Partick Thistle Football Club

A copy of a letter sent to shareholders is detailed below. 

Unfortunately, there was insufficient centenary fund forms, but these will be available at the shareholders meeting and at the West End Festival.

Questionnaires will also be available to supporters at the West End Festival on Sunday 14th June 2009. 

Just a reminder that the stall will be situated on Kelvin Way at Kelvingrove Park, and will run from 12 noon until 4.00pm. 

We look forward to seeing you there.

"11^th June 2009

Dear Shareholder

At the AGM on 31^st March the Board of Directors emphasised the need to increase revenue generation and control costs with a view to sustainable progress as an organisation and as a football club.

Glasgow Warriors have committed to Firhill in the medium term, Ignis have extended their deal by one year, and Greaves Sports intend to build on a first years merchandising which exceeded all their expectations.  In the coming year, Denis McQuade and Stuart MacPhee will drive a number of new initiatives including "Jags Ambassadors" and the possibility of upgraded season tickets.

The ultimate goal is a successful football team.  However, Partick Thistle is much more than that.  We are a community club with a long history in Maryhill and Glasgow.  Allowing under-16s in for free has been universally applauded.  We intend to build on that so that everyone can feel proud to be associated with "The Jags".

 Ian McCall has now signed a three year extension to his contract.  Gerry Britton and John Henry are an integral part of a set up which has not only shown great progress at first team level, but has recognised the whole youth structure.  Bobby Dinnie, Alex Robertson and their colleagues have strengthened our scouting network.

Stabilising the finance is crucial.  Servicing debt detracts from the playing budget and can adversely affect many areas of development.  This is why the Board of Directors have been investigating the possibility of releasing the Stadium asset to clear debt built up for a number of reasons, but most of all by the SPL requirement to build the North Stand.

 There are two main options:-

• 1. Transfer Stadium to Property Company for £3.6M valuation with club retaining 50% ownership of company. A lease in perpetuity would be granted to PTFC at peppercorn rent amongst other conditions.
• 2. Transfer South End and West Stand for £1.8M valuation with club retaining 50% ownership of company and rest of stadium.

In both cases investors will get 5% priority return.  The advantage of the former is that it clears the debt in full.  However raising £1.8M is a challenge.  Both cases need Bank of Scotland co-operation.

The Board of Directors would like to invite all shareholders to a meeting within the Alan Rough Suite of the Jackie Husband Stand at 7.00pm on Wednesday 24^th June 2009 to discuss all of the above issues.  A centenary fund application is enclosed along with a questionnaire (excel, 19k) which can be returned by post or brought along on the night.

Tom Hughes

Vice Chairman

On behalf of the Board"