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Les Hutchison's takeover of Motherwell has been ratified

Les Hutchison has completed his takeover of Scottish Premiership club Motherwell.

John Boyle’s majority shareholding has been transferred to Hutchison, who has provided the club with interest-free loans repayable over a five-year period after stepping in to help the fan-backed 'Well Society group last year.

Brian McCafferty, who was chairman of 'Well Society, will remain on the board as chairman, with Jim McMahon and Derek Weir staying on as directors.

Three new directors have been appointed - Ian Reid, Peter Kellie and Leanne Thomas, who is Mr Hutchison’s daughter.

Lanarkshire businessman Hutchison's aim is to have the club become fan-owned within five years, with his business plan having been ratified on Friday at a meeting of the newly-reshaped board.

Hutchison said: "I'm very pleased today that we have begun this new chapter of Motherwell Football Club's history.

"Hopefully we can change the agenda of the club. By my involvement it is now more of a philanthropic and community-based activity.

"The objective and the agreement that is in place with the fans is that in five years or less we make the improvements that are needed at the club, that we move it into the position of being financially self-funded and then migrate the ownership to the Well Society.

"I am extremely pleased with the Community Trust which operates from the club, who assist some 35,000 local people in all sorts of ways such as kids at school, teens into football, ladies football, basketball and walking football for people my age. Some great work I am keen to encourage and support.

"During the time I am not taking any money out of the club and none of the directors are taking any money."

The club has made losses of £1m over the last three seasons, and Hutchison's loan will help stave off the threat of a financial crisis, as well as fending off possible interest from an Argentinian consortium.

McCafferty added: "I would like to thank Les Hutchison for his generous loan and for providing his expertise and other resources to help transform the club's financial fortunes.

"We also owe John Boyle a huge debt of gratitude for facilitating the move towards fan ownership. He has selflessly put the club and fans before his own interests.

"And everyone who has contributed to the Well Society should feel very proud today - you have all played a significant role in keeping the club in the hands of the community.

"The Well Society now has a central role in the running of the club and a clear route to ownership and we encourage all Motherwell fans to help us achieve that goal.

"I'm honoured to be taking on my new role and look forward to a bright new future which engages supporters and the wider community."

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