Wednesday 17th August, 2022 at 9:30am
The Club has this morning received the following update from Three Black Cats in relation to fan ownership, which it has been asked to share with fans:
We are pleased to finally announce that the preferred recipient for the majority shareholding is the PTFC Trust.
Following a radical overhaul of the Trust, we are confident that this independent entity will provide strong representation for fans. Crucially, with the experience of the Trustees, in their careers and as fans, we believe there will be a positive working relationship with the club, which can only augur well for fans.
It was important to 3BC that there was a substantial number of the fan base represented from the outset. With the Trust model, all adult season ticket holders will immediately become beneficiaries and custodians of almost 75% of the shares in Thistle. But we were equally pleased to see that the Trust is also working hard on ways to bring non-ST holders on board to give them a voice too.
The Trust understood and met Colin Weir’s wishes for stability and security for the club. This was reflected in their simple but effective proposal that puts fans at the heart of their vision for fan ownership.
The club Board, at the request of 3BC, considered that proposal and the suitability of the Trust becoming the vehicle for the majority shareholding. Club Directors also met with Trustees to discuss a range of matters, including finalising a short memo of understanding that will lay out clearly how the two entities work together going forward. As a result, the Board has advised 3BC that they agree that the Trust should become the preferred recipients of the shares.
Finally, the SFA will be approached shortly to approve the transfer which, if agreed, will go ahead on a date of the Trust’s choosing.
People who’ve never met Colin Weir will speculate as to what he would think today. The directors of 3BC know exactly what he wanted – for the fans who love the club to be guardians of its majority shareholding, keeping the club stable and safe from being sold against fans’ wishes. He would be quietly chuffed that this has now been settled and his wishes delivered
The Partick Thistle FC board said:
“We welcome this morning’s important announcement that the PTFC Trust is the preferred recipient for the majority shareholding in Thistle. After a long period of uncertainty, it’s good that the focus is firmly back on football going forward. The Club Board has already held a positive initial meeting with the Trust and looks forward to working closely with the fans’ representative body for the good of the club and supporters.”
