Lottery winner completes purchase of football club

Nov 21, 2019 | Sports

EuroMillions lottery winner Colin Weir has completed his takeover of Scottish Championship side Partick Thistle and said he intends to hand over ownership to supporters in 2020.

Weir — a lifelong Thistle fan — has bought a majority shareholding and a holding in land at Firhill Stadium, where his team play, but will give the land back to the club.

The 71-year-old will also give his 55% shareholding to a fan group that is in development, with the free transfer of shares taking place “no later than March 30 2020,” according to Weir.

Weir, who won the lottery in 2011, has already invested approximately £2.5 million of his £161m prize money in the Glasgow club.

He previously pledged £6m towards a new training ground before withdrawing his support in August due to “uncertainties” about a potential takeover by a foreign consortium.

An interim board “comprising of a mix of experienced business people and fan representatives” will be formed and a working group is to be established jointly by the PTFC Trust and Thistle for Ever organisations. The move will create a body to receive the shareholding.

“Thistle for Ever planted the thought of fan ownership as a real option in my mind,” Weir said in a statement.

“But this has all happened quicker than anyone might have anticipated. That’s why I have offered a three-to-four-month window for fans to get everything in place before handing over shares.

“They want to get it right and I want to be sure that when the new entity is operational, there is a structure that will allow for a smooth transfer of ownership. This is a major financial commitment on my part as fan owners will not need to repay a penny — but I believe this gives fan ownership the best possible start.”

Weir also said there would be a future announcement on plans for funding the Thistle’s youth academy.



Submit a Comment

Your email address will not be published. Required fields are marked *