The Well Society will stand against the proposed investment from Erik and Courtney Barmack next month.
"These negotiations have now advanced to the point where MFC have signed Heads of Terms about how this would work going forward and the Board of the club are recommending that shareholders accept the offer." • For an initial investment of £300,000 for 8 percent of shares, Wild Sheep Sports would immediately receive disproportionate influence in the boardroom.
A lengthy statement reads in full:"The Well Society, as majority shareholder in Motherwell FC, has today , alongside the publication of statements from outgoing club chairman Jim McMahon and Wild Sheep Sports, outlined the Society Board’s current position to our members. "We recognise that, in our consultation earlier this year, a majority of Society members signalled they would be open to considering an offer of investment that sees the Society lose its majority shareholding in the club. However, we do not believe the investment of £1,950,000 over six years justifies the significant risk involved in giving up fan ownership.
"3. Disproportionate Boardroom Influence for £300,000 Although the investment proposal is structured over six years, the proposal would see Wild Sheep Sports gain disproportionate boardroom influence immediately in exchange for investing just £300,000 for an 8% stake in the club. "5. Damaging to Membership Growth The refreshed Society Board believes that far more can be done, as a fan ownership group, to grow our membership and maximise the Society’s income. To do so, however, there needs to be a purpose – Motherwell supporters and prospective members need to understand why the Society exists, how it operates, and the vital role it plays in the club as a fan owned entity.
"However, we do caveat the above with the acknowledgement that, without investment, in a season we finish 10th in the SPFL, exit the groupof the League Cup or 4th round of the Scottish Cup and have no player sales, the Well Society would be required to plug the arising financial gap, which would total most of our current financial reserves. This is why we remain open to external investment that we believe is right for Motherwell Football Club and the Well Society.