McCann and the contractors, Miller Construction, claim a two-tiered 26,740 all-seat stand will be ready by 4 August, 1995. Later, the completed ground will hold 60,000. Next season Celtic will be playing in front of stands on either side of the ground, which will have two open ends.
The new stand, on the site of the former terracing known as "The Jungle", incorporates two curved ends which will later link with the rest of the stadium. "As stated earlier this week the first priority for the money raised from the ongoing share issue is the strengthening of the first-team squad," McCann said.
"However, some of the new money will be used for this project. Major funding comes from current cash reserves, bank financing, grants and ongoing commercial and other income. I feel it is an important decision for Celtic to stay on the Parkhead site."
Celtic travel to Aberdeen when Premier Division action resumes on Monday. Paul McStay should be fit to take his place in the Celts' midfield, after missing Scotland's European Championship defeat in Greece last Sunday because of a throat infection.
The Aberdeen manager, Willie Miller, could give Duncan Shearer a recall. The experienced striker scored four goals in a comeback game this week after being out almost since September with a knee injury.
Rangers hope to welcome back their key strikers, Mark Hateley and Ally McCoist, against Hibernian at Ibrox, also on Boxing Day. However, Andy Goram, who injured his calf in Greece, is unlikely to play in goal against his former club. The experienced Billy Thomson, once of Dundee United, stands by.Reuse content