PARTICK THISTLE, the football club some regard as the thinking man's alternative to Celtic and Rangers, were yesterday cele- brating one of their best results
in recent seasons - financial security.
The club's immediate future was secured after its creditors voted unanimously to accept a pay-back deal to clear #2m of debts which have threatened to bankrupt it.
Immediately after the creditors' meeting at Firhill, the club re-signed favourite son Chic Charnley, using funds raised by the Save the Jags campaign.
The campaigners, who have raised more than #100,000, passed a move to use some of their funds to recruit Charnley, whose return could boost match attendances and help improve the team's form.
The money they have raised will be boosted by the #400,000 expected to be brought in by last week's share issue.
Partick Thistle chairman Brown McMaster emerged from the meeting with creditors to reveal that their 40p-in-the-pound offer had been accepted. He described it as a great relief but warned that it does not mean the club is safe indefinitely.
He said: ''The meeting went very well and it was unanimously agreed to accept the compromise deal on offer.
''It's certainly a massive weight lifted from the club and a great day for everyone concerned.
''It now means the club is saved, but we must continue to be very careful as the bank says it will be constructive and sympathetic.
''We now have a platform to try and take the club forward and we're looking forward to the future.
''The club has now joined the pack and is on the same footing as the rest of the first division where money is tight.
''But the important thing is that we must, absolutely must, have 3000 people at our home games. If that doesn't happen then we'll have problems again.
''We still have a debt of #1.7m which has to be serviced, so the Save the Jags campaign might have to keep going for a wee while longer to service the interest on that.''
Commenting on the signing of Charnley until the end of May, Mr McMaster said: ''We are really indebted to the Save the Jags campaign, because Chic was wanting more money than we could afford.
''But the Save The Jags committee have come up with the extra to square up Chic.''
The player, who usually prefers to do his talking on the pitch, said: ''I feel very humble and honoured that the supporters have shown such faith in me.''
Save the Jags organiser Dougie McCrea said: ''We're delighted with the outcome of the meeting, but the fact is that the club still owes a hell of a lot of money.
''As far as the fans are concerned, we're committed to continuing our efforts on behalf of the club, and the campaign will run until at least the end of the season.''
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