Major update on Motherwell investment proposal emerges as fan ownership 'guaranteed'

Potential Motherwell investors Erik and Courtney Barmack have revised their proposals to put cash into the Premiership club.

Initially, an investment of £1.95million over six years that would immediately grant three seats on the board, including the chairmanship, was proposed. That was in return for an initial £300,000 input and they would ultimately get a 49% share. Current majority shareholder, supporter-led group The Well Society, would need to make a commitment to writing off half of its £868k loan to the club and contribute £1.35m over the six years. Their stake would be cut to a maximum of 46%.

Now amendments have been made to ensure fan ownership, with fans set to vote on proposals from America in July. A statement from Motherwell reads: “The Board of Directors of Motherwell FC have had further discussions with Erik & Courtney Barmack (Wild Sheep Sports) in relation to their proposed investment into MFC. Both parties have considered all feedback received to date during the on-going consultation period.

“Consequently, it has been agreed to amend the investment proposal as follows:

“1. The new proposal is that at the end of the 6-year investment period, the Well Society remain the majority shareholder in MFC with 50.1% shareholding. As a result, Wild Sheep Sports shareholding reduces to 47% from the original proposal. The balance of shares would still remain with the existing other shareholders. Therefore, Fan Ownership is guaranteed with the Well Society remaining the majority shareholder by itself.

“2. The 50.1% majority shareholding of the Well Society would be achieved by converting half of the debt that was going to be removed in year 6 into shares for the Well Society. Therefore, the increase in the Well Society shareholding would not require the Well Society to invest any additional sums to the original proposal.

3. The new proposal also reduces the buyback amount from £660k to £630k, making it easier for the Well Society to exercise the call option should they feel that Wild Sheep Sports is not adding strategic value to the Club.

“Should any shareholder or Well Society member require any further information please contact [email protected] or [email protected]. Voting will commence on the 1st July, with MFC shareholders and Well Society members receiving further information on how to do so in due course.”