The Canada-based Scot took control of the Hoops back in 1994 when they were on the verge of bankruptcy before completely turning the clubs fortunes around in the next five years.
This week marks 20 years since McCann saved the day at Parkhead and his efforts are certainly not lost on Scotland international Mulgrew.
"I'm sure in the last couple of days with Fergus McCann being mentioned again, the fans will look back," he told Celtic View.
"As a supporter myself, I'm very thankful of what he did for this club.
"To think we were on the brink, the job he did was massive and maybe it wasn't appreciated at the time by all the fans but it is now.
"The Scottish boys and the boys that support the club growing up definitely know the job that Fergus McCann did for the club.
"I was a kid at the time but I remember the stadium getting built and maybe I didn't realise how good a job he was doing at the time but looking back now, you can´t thank him enough. What he did for the club can´t be overlooked."
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