Partick Thistle seek £500,000 to avert cash-flow pressure

Thistle's board says investors will gain no control over the fan-owned club

Partick Thistle have asked shareholders to approve a further £500,000 of outside investment that would reduce fan ownership to 65.3% of the Scottish Championship club but prevent them running out of money before the end of the season.

It comes a year after an identical investment reduced fan control through The PTFC Trust and The Jags Trust to 72.6%.

Explaining the need for further investment, Thistle's board stated on their website: "We are budgeting to make a managed loss of £280,000 this year based on a fourth-place league finish."

Thistle say that, if fans vote against the proposed investment, they "will be under significant cash-flow pressure towards the end of this season before final league prizemoney is paid", forcing the need for "short-term loans to get us through this period".

An open meeting is planned for 29 November, after which a shareholders' vote would be held by the end of January.

Thistle insist there is "no intention to dilute the shareholding of the club below the 65.3%" and that it had been predicted last year that the further £500,000 would be required.

The original investment covered losses made over two years, investment in new ticket and tills systems, the creation of income-generating hospitality areas inside their stadium, while the women's team had their budget increased and it safeguarded the future of The Partick Thistle Youth Academy.

Businessman and Thistle director Donald McClymont would invest a further £150,000, taking his total personal investment to £550,000, AI entrepreneur Da Chuang would add £100,000, while five other individuals would invest £50,000 each while being given the opportunity to sponsor the club for their businesses.

Thistle insist "the investors gain no control over the club" and "have very little prospect of their money being returned to them".

About £200,000 of the money will be used for stadium repairs and the rest put into high-interest bank accounts to earn "a working capital reserve for unforeseen circumstances in the future".