PARTICK THISTLE have shared a major shareholding update from Three Black Cats in relation to fan ownership.
The group confirmed a "preferred recipient" to accept majority shareholding in the club has been identified.
Final discussions with the candidate are ongoing with legal aspects to be finalised before communications with fans to announce their identity before the next home game.
The statement revealed that the decision to provide an update while not yet reveal the identity of the recipient was taken in order to advise The Jags Foundation that they would not be the chosen recipient.
It's claimed The Jags Foundation's approach was "akin to negotiating a share purchase rather than accepting a gift" with Three Black Cats stating nothing "fundamentally different" was put forward from the declined proposals in April.
Three Black Cats state that the chosen recipient "provided a proposal that was more in line with what Colin Weir wanted for the security and stability of the club".
The statement goes on to insist the process is in the "home straight", it reads: "Three Black Cats (3BC) is pleased to announce that it has identified the preferred recipient to accept the majority shareholding in Partick Thistle that Colin Weir wished gifted to the club’s fans. We are now in final discussions with them to conclude certain legal aspects before they begin planned communications with fans before the next home game, to coincide with 3BC announcing who they are.
"The reason for doing this now, before both parties are fully ready to reveal the name of the preferred recipient, was because we wanted to advise The Jags Foundation at the earliest opportunity that they would not be the preferred recipient. It would have been wrong and unfair to continue negotiations with them once 3BC had made its decision. Both organisations were advised on Monday 8th August.
"With two strong options, for 3BC, the preferred recipient provided a proposal that was more in line with what Colin Weir wanted for the security and stability of the club. It is a positive, fan-centric proposal with a clear direction of travel for a strong voice for fans with the club going forward, which will be shared by the preferred recipient on conclusion of the legals. At its heart is an entity that 3BC regards as being fit to be the majority shareholder.
"The Jags Foundation’s approach was akin to negotiating a share purchase rather than accepting a gift. And, ultimately, since we agreed to restart negotiations with them, there was nothing fundamentally different put forward from the original TJF proposals that were declined by 3BC in April this year.
"3BC is grateful to everyone who played a part in this process to get us here – we can now say with confidence that we are on the home straight to fans holding a majority shareholding in Partick Thistle."
