Motherwell’s majority shareholder remains opposed to foreign investment deal

Motherwell’s majority shareholder has reiterated its opposition to a proposed foreign investment deal after a consultation period was extended.

Well Society members and club shareholders will begin a two-week voting process on July 8, seven days later than planned, after an offer from Wild Sheep Sports was amended late last week.

The club claim the new deal will allow the fan ownership vehicle to maintain a majority shareholding of 50.1 per cent but no details of the new Heads of Terms have been released.

A Well Society statement read: “The clear majority of the Well Society board recommends that members reject this proposal when a two-week voting period commences on Monday July 8.

“We are continuing to work hard to finalise our own business plan and we look forward to sharing this and other information with members in the coming days.”

The Well Society previously argued the original deal would end fan ownership at Fir Park and they remain “deeply concerned” about other aspects.

They argue the Fir Park board have under-valued the club, that the boardroom make-up is skewed towards the American group, that the deal risks the club’s financial security and that their members would be subjected to unfair financial demands, putting in a similar amount of the £3.8million matched investment while seeing their current 71 per cent stake drop.

The Well Society board has also criticised the proposed boardroom make-up, which would see American TV executive Erik Barmack assume the role of chairman while the fan representatives would be in a minority.