Saturday 9th April, 2022 at 2:30pm
Announcement from Three Black Cats
“After careful consideration, the Directors of Three Black Cats (3BC) have decided that The Jags Foundation (TJF) will not be given the majority shareholding in Partick Thistle gifted by the late Colin Weir.
“Whilst many good people have given their time and efforts, TJF appears to have gotten sidetracked from making the case to 3BC as to their suitability for accepting the shares. Nothing we have seen to date persuades us they have made progress towards passing the “fit and proper” test to receive the shares. Nor have they have shared their vision for their involvement in the future of the club
“We believe that to hand over the shares to TJF could be to the detriment of the club, its stability and potentially jeopardise its future. That was not Colin’s intention in making this gift.
“So, after more than two years, it’s time to get on and deliver on his aspirations. We have started the process of returning the land to the club and have set up a meeting with the club Board to share our thoughts around options for the shareholding.
“In line with the club’s request for the focus to be on the football for what remains of the season, 3BC will use that time to assess how the transfer of shares can be made sooner rather than later, with a view to reporting back once the season ends.”
Response from PTFC Board and CEO to the 3BC announcement welcomes process starting to return land to Club after 13 years
“The Club notes today’s announcement by Three Black Cats (3BC) regarding The Jags Foundation (TJF). It is disappointing and regrettable that TJF will not be the vehicle used for the transfer of the majority shareholding to Thistle supporters. But our recent experience of working with TJF has raised concerns amongst Directors that, despite our best efforts to move things on, we were not making any substantive progress.
“Much has been made of due diligence, which has no legal requirement for a gift. What TJF wanted was for the Club to complete a form giving a snapshot of the Club’s position on a single day. Instead, we offered to put a director on our Board to give a full, unhindered view of the current financials and operations on an ongoing basis. Nothing was hidden, access was unfettered and yet TJF continued to allow due diligence to be a constant distraction.
“Trust went completely after TJF failed to share important information with fans as we asked them to after we chose to make it available to them for that sole purpose. We, not TJF, called the meeting on 17th March where we answered all the questions put to us, from due diligence to finances to the state of the pitch to stadium maintenance. They created an impression that we had only agreed to answer questions for a Q & A when, in reality, we had already answered the questions fans had asked.
“We are very pleased that 3BC has reaffirmed its commitment to the transfer of the majority shareholding to fans as soon as practicable. We will do whatever we can to ensure that there are no further delays to the handover. After more than two years, we are as frustrated and as keen as the fans to see this matter resolved.
“The Club also welcomes the news that agents have been instructed to begin the transfer of land to us, also as originally planned. This will be the first time that Thistle has owned the whole stadium in 13 years.
“While these matters progress, we urge all Thistle supporters to join the Club in fully focussing on our the remaining, hugely important men’s first team matches in April.”