Update from the PTFC Trust trustees

Friday was a frustrating one on the pitch at Firhill, as Thistle slipped to defeat against the Pars.

But off the pitch, an important milestone was marked, with the signing and entry into force of the Club-Trust Agreement (CTA).

Back in January, we consulted with the fans on a draft of this new legal document. The final agreement is (almost) identical to the original text. The only changes are minor drafting tweaks, suggested by beneficiaries, for which we are very grateful.

Conventional Fan Ownership

The new model is a much more conventional form of fan ownership than what went before, influenced by the “best-in-class” at Exeter City. We have a legally binding set of reserved matters, which gives the PTFC Trust a veto over major Club Board decisions.

It also puts important powers directly in the hands of the fans. Later this year, all of the beneficiaries of the PTFC Trust will have the opportunity to elect fan representatives to the Club Board.

The CTA also requires “beneficiary votes” on any major decisions affecting the majority shareholding or the redevelopment/sale of any land or buildings.

Trustee changes

On Saturday, Neil Drain also formally stepped down as a Trustee. The fan ownership roadmap, set out in early 2023, has therefore now been fully implemented, leaving two fan groups as the joint custodians of the majority shareholding. We thank Neil for working with us to get to the end of this process.

Looking to the future

The remaining Trustees – The Jags Foundation and The Jags Trust – have a lot of work ahead.

We will, in due course, be scrutinising the Club Board’s budget proposals for next season (for which Trustee approval is now required), as well as any investment proposal, if and when presented.

We are also making preparations for the fan representative elections, compiling and doing quality assurance on the beneficiary voter database. We’ll be in touch soon about this.

Be Part of This

This is your chance to get involved and to shape our Club in the image of its fans. We encourage every Thistle fan to join either or both of the two fan groups, if they haven’t already.

Let’s build a Club we can all be proud of: financially sustainable, rooted in the community, and back in the top flight.

Contact details for the PTFC Trust

If you want to contact the PTFC Trust’s trustee group directly, please email contact@theptfctrust.co.uk.