David Beattie has returned as Partick Thistle chairman following a major boardroom coup after concerns were raised about the direction of the club following a formal takeover approach.
An international group, led by businessman Chien Lee, which also owns Barnsley and Nice, has reportedly been in talks about buying the club.
Jacqui Low has vacated the chair after being removed from the board along with Michael Robertson and Duncan Smillie. Beattie, Norman Springford, Ronnie Gilfillan and the club's financial controller, David Kelly, have all rejoined the board.
A statement issued on behalf of the club declared that the boardroom changes were "instructed by a majority of shareholders".
A further statement read: "Contrary to a previous club statement (Wednesday 3 July), the interest from potential new investors is not speculative but a formal approach.
"Existing investors had raised concerns about the direction of the club therefore the board are in active dialogue with potential new investors to fully understand their interest and to establish if that could support the growth and long-term sustainability of the club."
The statement earlier this month declared that the board had received no official notification from shareholders that they were selling their shares to a third party.
Beattie left the board last summer following 11 years as a director, seven of them in the chair.
He said: "It was a privilege to serve Partick Thistle for so many years previously and, while I didn't anticipate this day coming, it is again an honour to do so – and I will only ever act with the very best interests of the club at heart.
"We have reinstated David Kelly as head of finance with immediate effect. Further, we will be making contact with Colin Weir as a matter of priority, given his significant contribution as a supporter and benefactor of the club. The board will also be engaging with the club's various trusts.
"We believe the board now has the correct blend of skills and experience to drive the club forward."
The other members of the board are Malcolm Cannon, Ian Dodd and former Scotland goalkeeper Alan Rough.
