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New Owner


Jag
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Message added by douglas clark

'Tis not the job of a moderator to stop people writing here. The rules are pretty simple:

reported ad hominem attacks will be investigated (and if found to be true) or write stuff that could get the site into trouble

and you'll either be warned / your post deleted, or - worst case scenario -  banned either temporarily or permanently.

This particular thread has had a vigorous exchange of views, and perhaps more heat than light. But the quality of the debate - it seems to me at least - is down to the lack of information.  That, in and of itself, means that whatever side you happen to be on is for a fan, very frustrating.

So, I have no intention of closing threads just because the quality of the postings isn't great. That is not the role of a moderator.

If you wake up the following morning you can always delete something you wish you'd never said.

 

 

 

 

 

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1 minute ago, Jordanhill Jag said:

But as you point out - TFE are simply like any other Fan - they dont own the Club - Three Black Cats do - so engaging with TFE is muted - its the Directors of Three Black Cats who will decide and Fans have no access to them 

Bit different from the original TFE Statements ?    

Doesn't this contradict your previous statement? (which I was replying to when you posted this).

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For what it's worth, I'm very happy that CW has generously done this.

Also, I have no doubt that he has only the best interests of the club at heart, which could not be guaranteed in the (unknown) plans of a mystery financial consortium. I think this is the best possible outcome, given that the current board wanted out.

Clearly there is a lot of work to be done to get the right people in place to take the club forward, but it is a far better outcome than seeing the club go to a bunch/pair/single financial predator whose reasons for interest in Thistle are still unknown after all this time.

I understand that the club has been run by "business men" for most of its history, but the world has changed and who can say that fans ownership won't provide more on-field success than we have enjoyed under the traditional model?

Not a lot to live up to really, is it?

I might even give TFE a wee pledge myself......

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Just now, Dark Passenger said:

I think you've misread my posts. I'm calling on the new owner/interim board to host a Q&A.

Has to be the New Owner surely - interim Board  have No shares and No Power -  and are No more than an Operations Board in the interim- in essence to ensure the lights are kept switched on 

Im pretty sure that if it had been made clear by TFE the Club was being sold to Three Black Cats and they would decide on the Fan Ownership Model and the terms of Share Transfer people would have had more questions 

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1 minute ago, Jordanhill Jag said:

The terms are those dictated by the Directors of Three Black Cats thats not what TFE stated originally ? Three Black Cats have never at anytime been involved ?   

Look ...why don’t I say they have a plan and leave it like that as you kept saying about Conway but no ...so why don’t you 

1. tell us what terms are being dictated by 3bc as I don't know what they are

2 I don’t know what 3bc involvement was does it matter now 

move on .....we all need to 

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2 minutes ago, sandy said:

Colin Weir has been extremely generous in his gesture. Let’s hope what emerges is a strong board with the right people to ensure the Club remains sustainable.

Exactly and we are not going to make that happen by not getting involved and carping from the sidelines 

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14 minutes ago, Jordanhill Jag said:

What has actually happened is that three Black Cats have purchased the Club - the Company and its Directors now own the Club 

That's what you wanted, though, isn't it?

You said, and I'm paraphrasing here, that Colin Weir should stop pissing around with TFE and purchase the majority shareholding. Money and power and responsibility and all that stuff...

So he has. 

The full statement has now been posted on TFE's Facebook page. An interim board will be appointed featuring business people and fans' reps. A separate group will be established by the PTFC Trust and TFE to create a new fans' entity that will be gifted the shares by the end of March next year.

Big questions are: Who's going to be on the interim board? Who's going to be in the working group? And, most importantly of all, what happens if we get to the end of march and the working group hasn't come up with a proposal deemed suitable by the majority shareholder?

Edited by Dark Passenger
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The press release referenced in my last post, as taken from TFE's Facebook page:

FIRST STEP TOWARDS FAN OWNERSHIP AT PARTICK THISTLE AS COLIN WEIR ACQUIRES MAJOR SHAREHOLDING IN CLUB AND BUYS LAND AT FIRHILL

Fan ownership came a step closer today for Partick Thistle with the sale of shares in the Club by its majority shareholding group to Three Black Cats Ltd (TBC). In an associated transaction, Firhill Developments Ltd (FDL) also sold its holding in land at the Club’s ground to TBC, which is a company wholly owned by Jags’ fan and Club Patron Colin Weir.

He approached Thistle for Ever (TfE) in early September offering his support for their early stage plans for fan ownership, after a majority shareholders group took control at Firhill, to allow them to consider an offer for the club. TBC has subsequently been working on a linked purchase with both the majority shareholder group and FDL shareholders, with the aim of then gifting the shares to fans.

With the sale now completed, TBC will immediately transfer the ownership of the land purchased back to the Club, within seven days. This means that the main stand, known as the Colin Weir Stand, and the undeveloped land to the south of the ground known as “the bing” reverts back to full Thistle ownership after 10 years.

TBC will gift the 55% shareholding, that it has acquired, directly to a new fan shareholding entity currently being developed, based on the Well Society model at Motherwell FC. To allow fans time to get the preferred structure in place, with the support of the Thistle fanbase, the shares will initially be held by TBC then transferred to fans no later than the 30th March 2020.

However, the substantive difference between this and all fan ownership models to date is that TBC has no requirement for the purchase price of shares to be repaid. That means the new entity will start life debt-free, in line with the current status of the Club.

In the meantime, TBC, as the majority shareholder, will replace the current Board with an interim board comprising of a mix of experienced business people and fan representatives. This Board will focus on running the Club over that period while, in parallel, TBC has asked that a separate working group be set up jointly by the PTFC Trust and Thistle for Ever to create the new entity that will be gifted the shareholding.

Speaking on behalf of the majority shareholders group, David Beattie said:

“We are pleased that our hard work in recent months has resulted in today’s sale. Our aim has always been to secure the long-term future of the Club and we have done this by selling our shares to a man whose support and love for this Club is beyond question. Colin Weir undoubtedly has the best interests of Thistle at heart and, although there were alternatives, we believe that his plan to support fan ownership, with the right mix of experienced business people behind them offers the club a secure future.”

Gavin Stewart, Chairman of Firhill Developments Ltd, welcomed the land sale saying:

“We set up FDL, as fans, at a time when Thistle needed investment to survive. We could not be happier to see Colin, another fan, now purchase the land and restore it to full Club ownership as it moves on to a new and exciting stage in its history.”

Colin Weir, on behalf of Three Black Cats, applauded the shareholders in both groups and thanked the fans who’ve helped him to date, saying:

“I am grateful to the majority shareholding group and FDL for working with Three Black Cats to pave the way for the exciting prospect of fan ownership for Thistle. I will ensure that the trust they are placing in me is not misplaced.

“Thistle for Ever (TfE) planted the thought of fan ownership as a real option in my mind. From there, TBC has taken the dream and is turning it in to a reality. But this has all happened quicker than anyone might have anticipated. That’s why I have offered a three to four month window for fans to get everything in place before handing over shares. They want to get it right and I want to be sure that when the new entity is operational, there is a structure that will allow for a smooth transfer of ownership. This is a major financial commitment on my part as fan owners will not need to repay a penny – but I believe this gives fan ownership the best possible start.

“There will be a further announcement about the members of the interim Board and, subsequent to that, in relation to my funding of the Thistle Weir Youth Academy.

“Today is a great day for a Club that means everything to me. I hope that fans can get behind this exciting development. They talk about Thistle being their Club - and now it really will be.”

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14 minutes ago, Big Col said:

I’ll reserve judgment until I see who’s putting themselves forward to be involved,  and more importantly, what experience and talents they have that make them think they can make a positive contribution to the club.

This.

The takeover is to be welcomed in the sense that it resolves the issue around ownership of the club that's led to 227 pages of bitter sniping, resolves the issue of Propco and potentially gives fans a long term stakeholding in running the club - something that's been problematic over the various trusts and fans groups in the 20 years since STJ.

Until we know the make-up of the short-term board, and their respective experience/skills, it's entirely fair to reserve judgment.  

We're also entering a crucial few months for the club in an odd position.  Will Weir be bankrolling substantive personnel changes for the new management team in January (something, let's be honest, that's absolutely needed), or will any changes come from the existing budget?  The former means we'll likely be subject to higher fees as folk look to milk our new owner for an extra quid or two, the latter means we're probably going to struggle to shift Caldwell's dead wood.  The interim board will be presiding over the club at this point, if the transfer of shares is likely to take a few months - therefore their experience and understanding of football operations, business and revenue is crucial, as is knowing what the short term running of Thistle will be like.  It'll also send a message to the fans, and to the new management team, what support they have from the people running the club.

Longer term it's essential  we know the make-up of the fans group ultimately running the club per Weir's statement.  There's still huge unanswered questions about the full make-up of TFE. There was, rightly, lots of grumbling from certain quarters about the lack of clarity over the Barnsley takeover and what their plans were for the club going forward, but beyond fan ownership TFE hasn't said much of their strategic aims or  goals yet either.

It's very easy to say in a statement to folk who've bunged your a few quid  'Everyone now needs to get behind us' but it's fair to ask what it is we're getting behind in the first place.  Day one answers are a bit ambitious perhaps, but clarity needs to come quickly and clearly from those now in charge of the club.  This might end up the start of a glorious new era, it might be the first step towards STJ2, it might end up business as usual.  But getting good communication from the people now looking after the club we all care about regarding their intentions shouldn't be something we need to ask repeatedly for.

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1 minute ago, Dark Passenger said:

That's what you wanted, though, isn't it?

You said, and I'm paraphrasing here, that Colin Weir should stop pissing around with TFE and buy the club. Money and power and responsibility and all that stuff...

So he has. 

The full statement has now been posted on TFE's Facebook page. An interim board will be appointed featuring business people and fans' reps. A separate group will be established by the PTFC Trust and TFE to create a new fans' entity that will be gifted the shares by the end of March next year.

Big questions are: Who's going to be on the interim board? Who's going to be in the working group? And, most importantly of all, what happens if we get to the end of march and the working group hasn't come up with a proposal deemed suitable by the majority shareholder?

For clarity - Ive never said "its what I wanted " but Yes if your going to have Power - you take responsibility and he has bought the Club-  as you are active on Twitter you might want to look at Dr Marie Macklin Account and statement today ........

You statement in your last paragraph is 100% correct - its a long long way to go before we are anywhere near Fan Ownership 

Three Black Cats own the Club .............

 

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One thing I'd like to know is, TBC, the Jags Trust and PTFC trust hold shares but are there any small shareholders who have held on to their shares? It seems to me the way forward is for the two trusts to get together, bring in a wider fan base and then put this new organisation to TBC to gift their shares but will the club then be 100% fan owned?

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6 minutes ago, Jordanhill Jag said:

but we arent involved Three Black Cats own the Club ?  

For the moment I assume that’s right - I don’t know if 3BC was the legal entity that bought the shares ? - with the intention of transferring their shares to a fans organization that will probably be a new entity and not tfe 

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5 minutes ago, javeajag said:

For the moment I assume that’s right - I don’t know if 3BC was the legal entity that bought the shares ? - with the intention of transferring their shares to a fans organization that will probably be a new entity and not tfe 

First bit is correct - second bit devil is in the detial so lets just wait and see and go look at Dr Marie Macklins Twitter Account   

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4 minutes ago, scotty said:

One thing I'd like to know is, TBC, the Jags Trust and PTFC trust hold shares but are there any small shareholders who have held on to their shares? It seems to me the way forward is for the two trusts to get together, bring in a wider fan base and then put this new organisation to TBC to gift their shares but will the club then be 100% fan owned?

Agreed, there has long been a sense of confusion with many fans as regards having two 'supporters groups', hopefully now with the change of ownership the club can pull all the various shareholders together?

 

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Just now, Jordanhill Jag said:

I think its News to most Fans as they thought TFE were taking over the Club - hence there support for it ? 

I’ve learned that you are very pedantic but I think we all knew that Colin weirs plan was to buy the shares and then gift them to the fans ....and that’s the plan....

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PARTICK THISTLE ANNOUNCE INTERIM BOARD MEMBERS FOLLOWING TAKEOVER

Following Colin Weir's acquisition of Partick Thistle on Wednesday evening, the Maryhill side have announced a new interim board.

The Three Black Cats (TBC), the new owners of Thistle for whom Weir is a director, have unveiled an interim board that will take charge of the club until ownership passes to supporters by the end of March 2020.

Colin Weir, Dr Charan Gill MBE, Ian Dodd, Alan Caldwell, Andrew Byron and John Penman have all been confirmed, with one additional board member still to be appointed.

Thistle manager Ian McCall and chief executive Gerry Britton will also attend board meetings but there is no club chairman: board members will take turns chairing meetings on a rotational basis.

A spokesman for TBC said: "We are grateful to the Directors for agreeing to take on their roles at this important time for the Club. They were selected for the skills they can bring to Thistle. After a period of uncertainty, it’s time to put the focus back on the football and support the management team in the key January window.

"We are also pleased that these two fans groups will come together, to work with fans, to prepare for what will be the most significant period in the Club’s history with fan ownership. We will offer any support they may need to deliver this within the agreed timescales, including funding legal work that may be required."

All of the interim board members have ties to Partick Thistle: Colin Weir has been a long-standing benefactor of the club; Dr Charan Gill, an entrepreneur  who owns the Ashoka restaurant, used to sponsor the club's shirt; Ian Dodd joined the Thistle board in 2010; Alan Caldwell is vice-chair of the Partick Thistle FC Trust; Andrew Byron is a current PTFC Trust trustee and former chair; and John Penman is a lifelong supporter.

https://www.heraldscotland.com/sport/18051092.partick-thistle-announce-interim-board-members-following-takeover/

Edited by Dark Passenger
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