August 6 2009

Thistle stung by debt

A consortium of Partick Thistle fans have taken supporting the team to new heights by clubbing together to raise £1m for a property deal at the debt stricken club.

Ownership of Firhill’s Main Stand and south end will transfer from the club to an independent property company (Propco), owned jointly by fans and club. 

In return £800k of the fans cash will be used to pay off half of the clubs debt, currently standing at £1.6m.

When favourable property market conditions return Propco intend to develop a four sided stadium for the club.

The deal will be formally presented to Thistle shareholders at an EGM on August 20.

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