BLOG: An update from the Chairman #3

Monday, March 16, 2015
BLOG: An update from the Chairman #3

HELP SAFEGUARD YOUR CLUB, JOIN THE WELL SOCIETY

As you know, in February Les Hutchison provided your club with an initial loan of £650,000.

In addition, to help the club improve the playing squad plus the scouting and medical set ups, Les has injected another substantial sum into the club. But, he wants his loans repaid.

Les’ loans are repaid by the club at regular intervals. If it runs out of cash to repay the loan temporarily, the ‘Well Society has agreed to cover any shortfall as part of a joint loan repayment agreement.

If both the club and the Well Society are unable to repay Les Hutchison’s loan he will ultimately have to sell the club to recoup his loan. However, no suitable buyer emerged in several years after John Boyle put the club up for sale and the only other option in recent months was a foreign consortium. We run the risk of the club falling into the wrong hands or, in the worst-case scenario, Les would have the option of triggering an insolvency event to recoup his money.

Currently, the society does not have enough reserves to be able to guarantee that it can always provide sufficient cash when the club might need it over the period of the loan. To ensure that it is able to cover any shortfalls the society needs to raise more than twice as much cash as it has thus far. To safeguard the club the society must recruit an additional 1,000 new adult members.

As Chairman of your club and also Chairman of the Well Society, whose mission is to help the club financially through thick and thin, I am appealing to every Motherwell fan to support the club by joining the ‘Well Society. By paying the equivalent of one cup of coffee a week you and I, together, will be able to avoid the worst case scenario.

In a similar way that fans in the Foundation of Hearts are paying Ann Budge for her shares, Motherwell fans can repay Les Hutchison’s loan by paying regular monthly payments by direct debit to the Well Society.

The society membership has raised over £500,000 in two years, which is a tremendous achievement for the Motherwell fans involved. It is not beyond the bounds of possibility therefore that with your help it can raise another £500,000 and more over the next 5 years.

Hearts fans pay on average nearly £20 per month by direct debit to save their club. I am appealing to all Motherwell fans to pay at least £10 or more by direct debit to save Motherwell FC and place it in the hands of those who care for it most.

It could not be any simpler. Just click on the like below and follow the instructions.

www.thewellsociety.co.uk

Many thanks for your continuing support

Brian McCafferty
Chairman

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