javeajag Posted November 22, 2015 Report Share Posted November 22, 2015 The club agm will be held in Dec 7 and the accounts till the end of May 2015 have been published.... Turnover £3m with a loss of £292k.... No mention of recent debt free announcement Quote Link to comment Share on other sites More sharing options...
Lindau Posted November 22, 2015 Report Share Posted November 22, 2015 The club agm will be held in Dec 7 and the accounts till the end of May 2015 have been published.... Turnover £3m with a loss of £292k.... No mention of recent debt free announcement That's a hefty loss for a club that prides itself on a break even scenario. Will this include the transfer fee for Jack Hendry? Quote Link to comment Share on other sites More sharing options...
ClydebankJag Posted November 22, 2015 Report Share Posted November 22, 2015 Unlikely if the accounts run only till the end of May 2015 Quote Link to comment Share on other sites More sharing options...
Lindau Posted November 22, 2015 Report Share Posted November 22, 2015 Unlikely if the accounts run only till the end of May 2015 Ah, didn't notice the May 2015 CJ. That's a pretty big loss. Still things look a lot rosier now! Quote Link to comment Share on other sites More sharing options...
lady-isobel-barnett Posted November 22, 2015 Report Share Posted November 22, 2015 That's a pretty big loss. Still things look a lot rosier now! Pure conjecture but the loss may have been allowed to get that high on the fore knowledge of the new sponsorship deal. My gut feeling tho' is that turnover was misjudged and below even what would be a traditional low budgeted figure. I'd support that with the general consensus that gate receipts were surprisingly poor. Perhaps last week's good news re being debt free has to be tempered with this loss and will in effect mean Archie's January budget is at best stuck in neutral. Comments of late tend to indicate something along those lines. Altho' the financial outlook may be rosier than we thought it was, a lot must be dependent on maintaining our top league status. Altho' I'd have thought a safe finish in 10th place or above is in no way a stick on at the same time I can't see our present stewards getting involve in a boom or bust dingwallesque "investment". Quote Link to comment Share on other sites More sharing options...
Fawlty Towers Posted December 6, 2015 Report Share Posted December 6, 2015 Anyone attending the AGM tomorrow as it would be interesting to have an update as I doubt that the BBC will cover it to the same degree as they did the Celtic, Rangers & Hearts ones? 2 Quote Link to comment Share on other sites More sharing options...
ian_mac Posted December 6, 2015 Report Share Posted December 6, 2015 Not a big revelation to be honest. When attendances drop by 24% in a single season you are always going to have a big loss like that. We are lucky that we got a few bob from Jack Hendry and the Weirs have came in and cleared the debt. Fair play to everyone involved in making that happen because we could have been in real trouble otherwise. Quote Link to comment Share on other sites More sharing options...
Third Lanark Posted December 6, 2015 Report Share Posted December 6, 2015 Not a big revelation to be honest. When attendances drop by 24% in a single season you are always going to have a big loss like that. We are lucky that we got a few bob from Jack Hendry and the Weirs have came in and cleared the debt. Fair play to everyone involved in making that happen because we could have been in real trouble otherwise. was it definetly the Weirs who invested in the club Ian? Just I had never heard who it actually was who invested and cleared the debt. Great news if it was them Quote Link to comment Share on other sites More sharing options...
Fawlty Towers Posted December 6, 2015 Report Share Posted December 6, 2015 What I am interested in is what the plan for the future is - how are we going to push on, etc? Quote Link to comment Share on other sites More sharing options...
Mr Bunny Posted December 6, 2015 Report Share Posted December 6, 2015 was it definetly the Weirs who invested in the club Ian? Just I had never heard who it actually was who invested and cleared the debt. Great news if it was them There is no evidence as to who has cleared or helped clear the debt (if it has been actually cleared as opposed to some technical thing that allows you to say it and it be "legally true"). One or two guys on this forum speculated it was the Weirs and it seems to be accepted by some but no-one knows (except the board of course). 1 Quote Link to comment Share on other sites More sharing options...
lady-isobel-barnett Posted December 6, 2015 Report Share Posted December 6, 2015 There is no evidence as to who has cleared or helped clear the debt (if it has been actually cleared as opposed to some technical thing that allows you to say it and it be "legally true"). One or two guys on this forum speculated it was the Weirs and it seems to be accepted by some but no-one knows (except the board of course). We also don't know what the bank's involvement is with this "debt free" situation. As reported the bank stipulated the creation of a fan's trust is integral to whatever the new arrangement is. All very strange. And I wouldn't be too surprised if we're none the wiser after the AGM. I can tho' accept that whoever is either underwriting, loaning or funding the new arrangement wishes to remain temporarily or more permanently incognito. Whether knowing the nuts and bolts of all this is part and parcel of the "mystery" would just be conjecture. More likely the Club are waiting for a more appropriate or optimum time to launch the fan's trust (ST renewal time perhaps?). Quote Link to comment Share on other sites More sharing options...
potty trained Posted December 7, 2015 Report Share Posted December 7, 2015 (edited) Can anyone attending ask for clarification regards our overdraft facility. From what I can see, we converted half our overdraft to loan. That loan has been paid off, I would assume at a pence in the pound agreement. But what about short term funding? I think when the debt was cleared it was stated there would be no further external funding. With the overdraft facility halved, what is our short term credit facility? Short term credit like an overdraft would normally be used, I'd suggest, for a quick fix etc. Like an extended run of postponed home games due to weather to cover shortfall for wages, or one off payments like urgent stadium repair. What's the plan in such an eventuality? Edited December 7, 2015 by potty trained Quote Link to comment Share on other sites More sharing options...
potty trained Posted December 7, 2015 Report Share Posted December 7, 2015 Likewise, can someone ask, in light of the Rangers liquidation. Do we adhere to the club being a separate entity rule, now also described in the governing bodies last rule update. If so, do the board agree that the debt clearance had no impact on the Club as its now the case that a club can never die, and it was done to help the company "currently" running the club? If the company were to go into liquidation, would the remaining assets be sold to a company like say, Firhill Debelopments? Quote Link to comment Share on other sites More sharing options...
Mr Bunny Posted December 7, 2015 Report Share Posted December 7, 2015 I think we all know that the "ethereal eternal club entity" only applies to one club and the SFA wouldn't allow wee nobodies like us to have an eternal club. What you say? Can the SFA/SPFL administrators really have a favourite to whom normal rules don't apply? Well, I note that Real Madrid got chucked out of the Spanish cup for playing a player they shouldn't have. 1 Quote Link to comment Share on other sites More sharing options...
potty trained Posted December 7, 2015 Report Share Posted December 7, 2015 I think we all know that the "ethereal eternal club entity" only applies to one club and the SFA wouldn't allow wee nobodies like us to have an eternal club. The problem is, it's now written in the rules that that is the case, for all clubs. For it not to happen, they would need to re write their rulebook again. Quote Link to comment Share on other sites More sharing options...
jaggybunnet Posted December 7, 2015 Report Share Posted December 7, 2015 We also don't know what the bank's involvement is with this "debt free" situation. As reported the bank stipulated the creation of a fan's trust is integral to whatever the new arrangement is.. Partick Thistle Football Club can today announce that, following new shareholder investment and agreement with Bank of Scotland, the club is now debt free.Intrinsic to this refinancing is the creation of the Partick Thistle Football Club Trust, which will provide supporters, through fans appointed representatives on the trusts board, an opportunity to have a greater say in the running of the club. was it the bank or was it the investor that stipulated it? personally i think that is something that the Weirs (if it was them) would add rather than a bank. Quote Link to comment Share on other sites More sharing options...
ian_mac Posted December 7, 2015 Report Share Posted December 7, 2015 New investors now named on the website. The Weirs and Billy Allan. Quote Link to comment Share on other sites More sharing options...
BowenBoys Posted December 7, 2015 Report Share Posted December 7, 2015 was it the bank or was it the investor that stipulated it? personally i think that is something that the Weirs (if it was them) would add rather than a bank. http://www.eveningti...age_free_quot_/ in this ET article from 13 November Beattie is quoted "We haven’t ironed out all the details, but the supporter’s trust being formed was one of the aspects that the bank were eager for us to set up and we’re happy to do that" Quote Link to comment Share on other sites More sharing options...
potty trained Posted December 7, 2015 Report Share Posted December 7, 2015 (edited) Colin and Christine Weir’s investment means that each will hold 5% in the club and they have gifted a further 19.28% of shares to the newly established Partick Thistle Football Club Trust. So they have invested enough money to secure 30% of shares, but have only kept a hold of 5% each, gifting 20% to the newly formed Trust? Were these unallocated shares? How many unallocated shares remain? How many unallocated shares did the Trust get as per the 1876 Club belly tickling agreement? Has the old Trust's shareholding been diluted? Were the old trust aware this was taking place? Has the old trust remained silent or have they communicated at all with their members, either publicly or confidentially? Was this discussed with the Trust and did the investment gain membership approval via a vote? With the old and new trusts holding between 20 and 30% of shares, moving forward, how will this effect future votes? Edited December 7, 2015 by potty trained Quote Link to comment Share on other sites More sharing options...
Peaty FC Posted December 7, 2015 Report Share Posted December 7, 2015 Whatever direction this takes us, it is good to be able to say thanks formally to those that have put cash in to our club. It is doubly pleasing to know it is Thistle minded investment and not a whim of a wealthy individual. We are, and should be always, different from other clubs and hope this proves another marker in our wonderful journey over the last 3 years. 1 Quote Link to comment Share on other sites More sharing options...
lady-isobel-barnett Posted December 7, 2015 Report Share Posted December 7, 2015 was it the bank or was it the investor that stipulated it? personally i think that is something that the Weirs (if it was them) would add rather than a bank. Perhaps in light of today's announcement "the bank" were acting for the Weirs in some capacity. Largely academic anyway. Be interesting to see how the new trust is "sold" to the fanbase. Quote Link to comment Share on other sites More sharing options...
Mr Bunny Posted December 7, 2015 Report Share Posted December 7, 2015 The problem is, it's now written in the rules that that is the case, for all clubs. For it not to happen, they would need to re write their rulebook again. And so? Quote Link to comment Share on other sites More sharing options...
potty trained Posted December 7, 2015 Report Share Posted December 7, 2015 And so? So, rewriting their rule book back to "a club can die", so soon would possibly be even more corrupt than how they changed it in the first place! As it stands, according to the rules of the game, Partick Thistle can never die. any investment is investment in the company currently running the club. That company can go bust and another one step in. the club would always survive. as sad as it is, it goes against common sense, it goes against "sport" and the integrity of the game. But it's a fact. So please forgive me for not doing cartwheels down Maryhill Road at the news of this investment. But in the grand scheme of things, when dealing with facts and the rules of the game, it hasn't "saved our club". It has allowed the company currently running the club a more solid platform to trade. Quote Link to comment Share on other sites More sharing options...
AlgarveJag Posted December 7, 2015 Report Share Posted December 7, 2015 I'd be happy to do the cartwheels but I find just walking in a straight line difficult these days. I'm delighted with what I understand of the deal and i'm grateful to anyone who shows enthusiasm for Partick Thistle never mind people who are prepared to put their money where their mouth is. Thank you to the Weir's and to Billy Allan for getting involved and moving our club from the past and into the future. Thank you. Quote Link to comment Share on other sites More sharing options...
Mr Bunny Posted December 7, 2015 Report Share Posted December 7, 2015 So, rewriting their rule book back to "a club can die", so soon would possibly be even more corrupt than how they changed it in the first place! As it stands, according to the rules of the game, Partick Thistle can never die. any investment is investment in the company currently running the club. That company can go bust and another one step in. the club would always survive. as sad as it is, it goes against common sense, it goes against "sport" and the integrity of the game. But it's a fact. So please forgive me for not doing cartwheels down Maryhill Road at the news of this investment. But in the grand scheme of things, when dealing with facts and the rules of the game, it hasn't "saved our club". It has allowed the company currently running the club a more solid platform to trade. I don't think you understood my "and so?" The powers that be no longer care how blatant their support of the zombie club is. They will however have no conscience about allowing any other club to die. The only club they would fear would be one big enough and with wealthy enough supporters to take them to court over it. That's not us. remember we tried taking the football powers to court once and got nowhere - even though they were changing the rules halfway through a season. You don't really appreciate the corruption of our petty minded football administrators if you think they would allow Thistle to be reformed and allowed into the big leagues (3rd-to-premier). They haven't really accepted what you say anyway, they've kept it obscure as far as regulations are concerned while officials say one thing on one occasion and another at a different time. If Thistle went out of business it would be the end of the club - on the remote chance we managed to reform it would be at some low level amateur division. I think it's a bit pathetic to use your argument as an excuse to sneer at a deal which seems to have sorted out our immediate financial problems - if it was really as you say why are all the clubs in our league trying to run a tighter ship and get rid of debt? 2 Quote Link to comment Share on other sites More sharing options...
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