Motherwell become Premiership's first fully fan-owned club

[ian1964 10,720]

Well Society completes deal to take control of Les Hutchison's majority shareholding.

 

Motherwell have become the Scottish Premiership's first fully fan-owned club after the Well Society agreed a deal to buy a majority shareholding in the club.

 

The Well Society have paid £1 to purchase Les Hutchison's 76% stake in the Fir Park outfit, with chief operating officer Alan Burrows remaining in charge of day-to-day matters.

 

In a statement, the group said loan repayments for the first three years will be made solely from a percentage of player transfers.

 

Jim McMahon, who will take up the position of chairman, said: "The last two years have been dramatic and challenging for the club.

 

"Having triumphed in the play-offs we all hoped that the next period would be more settled and allow us to move gradually to fan ownership over a five year timescale envisaged.

 

"Instead the opportunity arose almost immediately and it is a credit to the Well Society that they have been able to deal with abrupt change."

 

The Steelmen came close to being sold to an Argentine consortium in 2014 before Hutchison stepped in to set them on their path to fan ownership in a deal similar to Ann Budge's ownership at Hearts.

 

http://stv.tv/sport/football/1371331-motherwell-become-premiership-s-first-fully-fan-owned-club/

[the gunslinger 3,366]

Good for well. Hope it works out for them.

 

With any luck rangers will get there.