Yesterday, Three Black Cats (3BC) – the majority shareholder of Partick Thistle Football Club, announced that PTFC Trust – an existing shareholder of the Club – as the “preferred recipient” of the 55% majority shareholding in the Club.
We have scrutinised the 3BC statement, the PTFC Trust’s own statement from yesterday, and other available information about this proposed deal.
In short, we do not believe that the transfer of shares should go ahead unless and until it is clear that (a) the wider Thistle support has been consulted fully on what it will involve and (b) fans have expressed a clear wish in favour of the transfer proceeding on these terms. We call upon minority shareholders of PTFC to make this case to the Club Board.
We have made a number of observations about the proposed arrangement, and requested as a matter of urgency that a number of important governance matters be clarified with regard to it. To read more, please click the button below.