Club-Trust Agreement - A Summary

The Partick Thistle Club-Trust Agreement (CTA) is a binding legal agreement between Partick Thistle Football Club and the PTFC Trust (the Club’s majority shareholder). The trustees of the PTFC Trust are two fan organisations, TJF and The Jags Trust.

It is similar to agreements in place at other fan-owned Football Clubs, modelled closely on Exeter City’s CTA, but adapted to reflect the specific circumstances of Partick Thistle.

Click here to read the Club-Trust Agreement

The Reserved Matters

Part 2 of the CTA sets out the full list of what are known as “reserved matters”. These are major decisions the Club Board cannot take without the prior approval of the Trustees.

There are five reserved matters we think are especially important. Trustee approval is needed for any proposal from the Club Board to:

  1. Dilute the shareholding of the PTFC Trust

  2. Relocate the Club from Firhill Stadium

  3. Buy or sell or take out any long-term lease on any land or buildings

  4. Take on any significant borrowing (whether secured or unsecured)

  5. Adopt the budget, strategic plan and/or business plan of the Football Club (from financial year 2024-25 onwards)

Beneficiary Votes

If any future investment proposal would involve diluting the PTFC Trust’s shareholding in the Football Club, the CTA also requires a prior beneficiary vote. This gives a legally binding say to anyone over 16 who is any of the following:

  • a season ticket-holder or ’71 Club member
  • a member of The Jags Foundation
  • a member of The Jags Trust
A beneficiary vote would also apply to any proposal to move the Club away from Firhill or to buy or dispose of any land or buildings. This safeguards Thistle’s home in Maryhill, giving Jags fans the defining say over any future redevelopment or relocation.

Club Board - Fan Representation

The Club-Trust Agreement also introduced directly elected fan representation onto the Club Board, with a guaranteed two nominees from the PTFC Trust.

In the first set of fan representative elections, Allan McGraw and Alistair Gray were elected to serve as representatives of the beneficiaries. They will hold office until no later than the late 2025/early 2026 Club AGM, ahead of which the next set of elections will take place.

The Jags Foundation is not directly represented on the Club Board. It makes representations to the Club Board through the directly elected fan representatives and in its capacity as one of the two corporate trustees.

Financial Stewardship Provisions

The original CTA was signed and came into force in February 2024. As part of the “Tranche 2” investment process in late 2023, it was agreed that the Agreement would be updated to include more rigorous financial reporting and scrutiny to the trustees. These changes were formally implemented in April 2025.

Under these additional measures, the Club Board is expected to use its best endeavours to meet a minimum cash reserves target and a minimum current ratio throughout each season. These are both measures of the Club’s liquidity: its ability to meet its short-term financial obligations.

Click here to read the Financial Stewardship Provisions of the CTA

Supporting documentation

The Club adopted a Corporate Governance Manual in October 2024. This document sets out how, operationally, the Club will be run, in accordance with the CTA. 

The CTA also commits the Club to publishing a “fan friendly annual review”. The purpose of this will be to provide transparency about the Club’s off-field activities to the wider fanbase.