Saturday 13 December 2014 00:11, UK
Motherwell have announced plans for a fan ownership of the club after confirming that Well Society backer Les Hutchinson is set to take over at Fir Park.
Hutchinson, who was once a goalkeeper with Albion Rovers, is ready to take over John Boyle’s 70 per cent stake after putting up an interest-free loan to the club.
The deal would stop interest from an Argentinian consortium if completed in the next few weeks with further plans projecting a fans’ group assuming control of the club in the future.
The club are yet to announce who will take the reigns as manager at Fir Park, but a completion of the deal will boost Motherwell’s chances of appointing a new boss, which could even come as early as Saturday.
Ian Baraclough has replaced former Motherwell defender Mitchell van der Gaag as the red-hot favourite to take charge at Fir Park but Kenny Black will continue his responsibilities ahead of Motherwell’s crucial clash against Ross County at the weekend.
A joint statement read: "Motherwell Football Club and the 'Well Society can confirm that they have entered into a memorandum of understanding (MOU) with Mr Les Hutchison.
"If the transaction set out in the MOU is concluded, Mr Hutchison will provide the club with working capital finance, alongside the ongoing funding support provided by the Society, which has just provided another loan totalling £100k to the club.
"This finance will take the form of an interest-free loan, repayable over a maximum period of five years.
"During that time the Society board have committed to growing both membership numbers and funds in order to demonstrate that the supporter base is fully behind the concept of fan ownership.
"Once Mr Hutchison's loan has been repaid in full, it is anticipated the Society will become the owners of the club."
