No, Celtic FC didn't die in 1994.
Fergus McCann took over a club in deep financial trouble, invested ยฃ9.4m, restructured it into a PLC, cleared debts โ no liquidation, no administration. Same club, same history since 1888, continuous league status.
The "new club" line is just Old Firm banter. Rangers 2012 was actual liquidation and a fresh start in the lower leagues. Celtic carried on uninterrupted.