Partick Thistle to become fan-owned by June 2022 after setting out timetable for transfer of majority shareholding from 3BC to TJF

Partick Thistle will become a fan-owned club by June 2022 after an agreement was reached between current owners Three Black Cats (3BC) and supporters group The Jags Foundation (TJF) for the transfer of majority shareholding.

3BC – the company Euromillions winner Colin Weir used to purchase the club in November 2019 – will relinquish control of the Scottish Championship side after a timetable for the transfer of shares and land owned was set out.

As part of the transition phase, there will be a period of “knowledge sharing” in order for there to be minimal risk to the Club or its stability and it will allow TJF time to gain a clearer understanding of how to fulfil their obligations in an informed way.

A statement from The Jags Foundation revealed the following has been agreed:

·  One Director of TJF will join the Club Board from the AGM in November. There’s no better way to understand the workings of an entity than see it up close. They will be invited to join the Board for the PT Women’s FC.

·  At the point the shares are handed over, a further TJF Director would be added, again subject to the agreement of the Club Board.

·  All Directors of TJF will sign a non-disclosure agreement (NDA) following the November AGM.  That would trigger a number of things to happen:

1. Informal regular monthly meetings to be held between the Chairman of TJF and Chairman of the Club Board, with the CEO in attendance to discuss matters arising.

2. Meetings between the two Boards for updates, as part of the learning process and for people to get to know each other and build trust.

3. Minutes would be shared between the two boards.

4. Individual TJF Directors will spend time learning about key aspects of the Club with the support of Directors, CEO and Club staff.

The Jags Foundations chairman Gavin Taylor welcomed the transfer agreement after 18 months of uncertainty due to the Coronavirus pandemic.

He said: “The key question all Jags fans have been asking TJF is ‘when are the shares going to be transferred?’

“Despite all the difficulties caused by the pandemic I am pleased that we now have a definitive answer.

“The timescale gives us an opportunity to work with the PTFC board in order to ensure a smooth handover and more importantly gives us the springboard we need to engage directly with the fans and to properly build up the membership base”

Current Partick Thistle chairman Jacqui Low added: “The Club welcomes this simple set of proposals which we hope can form the basis of a strong working relationship for the future between the Thistle Board and TJF.

“Having a new majority shareholder shouldn’t destabilise any aspect of the Club or affect the football side of Thistle. Instead, it should bring the fans and their voices to the heart of the Club.

“But all parties- TJF, 3BC and the Club Board – need to put work in to ensure that this happens effectively and without disruption to the proposed timetable.

“In relation to the date for the transfer, there were tax implications associated with that that would have impacted the Club and The Jags Foundation if not mitigated by waiting for a fixed period before actioning Colin Weir’s wishes.

“However, even by doing this, there are still likely to be tax liabilities arising from the change in share ownership and I am pleased that 3BC is budgeting to cover those costs.

“This will allow The Jags Foundation and the Club to move in to the era of fan ownership at no cost to either party.”

It is a historic moment for Partick Thistle, who currently sit fourth in the Scottish Championship, as they prepare to visit Greenock Morton on Tuesday night.