McCall buoyed as Partick fans invest in £1 million deal

Published on Wednesday 5 August 2009 22:53

PARTICK Thistle manager Ian McCall has hailed an innovative property deal which will hand the Firhill club a £1million cash injection.

A consortium of lifelong fans have agreed to invest the sum in Thistle in a deal which will see the main stand and south end at the stadium transferred to an independent property company called Propco, half-owned by the football club. Propco's intention is to develop the main stand and south end, which is currently unused by spectators.

There is a commitment to return Firhill to its previous life as a four-sided stadium, though this will only happen when favourable property market conditions return.

Meanwhile, the 1million investment will cut the club's 1.6million debt by half to 800,000 and will also reduce annual repayments and interest payments by 50 per cent. Propco's principal investors are current club directors David Beattie and Billy Allan along with lifelong supporters Gavin Stewart and Alan Lobban.

"This was one reason why I decided to extend my contract earlier this summer," said McCall, who is now contracted to Thistle until 2012. "I know these guys and know they have the good of Partick Thistle at heart. I am kept up to date with developments and this was one which convinced me to stay longer at the club.

"I don't think it is going to impact necessarily on my transfer budget but it's just as significant to know you are working at a club where the future seems secure," McCall added.

He stressed the importance of knowing Firhill would remain in the hands of those determined to act in the best interests of the First Division club.

"It is paramount that if we are to realise everyone's ambitions for Partick Thistle, including my own, that we remain at Firhill and develop it for the benefit of the fans and the wider community," he said.

The deal will be formally presented to shareholders at an EGM on 20 August. Notices are being sent to all PTFC shareholders this week. Thistle chairman Tom Hughes said the investment would help ease the financial pressure at a trying time, and appealed for other potential investors to get in touch.

"Everyone is acutely aware of the growing financial pressures in Scottish football and Partick Thistle is not immune," said Hughes.

"It must be stressed that this is a wholly beneficial move for Partick Thistle which helps to secure the future of the club."