Millionaire Desmond set to sell Celtic shares

CELTIC’S biggest shareholder is believed to be close to selling his stake in the club.

Sources yesterday said tycoon Dermot Desmond would hold talks in London this week to discuss a possible sale.

Mr Desmond owns just under 30% of the club's shares. It has been widely rumoured that he wants to sell to concentrate on his interest in Manchester United.

But one potential buyer ruled himself out of the possible sale. Millionaire city businessman Willie Haughey, who owns Rutherglen-based City Refrigeration, had been tipped to buy back into the club.

But he denied that suggestion earlier this year and yesterday repeated: "There is no truth in this whatsoever. I am a million percent sure this is not true. I am not meeting with Mr Desmond this week and I am not meeting with anybody to buy Celtic shares."

Mr Desmond's Dublin office refused to comment on any moves to sell his interest in Celtic.

And a spokeswoman for the club said: "This is purely speculation."

Jim Divers of the Association of Celtic Supporters Clubs said: "Speculation always surrounds Celtic. We would expect stories like this in the weeks prior to the club's AGM. But there's no indication that there are any moves at all for shares in Celtic."

Mr Desmond and his associates now own around 28.5% of Celtic FC, just below the maximum 29% which is allowed under Stock Exchange rules before they would have to bid for all the club shares.

The tycoon made more than £100m from his investment in Esat Digifone, after Irish businessman Denis O'Brien sold the company to BT.

Mr O'Brien has invested £1m in Celtic, as has Formula 1 chief Eddie Jordan. Martin O'Neill has invested £2m. Other Irish investors in Celtic include Thomas G Lynch, executive deputy chairman of Elan.

Any sale would increase speculation about the future of Celtic manager Martin O'Neill who was yesterday being tipped for a return to the English Premiership as Glenn Hoddle's replacement at Spurs.