The Fir Park outfit are seeking new investment but the fan-owned club may have to give up their majority shareholding for it to come to fruition.
After supporters expressed their willingness to accept the idea that the Well Society could lose its majority shareholding, Motherwell is set to move forward with talks with possible investors.
By a vote of 642 to 351, members said they would think about endorsing a plan that would reduce the Well Society’s shareholding to less than 50%. The percentage of adult members that attended was 36%.
A member email stated: “The Well Society board will work together with the club’s executive board over the coming weeks to discuss the next appropriate steps.”
Since 2016, The Well Society has owned 71% of the club, and during that time, the club has turned a profit.
Though increasing expenditure over the past two years has resulted in a combined loss of £2.6 million, club directors have cautioned of a potential cash deficit should player sales and on-field performance fall short of a predetermined threshold.
The Well Society has already invested £1 million in the team, and it has approximately £750,000 in reserve funds. By the end of the season, the team hopes to have at least £500,000 in the bank.
The two main subjects of discussion with prospective investors have been an American who is eager to use his experience in television to increase his income and a multinational consortium that thinks it can profit from player acquisition and sales. Each wants to earn from the investments they are suggesting.
“In all prospective scenarios put to us at this time, the Well Society would no longer be the majority shareholder,” the board of the Well Society informed members last week.
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