The Legend Blows Posted August 5, 2019 Report Share Posted August 5, 2019 (edited) If anyone can be bothered explaining, who is actually in charge at Firhill? I've never paid much attention to boardroom manoeuvres, PropCo (whatever that is), shareholders. Is there a relatively simple explanation to how the Partick Thistle structure is made up and who owns what? If we're sold down the river to some company looking to asset strip and flood us with loan players, who stands to gain from the current owners? It appears that the current person or persons in charge couldn't give a monkeys about the future of Partick Thistle. The shenanigans at Barnsley and the feelings of their fans towards our potential new owners doesn't seem to be a factor for those in charge up Firhill Road. Basically 2 fingers up to all the fans and trample all over anyone or anything that gets in the way of a sale. Troubling times. Edited August 5, 2019 by The Legend Blows Quote Link to comment Share on other sites More sharing options...
javeajag Posted August 5, 2019 Report Share Posted August 5, 2019 Our current owners a group of individual shareholders have agreed to sell their shareholding ariundc55% to new city capital . The deal will in all likluehood involve Propco. New city capital will then own the club and the whole stadium. that deal is now with the football authorities for approval as change of ownership is near the new owners are requesting certain things from the current board eg no new spending Quote Link to comment Share on other sites More sharing options...
Woodstock Jag Posted August 5, 2019 Report Share Posted August 5, 2019 (edited) The shareholding of PTFC Limited can be read in the most recent Annual Return to have noted changes: https://www.dropbox.com/s/9dsxuk9jevh29oy/Partick Thistle FC Ltd.pdf Firhill Developments Limited (i.e. the company that owns the Bing and the North Stand) likewise: https://www.dropbox.com/s/0jqztevm6l9i2w1/Firhill Developments Ltd.pdf Edited August 5, 2019 by Woodstock Jag Fixed links Quote Link to comment Share on other sites More sharing options...
The Legend Blows Posted August 5, 2019 Author Report Share Posted August 5, 2019 Cheers. I'll have a wee gander at that later. Quote Link to comment Share on other sites More sharing options...
jaf Posted August 5, 2019 Report Share Posted August 5, 2019 31 minutes ago, javeajag said: Our current owners a group of individual shareholders have agreed to sell their shareholding ariundc55% to new city capital . The deal will in all likluehood involve Propco. New city capital will then own the club and the whole stadium. that deal is now with the football authorities for approval as change of ownership is near the new owners are requesting certain things from the current board eg no new spending Without wishing to be pedantic, they will own 55% of the club (with over 25% being owned by supporters trusts which is an important threshold in company law). They will also only indirectly own the whole stadium - the existing operating company owns the majority of the stadium and is likely to continue to do so. Quote Link to comment Share on other sites More sharing options...
javeajag Posted August 5, 2019 Report Share Posted August 5, 2019 6 minutes ago, jaf said: Without wishing to be pedantic, they will own 55% of the club (with over 25% being owned by supporters trusts which is an important threshold in company law). They will also only indirectly own the whole stadium - the existing operating company owns the majority of the stadium and is likely to continue to do so. Why will propco not be bought out ? Quote Link to comment Share on other sites More sharing options...
Mr Bunny Posted August 5, 2019 Report Share Posted August 5, 2019 https://www.eveningtimes.co.uk/sport/17817509.transfer-budget-pulled-partick-thistle-insider-brands-club-a-shambles/ Quote Link to comment Share on other sites More sharing options...
jaf Posted August 5, 2019 Report Share Posted August 5, 2019 2 hours ago, javeajag said: Why will propco not be bought out ? Propco don’t own the whole stadium. So if they are bought out , yes the incoming investors will own that portion of the stadium. But the other portion will remain owned by club of which they will only have 55 per cent. Also remember the club also have shares in propco. Quote Link to comment Share on other sites More sharing options...
javeajag Posted August 6, 2019 Report Share Posted August 6, 2019 8 hours ago, jaf said: Propco don’t own the whole stadium. So if they are bought out , yes the incoming investors will own that portion of the stadium. But the other portion will remain owned by club of which they will only have 55 per cent. Also remember the club also have shares in propco. I think your missing the point the new guys will buy the club get that part of the stadium and buy out propco as well thereby owning the club and the whole stadium Quote Link to comment Share on other sites More sharing options...
jaf Posted August 6, 2019 Report Share Posted August 6, 2019 17 minutes ago, javeajag said: I think your missing the point the new guys will buy the club get that part of the stadium and buy out propco as well thereby owning the club and the whole stadium Own 55 per cent of the company that own the majority of the stadium. Yes. Quote Link to comment Share on other sites More sharing options...
javeajag Posted August 6, 2019 Report Share Posted August 6, 2019 29 minutes ago, jaf said: Own 55 per cent of the company that own the majority of the stadium. Yes. To all practical purposes 55% means they can do what they want 1 Quote Link to comment Share on other sites More sharing options...
jaf Posted August 6, 2019 Report Share Posted August 6, 2019 18 minutes ago, javeajag said: To all practical purposes 55% means they can do what they want Don't necessarily agree with that since the last iteration of Companies Act, but its semantics I guess 1 Quote Link to comment Share on other sites More sharing options...
javeajag Posted August 6, 2019 Report Share Posted August 6, 2019 11 minutes ago, jaf said: Don't necessarily agree with that since the last iteration of Companies Act, but its semantics I guess Let’s agree they control a private company Quote Link to comment Share on other sites More sharing options...
Fearchar Posted August 6, 2019 Report Share Posted August 6, 2019 13 hours ago, jaf said: Without wishing to be pedantic, they will own 55% of the club (with over 25% being owned by supporters trusts which is an important threshold in company law). They will also only indirectly own the whole stadium - the existing operating company owns the majority of the stadium and is likely to continue to do so. Except that the PTFC Trust is the creature of the board (whoever that might be at the time). Any board has a duty of care towards minority shareholders, but nobody has pressed the board on failures to observe that duty, as everyone understands how that could eat up the whole club from inside: that was the whole point of the "leap of faith" promises. (For those too young to know, it was the club's equivalent of the 2014 Vow.) Quote Link to comment Share on other sites More sharing options...
javeajag Posted August 6, 2019 Report Share Posted August 6, 2019 32 minutes ago, Fearchar said: Except that the PTFC Trust is the creature of the board (whoever that might be at the time). Any board has a duty of care towards minority shareholders, but nobody has pressed the board on failures to observe that duty, as everyone understands how that could eat up the whole club from inside: that was the whole point of the "leap of faith" promises. (For those too young to know, it was the club's equivalent of the 2014 Vow.) Exactly the club through the new trust effectively controls their shareholding meaning they will in practice have 75% of the shares which means they can whatever they like minority shareholders really don’t count Quote Link to comment Share on other sites More sharing options...
Trotter Posted August 6, 2019 Report Share Posted August 6, 2019 2 hours ago, javeajag said: Exactly the club through the new trust effectively controls their shareholding meaning they will in practice have 75% of the shares which means they can whatever they like minority shareholders really don’t count This. 25% of the club but unable to take a seat in the boardroom. Everything that’s told is second hand information & can be easily changed to suit the needs of the BoD to satisfy the gullible. Quote Link to comment Share on other sites More sharing options...
Jaggernaut Posted October 23, 2019 Report Share Posted October 23, 2019 Sorry guys, A while back somebody kindly posted either a pdf or a link to show ALL of the shareholders at PTFC, even the minnows. Too busy or too lazy at the time, I didn't follow it up then, and now I've been searching in vain for that post. Could somebody (again, sorry) please give guidance on how to access a complete list of all shareholders? Arigato gozaimasu Quote Link to comment Share on other sites More sharing options...
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