Response to the shareholders meeting

The Jags Trust Board has now had the opportunity to review the information gained at the recent shareholders meeting in relation to the partial sale of the stadium. The club board also made available a board document on the day of the meeting which set out some of the key elements of the proposal.


In simple terms the partial sale of the stadium is being driven by demands made on the club to reduce the level of debt and this will be achieved, but the club will not become debt free following this transaction.


We have some reservations about the detail of the deal but the ethos adopted by both the club and the property company is that Thistle minded investors and advisors are involved and that any perceived risks in making this move are reduced as a result.


It is our view that the deal is “soft” on both sides with the club getting some relatively quick investment and with the investors getting a reasonable and relatively swift return in today’s property market against their risk in putting up investment cash.


The Trust property team are of the view that the club would have been better to sell the entire stadium on a more comprehensive and “harder” deal, but the club advised the meeting that no suitable investors could be found although the extent of the efforts to find investors was not fully explored at the meeting. With the help of others, the Trust may have been able to offer some alternative and constructive views on these matters but without the necessary details of the precise nature of the development proposals we are not in a position to offer an alternative at this late stage.


We understand that the deal will go ahead relatively soon and we hope that the faith that the club has in this move will be rewarded by its success. Our Trust property team will offer its services to the club board should they wish to have their own group of Thistle minded advisors who would work alongside the property company and its team, ensuring that the football club interests are fully represented during the process.