Motherwell expect to become the Scottish Premiership’s first fully fan-owned club in a matter of weeks after striking a deal with majority shareholder Les Hutchison.
SDS members, The Well Society have signed a memorandum of understanding to take control of Mr Hutchison’s 76% shareholding for £1 ahead of schedule.
Part of the deal includes a restructured agreement on Hutchison’s £650,000 interest-free loan, which will see repayments made on more favourable terms.
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 also like to thank everyone at Fir Park 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.”
The agreement signals the culmination of the Well Society’s five-year bid to claim control at Fir Park.
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.
Supporters Direct Scotland stand ready to assist our members and Motherwell FC with this process.