Les Hutchison agrees to sell Motherwell to fans
Tuesday 15 March 2016 22:03, UK
Motherwell majority shareholder, Les Hutchison, has agreed to sell his 76% shareholding to supporters group the 'Well Society for £1.
Hutchison and the 'Well Society have signed a memorandum of understanding to agree the deal.
The move means Motherwell will become the first fully fan-owned club in the Scottish Premiership.
Hutchison has also agreed to provide the club and new owners with working capital over the next few months and deferred loan repayments to ensure the 'Well Society have every chance to succeed.
The deal concludes a five-year effort from the society to own Motherwell Football Club, a role they will take on as soon as all legal agreements are signed.
Hutchison, who will immediately step down from his role as director and vice chairman, praised Motherwell boss Mark McGhee and general manager Alan Burrows for helping move the club forward.
Jim McMahon now takes over as chairman, with Douglas Dickie as vice chairman, while Tom Feely is appointed as a director with other board members continuing.
Hutchison said: "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 like to personally thank Mark McGhee and Alan Burrows for their huge contribution to the improvements at Fir Park.
"I would also like to thank everyone at the club 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."
