing shareholders and then to Celtic season book holders resident in the UK and the Republic of Ireland ahead of other applicants.

McCann's vision was always a wide distribution of his shares as he made clear last year when rejecting a consortium led by Kenny Dalglish, who has since been appointed Director of Football Operations at Celtic.

As part of McCann's proposal he has offered to contribute around £1.5 million to the setting up and development of a training academy on the proviso enough of his shares are taken up.

McCann said today, ”I am pleased to announce the details of the sale of my shareholding in Celtic that enables existing shareholders and season book holders to increase substantially their ownership of the club. I am satisfied with the progress the club has made over the last five years. I now look forward to once again being a full-time supporter and hopefully watching the team and club progress to realise its full potential, which I believe is considerable”.

Current Celtic chief executive Allan MacDonald said, “We thank Fergus for his considerable efforts and contribution in creating a firm foundation for the future of the club and the Celtic brand. We welcome the opportunity this sale gives to our existing shareholders, season book holders, qualifying players and staff to participate in the long-term success of Celtic”.