Motherwell are set to elect two supporters to the board in the first move to hand control of the club to the fans.
In a meeting at the Scottish Premier League side's Fir Park ground on Thursday, the supporters' group were given a 15 per cent stake and told there were immediate vacancies for a pair of directors.
The move was triggered after funds raised by members topped the £400,000 mark.
When they reach £500,000 a further 5 per cent will be handed over and fans will be giving a controlling stake once they hit their target of £1.5m.
The scheme was made possible after former Well chairman John Boyle gifted the club his 73 per cent shareholding.
Well Society chairman Graham Barnstaple said: "We have been working in close conjunction with the club since being elected six weeks ago and they are very keen for two members to join the board as soon as an election process is
"We are also urging more fans to join the revolution and are formulating a plan to encourage corporate membership of this pioneering community ownership scheme.
"This is a unique opportunity to financially safeguard the club, to ensure it is run by those with its interests firmly at heart, and to allow Motherwell to continue to play at the highest level.
"Recent events at Rangers and Hearts have highlighted the potential dangers of allowing one man to control a club's destiny and we have the chance to make sure similar problems never occur at Fir Park.
"We urge all Motherwell fans to rise to the challenge."
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