Motherwell FC fans have moved a step closer to taking over their club with the news that retired businessman, Les Hutchison is close to agreeing a deal to help fund the Well Society in their efforts to assume control of the SPFL Premiership team.
The Well Society have been attempting to raise enough money to purchase the 70% share of the club from former Chairman, John Boyle, but their fundraising has stagnated and further finance was required if they were to be successful in their goal. The organisation stated last month that they had raised £500,000 and were looking for another £1million in loans.
Although the club refused to comment on the story, General Manager Alan Burrows told BBC Scotland, “I think we are in the final stages and are confident of a good outcome.”
“It was John’s vision to have this model. His biggest consideration is to make Motherwell safe and secure. He committed three years ago to this fan ownership, he wants to see this through.”
Motherwell have suffered significant financial losses over the last two years and are projected to post a further loss in their financial results for the 2013-14 season. The North Lanarkshire side currently sit 10th in the SPFL Premiership, two points off the bottom of the table.