Tuesday 16th January, 2024 at 5:58pm
Following Partick Thistle FC holding its Annual General Meeting on Thursday evening of last week, the club can provide the following update to supporters.
Shareholders in attendance at the AGM heard CEO Chris Ross lead a comprehensive business update from the club as we continue our fan ownership journey, boosted by your outstanding support including a 32% increase in season ticket purchases this season.
We’d encourage all Thistle supporters to read this wider update for fans in full.
PTFC Board
Three new appointments have been made to the Partick Thistle FC Board following Thursday’s AGM, with further elected fan representatives to be appointed in the summer.
Thistle shareholders approved the additions of new directors Elliot Gilmour and Elaine Hamilton to the club board, while Stuart Callison replaces Andrew Holloway as The Jags Foundation’s representative, all subject to Scottish FA approval. Current board directors Richard Beastall and Caroline Mackie were re-elected for another term, with Douglas McCrea not seeking re-election marking the end of his term as director. Two more fan representatives will be elected in the summer.
As announced last month, Jags fan and US-based investor Donald McClymont – part of a small group who invested £500,000 into the club in October – has opted to take the board seat he is entitled to under the terms of that investment, his appointment is also expected to be formalised this month.
You can read short profiles about Richard Beastall, Stuart Callison, Elliot Gilmour, Elaine Hamilton, Caroline Mackie, Donald McClymont and Chris Ross at the end of this update (Appendix 1).
Everyone at the club would like to thank Douglas and Andrew for stepping up to help the club in 2023 and we look forward to welcoming them to matches at the Wyre Stadium at Firhill this year, Douglas as a fan and club sponsor and Andrew as a fan and new chair of The Jags Foundation.
Strategy for the squad
As well as supporting Kris and Paul to improve the squad with new additions, as evident and ongoing during this January transfer window, it is imperative that we strive to retain our best players and assets for the future.
This is evident in the contract extensions signed this season by many players including, but not exclusively, Aidan Fitzpatrick, captain Brian Graham, Steven Lawless, Harry Milne and Ben Stanway.
That first team talent strategy must be and is aligned to the Thistle Weir Youth Academy, which is closing in on providing 1,000 first team appearances to the club across all academy graduates, including the latest contribution we all enjoyed by Ricco Diack on Saturday.
The Board remain fully supportive of the Academy and are continuing to carry out a review to ensure the Academy remains an important part of the club’s future.
The financial position
A three-year-plan to improve on the loss of £355,834 reported for the year ending May 2023 was shared with shareholders. This plan will see a greatly reduced loss posted for this year assuming the club finishes in the play-offs and makes no further progress in the Scottish Cup, unlike the case with progress resulting in the tie against Rangers last season.
The managed loss for this season as part of our turnaround plan will be followed by a breakeven for next season with profits expected beyond then. This will be achieved through a combination of growing commercial revenues, improved hospitality offerings and increased attendance at Firhill. The board are developing strategic plans to unlock these new revenues.
In addition, the directors will continue to explore cost-saving initiatives, although we will continue to benchmark our playing budget to ensure we remain competitive at current levels.
When finalised these budgets will be shared with the PTFC Trust as required by the Club Trust Agreement.
It is worth noting that these budgets are based on mid-table finishes in the Championship, minimal success in the cups and no player sales.
There is no threat to our cash position based on these forecasts, with any potential further investment earmarked for strategic use rather than the operating budget.
At the AGM it was also announced that the board are exploring the completion of the second tranche of £500,000 investment led by Donald McClymont, a deal which would have to be approved by shareholders and fans.
A portion of this would also be used to provide financial security with respect to our commitment to improve all aspects of the club.
Club news
In conclusion, we hope supporters welcome this update which in intended to keep you as fully informed as possible.
Everything that was positive at Partick Thistle in 2023 was achieved through a spirit of togetherness and the newly formed PTFC Board is determined to continue in that spirit and work together with supporters, sponsors and squad alike on the next stages of the club’s fan ownership journey.
Thank you for your support.
Appendix 1 – PTFC Board Director and CEO biographies
*New appointments subject to Scottish FA approval
(listed in alphabetical order and as they appeared in AGM notes)
Richard Beastall (since December 2022): Richard works as a fractional CFO for several SME businesses based in Scotland with turnovers ranging from £1m to £50m. He specialises in business turnarounds and finance raising as well as acting as a mentor for newly appointed Finance Directors. He was previously the Finance Director for The Herald & Evening Times Newspapers and leads on all financial matters at a board level. Until recently he was a trustee of the majority shareholder the PTFC Trust and has been a Thistle fan for over 30 years.
Stuart Callison: Stuart has been a Thistle fan for more than 50 years, through thick and (mostly) thin, but was lucky enough to be present on that famous day in 1971. A qualified accountant, he is currently the CEO of St. Andrew’s First Aid and has previously worked in urban regeneration and for the National Audit Office. Stuart’s expertise lies in strategic and business planning, with a particular interest in community engagement, and he is keen to work with the staff team and the Board to build the club’s fan base and off field activities, in order to give us the best chance on the pitch. As the nominated TJF fan director, he is also committed to making sure that supporters are kept up to date with developments and understand the Board’s vision for the club.
Elliot Gilmour: Elliot is a highly motivated & experienced leader who runs a highly successful Management Consultancy company in the UK, Spitfire. Elliot has also been a sponsor of both the main football club and Thistle Weir Youth Academy in previous years. Elliot would lead on Corporate Governance & Fan Ownership matters if appointed.
Elaine Hamilton: Elaine is a company director and shareholder in a growing digital media company, with an excellent record of success working for both established and growth brands over the past 25 years across the sports and professional services sectors. Elaine would support sponsorships, partnerships, marketing and hospitality if appointed and has volunteered across a number of these areas since August 2023.
Caroline Mackie (since December 2022): Caroline runs MAS Electrical & Security Systems and was instrumental in raising much needed funds for the Club during the Covid Lockdown. Most recently she was a Founding Director of the Jags Foundation and also leads on Partick Thistle Women and Safeguarding matters.
Donald McClymont: Donald is the newest member to the Board of Directors via his recent major investment into the football club in September 2023. He is the current CEO of indie Semiconductor (listed on NASDAQ:INDI) and has been a longstanding sponsor and supporter of the Club. Donald will drive commercial growth across the Club at a board level.
Chris Ross (non-voting capacity since July 2023): Prior to his appointment as CEO, Chris held roles responsible for the day-to-day running of Morton (SPFL) & Stevenage (EFL). In 2018 he was awarded a British Citizen Award from Westminster for Outstanding Contribution to Society. Chris leads on operational & day to day activities across the football club.
Appendix 2 – Stadia improvements and safety
The Colin Weir Stand is now over 100+ years old and requires significant maintenance. Across the Wyre Stadium at Firhill since July we have made several key improvements to:
