Club Statement: Ownership

Tuesday, March 15, 2016
Club Statement: Ownership

Motherwell FC can today confirm a historic deal, which may lead to the Steelmen being the first fully fan-owned club in the Scottish Premiership.

A Memorandum of Understanding (MoU) has been signed by majority shareholder Mr Les Hutchison and the ‘Well Society in which Mr Hutchison has agreed to sell his 76% shareholding to fan group the ‘Well Society for £1. This MoU allows the advanced negotiations to continue to a mutually agreed conclusion over the coming weeks.

In addition, Mr Hutchison has agreed to provide the club and Society with working capital over the next few months and deferred loan repayments to ensure the Society has every chance to succeed.

The deal concludes a five-year effort from the Society to own Motherwell FC, a role they will take on as soon as all legal agreements are signed.

Mr Hutchison will immediately step down from his role as Director and Vice Chairman. Mr Jim McMahon is now Chairman, Douglas Dickie is Vice Chairman, Tom Feely is appointed as a Director with other Board members continuing. All Directors are members of the ‘Well Society.

The deal finalises Mr Hutchison’s fourteen months at Fir Park, where he not only stopped the club falling into foreign ownership in the winter of 2014, but provided the investment required to allow the club to remain in the SPFL Premiership during the 2014/15 season and to allow fans to enjoy the upcoming 130th and 25th anniversaries while still in the top division.

Commenting, Mr Hutchison added: “I am extremely pleased at the great progress we have made both on and off the park. The new systems and processes now in place together with an excellent management team has ensured a successful turn around at the club.

“I would like to personally thank Mark McGhee and Alan Burrows for their huge contribution to the improvements at Fir Park.

“I would also like to thank everyone at the club who adopted the many changes I introduced to create a solid foundation to build on and who worked tirelessly to advance the Business Plan during what was and is a transitional period.

“With the fans, via the ‘Well Society, nearly in full control, the onus will very much be on them and the wider community to stand by their club in the weeks, months and years ahead

“As well as thanking everyone who has joined and is contributing to the ‘ Well Society, I would also like to wish the extremely dedicated individuals who will now drive the club forward all the very best in their endeavours. I’ll be supporting from afar.”

‘Well Society interim Chairman Douglas Dickie added: “This marks the start of an exciting and important period for the club and the ‘Well Society is indeed indebted to our members whose significant financial contribution has directly assisted Motherwell FC in achieving the improvements as highlighted.

“There is still a substantial amount of work yet to be done and I would ask that existing members and fans continue and join in the support in order that we can achieve our initial goal in sustaining a community and fan-owned Motherwell FC.”

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