Partick Thistle FC has predicted a £300,000 loss for the most recent season, after the previous board increased the playing budget while anticipating investment that did not materialise.
But the situation could have been far worse had the club not drawn Rangers at Ibrox in the Scottish Cup and received investment from a supporter.
A difficult season almost ended on a high, only for Thistle fans to suffer more trauma when Ross County came from three goals down before winning the cinch Premiership play-off final on sudden-death penalties.
Fans who were still coming to terms with their defeat in Dingwall experienced more sobering news when the club and the Jags Foundation supporters’ group laid low the financial situation around the time that forward Scott Tiffoney was announced as Dundee’s new signing.
Much of the first half of the season was spent in acrimony after then ownership group Three Black Cats tried to move the club into fan ownership, the stated legacy of late lottery winner and club investor Colin Weir, through the PTFC Trust, rather than the more representative Jags Foundation.
Both fan groups came together in December following mass resignations of the board, and produced a roadmap to fan ownership in mid-February, around the time Kris Doolan replaced Ian McCall as manager and embarked on a run of just one defeat in 18 games.
But the financial difficulties behind the scenes have now been laid bare.
The club revealed that the board quickly established following their mid-season appointment that they did not have sufficient funds to complete the season and staved off a crisis via loans from directors. Despite their run to the play-off final, a loss of about £280,000 is anticipated.
A statement added: “This loss was to a large extent caused by an anticipated investment into the club not materialising, at the same time as the previous board committed to an increased playing budget for the men’s team with the objective of achieving promotion.
“There were also some errors with the original budget which meant costs would always be higher than planned in some areas.”
The Jags Foundation gave more details in a club-approved statement, which stated it had been proved right in voicing concerns over the accounts last year.
A statement added: “Even we were shocked when we learned the true extent of how bad the financial position inherited by the interim board turned out to be.
“If it had not been for a penalty shoot-out victory and a fortunate Scottish Cup draw, the February wages would not have been able to be paid.
“If it had not been for a committed supporter investing into the club in May, even after the close to £300,000 unbudgeted revenue from the Rangers cup game, we would not have been able to comfortably pay the May salaries.”
The Jags Foundation warned of problems for the coming season. It has committed to paying the club a £50,000 lump sum, plus £135,000 throughout the course of next season, while helping the club trying to secure investment of more than £500,000.
But the group warned that Doolan’s playing budget would still need to be cut.
“The culture of over-spending and loss making has to come to an end,” it added. “We have no reserves left to sustain it any longer; others have spent through every last crumb in the biscuit tin.
“Please be assured these problems have nothing to do with fan ownership and are entirely to do with the conduct of the previous board and the oversight and scrutiny they received from the custodians of the shares.
“Frankly, and if you forgive us for being overly emotional for a moment, we hope that no-one involved in almost ending that 147 year history of our football club ever shows their face at Firhill again.
“It’s time to pull together, support our manager, dig deep where you can, and take pride in Saving the Jags again.”
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