Partick Thistle Football Club

Partick Thistle Football Club has received a huge cash boost with the news that a consortium of lifelong fans has collectively ploughed £1M into the club in an innovative property deal to help secure its future.

The investment will see the transfer of Firhill's Main Stand and south end to an independent property company (Propco), owned 50% by the football club. Within the £1M investment the club's £1.6M debt will be halved to £800,000 while annual repayments and interest payments will also be reduced by 50%.

Propco's intention is to develop the main stand and south end - with a commitment to a four-sided football stadium - when favourable property market conditions return (with an exit premium of 5% for investors). 

The deal will be formally presented to shareholders at an EGM on August 20. Notices are being sent to all PTFC shareholders this week.

Tom Hughes, Partick Thistle vice-chairman, said: "Everyone is acutely aware of the growing financial pressures in Scottish football and Partick Thistle is not immune.

"We are extremely fortunate to have such committed fans who have agreed to support the club in such a significant and innovative way.

"It must be stressed that this is a wholly beneficial move for Partick Thistle which helps to secure the future of the club. The fact that the four main investors involved are lifelong Thistle fans is an added and welcome bonus.

"We would also warmly welcome any other notes of interest of investment on this basis."

Propco's principal investors are current directors David Beattie and Billy Allan along with lifelong supporters Gavin Stewart and Alan Lobban.

In a joint statement the Propco investors said: "First and foremost we are doing this to help Partick Thistle Football Club and anyone who knows us will realise we have the club's best interests at heart.

"Our absolutely priority is to assist the club in alleviating the debt which has the potential to become a real and threatening issue."

 

Partick Thistle manager Ian McCall said: "It is paramount that if we are to realise everyone's ambitions for Partick Thistle, including my own, that we remain at Firhill and develop it for the benefit of the fans and the wider community.

"This deal allows us to do that and I'm very grateful to the investors for making this financial commitment. I'm confident that our core fanbase will continue to offer committed support to the team and club with the ultimate objective of emerging from this challenging period in the strongest possible shape for an exciting future."