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  • Well Society

    Maureen Downie resigns

  • Well Society

    Well Society Co-Chair steps down

  • Well Society

    Update on proposed investment

  • Archive

    Bailley Collins pens contract extension

  • Club

    Investment update

  • Club

    2023/24 Season Review: September

  • Club

    New SLO signing

  • Archive

    Liam Kelly is off to Germany

  • First team

    Bevis Mugabi departs

  • Well Society

    Just the ticket!

  • Well Society

    Maureen Downie resigns

    Maureen Downie resigns

    Well Society Board member Maureen Downie has resigned from the Society.

    In a statement issued last night (Monday 10 June) she said: “It has been a privilege to serve on the board of The Well Society over the last eight and a half years.

    “Whilst differences of opinion are to be embraced as they ensure that all perspectives are considered, I’m at odds with the strategic direction currently being taken and cannot in all considered conscience continue in my role as Board Member.

    “Therefore, I tender my resignation with immediate effect.”

    The Well Society Board wishes to place on record their thanks to Maureen for her service.

  • Well Society

    Well Society Co-Chair steps down

    Well Society Co-Chair steps down

    The Well Society Co-Chair, Douglas Dickie, will step down from the Society Board.

    Douglas said: “Following the statement released today from the majority of the Well Society Board, I unfortunately cannot align myself to much of the content. Accordingly, I find my position of Co-Chair of the Well Society untenable, and I announce my resignation from that position with immediate effect. I also intimate my resignation from the Well Society Board at the same time.”

    The board wish to thank Douglas for his leadership and service to the Society.

  • Well Society

    Update on proposed investment

    Update on proposed investment

    An update from The Well Society Board relating to the Wild Sheep Sports proposed investment in Motherwell Football Club has been released and is available here.

  • Archive

    Bailley Collins pens contract extension

    Bailley Collins pens contract extension

    Bailley Collins has extended her stay at the club after agreeing a contract extension.

    The defender, who has been an integral component at K-Park since signing as a free agent from Aberdeen in 2023, has put pen to paper on a one-year extension after an impressive maiden season at the club.

    “Bailley has really hit the ground running,” Head coach Paul Brownlie said.

    “Even during a tough run of form collectively, Bailley’s performances stood out and her importance to the squad is reflected after featuring in every SWPL game last season.

    “Securing Bailley’s signature for the forthcoming season is a real statement of intent for our aspirations of a top-six finish next season.”

    Collins wore claret and amber 32-times in the SWPL last season, starting on 27-occasions and netting three times from the Motherwell backline.

    “I am delighted to have extended my stay at Motherwell,” Collins emphasised.

    “I really enjoyed my first season at the club and am looking forward to continuing my journey here.

    “I’m excited to see what we can achieve.”

  • Club

    Investment update

    Investment update

    The club have now entered a period of consultation with Well Society members and Motherwell Football Club shareholders with regards to the proposed investment from Erik and Courtney Barmack, with voting scheduled to commence at the start of next month. 

    Following on from our last update, we can confirm that the Heads of Terms have now been agreed between all parties and will be distributed to all Well Society members and Motherwell Football Club shareholders in the weeks prior to the vote commencing on 1st July 2024.

    Contact details for any queries can be found below.

    At this point of proceedings, a clearer timeline of the proposed investment process can be made.

    This timeline is as follows:

    Monday 10th June

    Start period of consultation with option for shareholders to email questions to Club via shares@motherwellfc.co.uk. Well Society members can also contact the Well Society directly with any queries via members@thewellsociety.uk.

    Monday 1st July

    Ballot Opens for Well Society members and Motherwell Football Club shareholders – 2 weeks voting period.

    Sunday 14th July

    Ballot Closes.

    A note from our Chairman Jim McMahon

    As has been well documented, the club has been in discussions for a number of months with Erik Barmack, a Los Angeles based entrepreneur. These talks have centred round how Erik and his wife Courtney could make an investment in MFC and become involved in helping to run the club.

    These negotiations have now advanced to the point where MFC have signed Heads of Terms (HOT) about how this would work going forward and the Board of the club are recommending that shareholders accept the offer.

    I set out below:-

    • A synopsis of the HOT including the safeguards built into the agreement.
    • A note on valuation and the rationale for this deal.
    • A steps paper on how this would be done.
    • A note from Erik and Courtney about their aspirations for MFC.

    And I apologise for the amount of information which is involved. This is mainly because of the nature of the deal. The bulk of corporate transactions involve an acquisition – party A buys party B – the money goes to the shareholders in B, not the underlying business. In our case all the money is going into MFC by way of yearly subscriptions for new shares in the club and that makes it much more complicated.

    Heads of Terms

    1-  As you will see from Erik’s note below, he sees this as a partnership with the fans and the Well Society (WS) – one where both parties invest on a yearly basis for six years, with the Barmacks putting in £300k for the first three years and £350k for the next three.

    2-  The WS commitment is £200k for the first three years and £250k for the next three.

    3-  The current shareholders in MFC are WS 71% – other shareholders 29%.

    4-  Other shareholders will have the right to subscribe for their pro rata amount each year eg if a shareholder owns 1% at present, they will be entitled to subscribe for 1% of the new shares issued. If they do that, it will reduce the amounts the WS need to subscribe and the number of shares they receive on that share issue.

    5-  Erik and his wife will own 8% of the shares in MFC in the first year, going up by approximately 8% per annum until they reach 49% by year six.

    6-  As outlined above, this money is going in as share capital not debt and so strengthens the balance sheet; unlike other instances in Scottish football where excessive debt has led to significant problems for the clubs involved.

    7-  There is a buy back option for the WS up to the end of year two. If the arrangement isn’t working as envisaged, they can buy back the WS shares for £660k (two years contributions plus costs).

    8- As a further safeguard, 30% of any player sales above £2m will be put into a separate account and can be used to help that purchase eg Player sales have been £4m – the £600k in that account can be used to help fund the buy back.

    9-  Other safeguards:

    • The club cannot take on any external debt.
    • No value can move to the Barmacks other than normal expenses.
    • No assets, ground etc, can be sold.
    • No change to the club name, colours, home ground can be made without the agreement of 75% of the shareholders.
    • The existing loan from the WS to the club remain in place until the final payment is made in six years time and at that point half of the loan is forgiven.
    • Given the money the WS holds at present, to meet its commitments over the next six years it needs to raise £100k per annum – 60% of what it currently achieves.

    10-  The Executive Board will be eight in total. The club’s existing CEO and FD remain in post. An additional three directors each will be nominated by the WS and the Barmacks. If tied at 4-4 on any matter the Chair (Erik) has the deciding vote.

    11-  The new money will be very helpful in underpinning our budget and allowing additional income from cup runs and player sales to be invested on a longer-term basis; but is not in itself transformational. What could be is the access to other income sources, new fans, media connections and commercial opportunities that Erik and Courtney are looking to bring.

    12-  What we have looked to do is agree a deal which opens up fresh opportunities without risking the future of the club. For the next six years the club is a “locked box“. All the additional value generated stays within the club.

    Which is why the MFC Board recommends the transaction.

    Valuation and reasons for the deal

    One of the key questions for shareholders is whether the transaction values the club fairly. The amounts being subscribed by the Barmacks – £1.95m – prices the equity in the club at just under £4m – with the addition of the debt of £3.7m (WS and Government) that equates to an Enterprise Value (EV) of £7.7m for the whole club.

    There are three main ways to value a business.

    Net assets – the club does have net assets – but to realise these would mean selling the ground – work we have done in looking at a new stadium has estimated a cost of £40m – net assets is only a valid basis to look at the deal if the assets can be sold. Ours can’t be.

    A multiple of sales/turnover – commonly used for hi tech or software companies who have yet to reach profitability – again not relevant.

    A multiple of maintainable profits – this can be profit, profit before tax or EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation- sometimes referred to as a measure of the free cash flow a business generates).

    We have operated at around breakeven over the period since we moved into fan ownership.

    There is no standard multiple for businesses – especially football clubs – there generally is a range – eg pubs might go at 5/8 times profits.

    But to get to £7.7m EV for MFC would require something like stable EBITDA of £1m and a multiple of 8.

    Rationale

    We will now have been in the top division for 40 years, have managed to “balance the books” under fan ownership, improve the ground, training facilities and extend contracts for players who could have significant sell on value. So why think about changing the model?

    Two reasons.

    We have always seen the WS money as an insurance policy against a major downturn in our finances – relegation would cost us approximately £3.5m and we have had to live with that possibility in the last two seasons. The rainy day money is a static strategy. Is it better to contribute regular annual amounts which can be fed into our budget? Does that make it less likely we will get dragged into relegation? The answer is probably yes, so that is something we need to consider and this transaction provides that opportunity.

    And secondly, and aligned to that, because it’s the main duty of the Board to look at ways to safeguard the future of the club. Lots of good work is being done to try and increase membership, income from events etc but will that bring in sufficient revenue to protect us totally or even make a significant contribution to our cost base?

    Will it allow us to compete and remain in the top level? Or do we need to do more? That is the ultimate question fans and shareholders need to consider.

    This deal offers-

    • Fan ownership still embedded at the heart of the club.
    • New worlds to explore.
    • And two safety nets. Buy back plus no value leaving the club for at least six years.

    Which is why we are recommending it unanimously as a Board.

    Steps paper

    To accept this deal 75% of our shareholders, have to vote in favour.

    The WS owns 71% of these shares. If more than 50% of the votes cast by the WS members is in favour that translates to a 71% acceptance.

    If more than 50% of the votes cast are against, the transaction cannot take place.

    Given the significance of what we are proposing it is important to give shareholders and supporters time to consider it and ask questions about any aspects which are unclear.

    We are therefore building in a twenty-one-day period to do that – which we think is sensible in the circumstances, then a further 14 days for voting which should allow the club to factor the new money into next season’s plans, if the deal is accepted in that timeframe.

    The WS will consult its members separately. The club will write to other shareholders asking them to vote. After the consultation period of 21 days, voting for WS members and MFC shareholders will commence on 1st July 2024 and everyone will have a further two weeks to administer their vote which will close on 14th July 2024.

    If there is a 75% + acceptance, we will then instruct our lawyers to draw up the relevant papers (Shareholders Agreement – Subscription Agreement – New Articles) for a General Meeting to formalise the transaction.

    Jim McMahon

    A note from the Barmacks

    Subject: Proposal for Strategic Partnership with Motherwell FC
    Dear Members of the Well Society, MFC Shareholders, and Fans of MFC,

    I recently had the pleasure of meeting so many of you in person, hearing your inspiring stories, exploring the town of Motherwell, and witnessing firsthand the vibrant atmosphere at Fir Park. Thank you for your time and sharing your Motherwell passion with me. I appreciate now more than ever what makes Motherwell so special.

    My wife, Courtney and I deeply respect Motherwell FC’s culture and identity, especially its fan ownership, which is a vital part of the club’s DNA. Our aim is to complement, not control, the Well Society’s shareholding and support its core mission.

    We are incredibly excited about the possibility of joining forces with all of you to enrich this foundation with new resources and innovative ideas, propelling the Steelmen forward while preserving its cherished traditions. We are committed to a long-term partnership that focuses on sustainable growth without imposing financial burdens.

    Below are a few more details about our proposed investment and involvement in Motherwell FC:

    Capital Investment: We propose a sustained investment strategy to build long-term value for Motherwell FC, focusing on enhancing the club’s infrastructure and long-term strategic projects rather than short-term player acquisitions.

    Media and Broadcasting: With our background in international film and television production, we see significant opportunities to boost MFC’s global visibility. A broadcaster recently approached us about a docuseries on the club that could open considerable commercial opportunities.

    Technology and Innovation: Leveraging our extensive experience in Tech Ops & Strategy and media rights negotiations, we aim to drive MFC into new frontiers in AI and social media. This includes optimizing MFC’s engagement and innovation in digital realms.

    Additional Investors: We see opportunities to bring in additional investors (which would dilute our share of the club, not yours) who can help raise MFC’s profile internationally, enhancing the club’s stature on a global stage.

    Global Football Networks: Our connections with club owners across premier leagues provide us an opportunity to extend MFC’s network internationally, supporting the club’s long-term strategic goals.

    Engagement and Transparency: We propose creating forums to ensure ongoing dialogue with you, allowing us to align our initiatives with the community’s needs and aspirations.

    We look forward to hearing from you and hope to meet soon to discuss this exciting opportunity.

    Warm regards,
    Erik and Courtney Barmack

    If you have any questions about this transaction, please contact the club at shares@motherwellfc.co.uk and we will respond quickly. Alternatively, WS members can also contact the Well Society directly with any queries via members@thewellsociety.uk.

  • Club

    2023/24 Season Review: September

    2023/24 Season Review: September

    September kicked off with the crowning of the August player of the month. Dan Casey would win the fans vote having scored his first Motherwell goal, played every minute of every match and won a penalty against Kilmarnock. 

    The new faces kept coming, with the latest addition of a young left-back called Georgie Gent joining the team on loan from Blackburn until the end of the season.

    Motherwell continued their fine run of form and extended their undefeated run in the league to 10 games, with a win over Hearts at Tynecastle, their first win there in four years. Callum Slattery’s completed a wonderful team goal to secure the 1-0 win.

    We took some time away from the football pitch and spent the afternoon with Blair Spittal and his dog Simba, as Spittal prepares for the arrival of his first child.

    Joe Efford departed the club having joined in January 2022.

    We had five players away on international duty, Bevis Mugabi hopes of reaching AFCON fell at the final hurdle after Uganda’s win over Niger wasn’t enough to secure qualification. Brodie Spencer got a call-up to the first-team Northern Ireland squad after he was initially named in the Under 21s. Lennon Miller made his first Scotland Under 19 appearance.

    The return to league action seen Motherwell somehow come away with nothing against St Mirren at Fir Park.

    Always an interesting time of year is the players finding out their ratings in the latest Fifa game, the boys discovered the final scores ahead of the new EAFC 24 launch.

    It would be same unlucky story for Motherwell as they came away from Ibrox with nothing, after a Cyriel Dessers deflection secured a 1-0 win for Rangers, despite the ‘Well having plenty chances.

    The other half of the old firm would take all three points after three goals in the last six minutes of the match at Fir Park.

  • Club

    New SLO signing

    New SLO signing

    The Supporter Liaison Officers (SLOs) have a new signing of their own this summer, with the addition of Chris Thomson to the team.

    Chris will join Russell Hepburn and Kate Kelter who now have a season of SLO duties under their belts. The trio will be on hand home and away next season to help enhance the match day experience for fans.

    Lifelong Motherwell fan Chris is proud to follow the Steelmen, and even prouder that his children have followed in his footsteps and regularly accompany him to games.

    “I sit in the Cooper Stand with my family so I understand the importance of taking young ‘Well fans to the games not just at home, but away as well,” says Chris.

    His work in Learning and Development means he’s well versed in supporting and working with others. He adds: “I’m always communicating, so that makes me pretty approachable.

    “This role is about being a bridge between fans and the club. No matter what the feedback is I want to hear it and address the issues with the club.

    “I look forward to meeting you and if you see me please come and say hello.”

    Ticketing and travel information for away games will continue to be communicated through X (formerly Twitter) account: @MotherwellFCSLO. Further information is available on the SLO page of the website.

  • Archive

    Liam Kelly is off to Germany

    Liam Kelly is off to Germany

    Liam Kelly has been named in the final 26-man squad that will head to EURO 2024 this summer. 

    Kelly is one of three keepers who have been named in the squad.

    In the last edition of the EURO’s back in 2020, Motherwell were centre stage with both Stephen O’Donnell and Declan Gallagher included.

    The former Motherwell skipper will not be returning to Fir Park next season however, a contract extension was agreed between player and club that will see the Kelly remain a Motherwell player for the duration of the tournament.

    Scotland will open EURO 2024 against hosts Germany on Friday 14 June.

    In match day two, they take on Switzerland on Wednesday 19 June before their final group match against Hungary on Sunday 23 June.

    • Germany v Scotland
    • Friday 14 June
    • 8pm Kick off
    • Allianz Arena, Germany

     

    • Scotland v Switzerland 
    • Wednesday 19 June 
    • 8pm Kick Off 
    • RheinEnergieStadion, Germany 

     

    • Scotland v Hungary 
    • Sunday 23 June 
    • 8pm Kick off 
    • MHPArena, Germany 
  • First team

    Bevis Mugabi departs

    Bevis Mugabi departs

    We can confirm that Bevis Mugabi will be departing the club. 

    Our longest serving player last year, will leave Motherwell having joined in September 2019.

    With 125 appearances for the club, he leaves with everyone’s best wishes for the future.

    His service to the club is immensely appreciated by everyone.

    All the best, Bevis.

  • Well Society

    Just the ticket!

    Just the ticket!

    Well Society member Niall Kane was delighted to discover he’d won the cost of his Season Ticket in our recent competition.

    Niall joined the Society last month, and bought his Season Ticket for 24/25, automatically entering the draw. He joined 48 others in the hat who had either joined, increased their monthly membership contribution or restarted payments recently.

    He was refunded his £395 Season Ticket cost.

    Niall said: “I’m delighted. I joined the Society because I wanted to help the Club any way I can. To win, and to get the Season Ticket cost refunded, is fantastic. Here’s to a successful 2024/25 season.”

    Over the course of the initiative the Society received recurring payments which will be worth more than £4000 annually.

    Sean Baillie from the Membership Workstream said: “Thanks to everyone who joined the Society, who restarted payments or who committed to increasing their monthly contribution – it all goes to supporting the Club we love. We are delighted with the additional income this will bring in annually, all of which will contribute to the future success of Motherwell FC.”