Partick Thistle debt free following shareholder investment
Friday 13 November 2015 15:02, UK
Partick Thistle say the club is debt-free following new shareholder investment and an agreement with the Bank of Scotland.
A statement on the club's website said debt totalling more than £1.5m in 2008 has been reduced year on year through "sound financial management".
The Partick Thistle Football Club Trust, which will provide supporters with a greater say in the running of the club through representatives on the trust's board, has also been created.
Chairman David Beattie said the news was the most significant off the pitch since fan-organised fundraising efforts helped keep the club afloat in 1998.
"This is a historic day for Partick Thistle Football Club. To put not too fine a point on it, it represents the biggest off the park success story since Save the Jags," he said.
"This deal is the result of a huge amount of work behind the scenes at Firhill and feels like the ultimate reward for a sustained period of careful financial planning.
"I am grateful to the board of directors and all at the club, including our fans, for their support to get us here and to Bank of Scotland for helping us realise our vision.
"Before this season started, we explained that one of our objectives going forward was to bring stability to the club. That's what this deal means for us. What it doesn't mean is that we will become complacent, rather that we will use this as a base to build from."
