Motherwell move to ease supporter concerns over US investment
A fresh statement has been issued by the club’s board after amendments were made to the initial proposal which was announced last week
Motherwell have moved to allay supporter concerns about investment in the club from an American family by making three amendments to their initial proposal.
The Lanarkshire club’s board have been on the end of a backlash against recently-announced plans for a £1.95million cash injection which would see control of the club shift to Erik and Courtney Barmack (Wild Sheep Sports) and ultimately end a period of fan ownership.
Motherwell’s majority shareholder, the Well Society fans’ group, urged members to reject the proposal in next month’s ballot, fearing their control of the club would be diluted by the investment from the US TV executives.
The club responded by announcing today that it would be making some key amendments in a bid to soothe supporter worries.
“The board of directors of Motherwell FC have had further discussions with Erik and Courtney Barmack (Wild Sheep Sports) in relation to their proposed investment into MFC,” read the statement.
“Both parties have considered all feedback received to date during the on-going consultation period.
“Consequently, it has been agreed to amend the investment proposal as follows:
“1. The new proposal is that at the end of the six-year investment period, the Well Society remain the majority shareholder in MFC with 50.1 per cent shareholding.
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“As a result, Wild Sheep Sports shareholding reduces to 47 per cent from the original proposal. The balance of shares would still remain with the existing other shareholders.
“Therefore, fan ownership is guaranteed with the Well Society remaining the majority shareholder by itself.
“2. The 50.1 per cent majority shareholding of the Well Society would be achieved by converting half of the debt that was going to be removed in year six into shares for the Well Society.
“Therefore, the increase in the Well Society shareholding would not require the Well Society to invest any additional sums to the original proposal.
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