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Jags Trust Statement: Changes to Board of PTFC Ltd


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The Jags Trust statement is in two forms, this relatively brief precis and the full document (available here) which explains the Trust Board’s support of moves to change the
composition of the Board of PTFC Ltd.                                                                                                                    

The Trust had sought a meeting with the Club Board, and that had been agreed in principle, though the CEO had been at pains to point out that

  • the Club has no shares (a matter about which we had long been concerned).
  • that if we wanted information, the Club could not provide it and we should, as had already been our intention, speak with those associated with the potential change of ownership.

Subsequently, representatives of shareholders engaged with The Trust over several days and we discussed matters associated with the current and future operation of our Club.

The Trust had been aware of the apparent weakening of the infrastructure of PTFC Ltd, particularly in respect of financial controls and had significant concerns over this.

Further, it was unclear what recent additions to the Board brought to the table, and confidence was dwindling over issues of presentation and substance at the highest level.

At this stage it must be stressed that utterly exempt from any criticism is Colin Weir whose massive contribution to Partick Thistle was, is and should always be respected.

The Jags Trust had researched the bona fides of those identified in a potential change of ownership and produced a substantial document which explored:

·         the business and commercial background of Messrs Chien Lee and Conway

·         the business model they were applying to their growing football portfolio

·         the Billy Beane/Moneyball philosophy

·         the fundamental question of “Why Thistle?”

·         the threats to and opportunities for our Club.

The full statement summarises the findings/conclusions based on this research.

Reasons of confidentiality, commercial sensitivity and time pressures rendered it impossible to consult with the membership and thus The Board of the Trust was faced with the options of either taking an informed decision on what we felt was in the best interests of our Club, or of sitting on the side-lines doing nothing. We felt that to abrogate our responsibilities and do nothing would be to betray the spirit of “Save The Jags” from which The Trust had been formed!

Some will, inevitably, disagree with our interpretation, our conclusions and our actions.

None should question our motivation.

Ultimately, the Board of the Trust backed moves to alter the composition of the Board of PTFC Ltd by removing Ms Low and Messrs Smillie and Robertson, the return to the Board of Messrs Beattie, Springford, Gilfillan and the appointment of David Kelly who, until earlier this year, had been Financial Controller at the Club.

The Jags Trust’s shares cannot be traded, and we will have no locus in transactions between individual shareholders and parties behind any potential change of ownership – but we have a voice which will be heard![1]

There are no guarantees in sport, and nothing is without some risk, but the potential change of ownership appears to offer, at the very worst, nothing which could be regarded as inferior to what we already faced in the season ahead.

In essence, the proposals appear to offer hope where there was very little and potential for progress at a rate which could not otherwise be envisaged.

Should time permit it, we would urge you to read the full statement

 

[1]  To make that “voice”, your voice,  join The Jags Trust!

Link to full statement here 

 

 

Edited by Jags Trust
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A good statement from the Trust, and a good response from them to the situation as it stands.

However for heavens sake, with Low gone, now is the time for the two fans' trusts to meet and to agree a common strategy towards any changes proposed.

The trusts are in a very powerful position, but the only way they can  exercise it is to act as one.

Time for action.  Don't delay!

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50 minutes ago, Jags Trust said:

The Jags Trust statement is in two forms, this relatively brief precis and the full document (link below) which explains the Trust Board’s support of moves to change the
composition of the Board of PTFC Ltd.                                                                                                                    

The Trust had sought a meeting with the Club Board, and that had been agreed in principle, though the CEO had been at pains to point out that

  • the Club has no shares (a matter about which we had long been concerned).
  • that if we wanted information, the Club could not provide it and we should, as had already been our intention, speak with those associated with the potential change of ownership.

Subsequently, representatives of shareholders engaged with The Trust over several days and we discussed matters associated with the current and future operation of our Club.

The Trust had been aware of the apparent weakening of the infrastructure of PTFC Ltd, particularly in respect of financial controls and had significant concerns over this.

Further, it was unclear what recent additions to the Board brought to the table, and confidence was dwindling over issues of presentation and substance at the highest level.

At this stage it must be stressed that utterly exempt from any criticism is Colin Weir whose massive contribution to Partick Thistle was, is and should always be respected.

The Jags Trust had researched the bona fides of those identified in a potential change of ownership and produced a substantial document which explored:

·         the business and commercial background of Messrs Chien Lee and Conway

·         the business model they were applying to their growing football portfolio

·         the Billy Beane/Moneyball philosophy

·         the fundamental question of “Why Thistle?”

·         the threats to and opportunities for our Club.

The full statement summarises the findings/conclusions based on this research.

Reasons of confidentiality, commercial sensitivity and time pressures rendered it impossible to consult with the membership and thus The Board of the Trust was faced with the options of either taking an informed decision on what we felt was in the best interests of our Club, or of sitting on the side-lines doing nothing. We felt that to abrogate our responsibilities and do nothing would be to betray the spirit of “Save The Jags” from which The Trust had been formed!

Some will, inevitably, disagree with our interpretation, our conclusions and our actions.

None should question our motivation.

Ultimately, the Board of the Trust backed moves to alter the composition of the Board of PTFC Ltd by removing Ms Low and Messrs Smillie and Robertson, the return to the Board of Messrs Beattie, Springford, Gilfillan and the appointment of David Kelly who, until earlier this year, had been Financial Controller at the Club.

The Jags Trust’s shares cannot be traded, and we will have no locus in transactions between individual shareholders and parties behind any potential change of ownership – but we have a voice which will be heard![1]

There are no guarantees in sport, and nothing is without some risk, but the potential change of ownership appears to offer, at the very worst, nothing which could be regarded as inferior to what we already faced in the season ahead.

In essence, the proposals appear to offer hope where there was very little and potential for progress at a rate which could not otherwise be envisaged.

Should time permit it, we would urge you to read the full statement

 

[1] [1] To make that “voice”, your voice, join The Jags Trust!

Link to full statement here 

 

 

This is welcome attempt at a clarification of a highly complex situation. Thanks for posting this.

Please note your 'join the Jags Trust' link still does not work. Suffers from the same linkage problems it had last year [Checkout is closed This store isn't set up to process payments]

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