Partick Thistle debt free after bank deal

Partick Thistle are debt-free after securing a deal with bankers and investors.

The Firhill club reached a deal with the bank and investors. Picture: John Devlin

Thistle announced that investment by shareholders and a deal with Bank of Scotland had resulted in the biggest off-field breakthrough since fans saved the club from going under in 1998.

A club statement added: “Intrinsic to this refinancing is the creation of the Partick Thistle Football Club Trust, which will provide supporters, through fans-appointed representatives on the Trust’s board, an opportunity to have a greater say in the running of the club.”

Thistle’s debt topped £1.5 million in 2008 but they have slowly reduced it and are now in their third consecutive season in the top flight.

Club chairman David Beattie said: “This is a historic day for Partick Thistle. To put not too fine a point on it, it represents the biggest off-the-park success story since Save the Jags. This deal is the result of a huge amount of work behind the scenes and feels like the ultimate reward for a sustained period of careful financial planning.”