Motherwell have announced the club has paid off its debt to former owners John Boyle and Les Hutchison. Les Hutchison bought the club in January 2015 Motherwell have transferred into fan ownership after the Well Society and Les Hutchison concluded a takeover agreement for the Premiership club. "A key part of that has been eliminating the debt we inherited and we have now almost achieved that. "We are doing well and we have to make sure we stay in that position and we have to be on top of our game to do that. "Well Society joint chairman Douglas Dickie urged supporters to get behind "a new phase in our history". The Well Society supporters group has assumed a 76% shareholding from the Barbados-based Scot for £1 following talks that lasted most of this year.
Join thousands of others who have signed up to our Record Sport newsletter.Motherwell have announced the club has paid off its debt to former owners John Boyle and Les Hutchison.But now, having cleared over £1.5million owed to Boyle and Hutchison, the club is looking to the future under majority interest of the Well Society.Effective transfer business has been pinpointed as essential in balancing the books, news the club has declared a "significant milestone" in its long-term plan for prosperity.The only outstanding debt - around £80,000 - remains to five supporters and chairman Jim McMahon hailed the development as a "remarkable feat".He said: "From the moment the Well Society took over the majority interest in Motherwell Football Club, our collective energy has been firmly focused on ensuring the club is sustainable on a medium to long-term basis. "Having triumphed in the play-offs, we all hoped that the next period would be more settled and allow us to move gradually to fan ownership over the five-year timescale envisaged.
"Instead, the opportunity arose almost immediately and it is a credit to the Well Society that they have been able to deal with the abrupt change. I would also like to thank the individuals who continue to support the club with the small amount left to repay in soft loans.”The Jambos are searching for a new manager following Craig Levein's departure but Robinson is taking no notice of bookies odds, which placed him as odds on favourite on Friday.Ahead of Saturday's home clash against Livingston, he said: "Listen, I solely concentrate on Motherwell. Motherwell have transferred into fan ownership after the Well Society and Les Hutchison concluded a takeover agreement for the Premiership club. We have a big game on Saturday and that's my sole focus. "All of these factors protect the financial security of the club. For the club to have paid back such a significant amount in just over two years is a remarkable feat.“I want to thank those who have worked so hard to help us achieve that, including chief executive Alan Burrows, the management, coaching and recruitment staff, the current board of directors at the club, as well as the Well Society board, members and Motherwell supporters.“I also thank John Boyle and Les Hutchison for their support over the years.“It has been a collective effort, helped enormously by everyone working together, on and off the park, towards the same common goal. Hutchison had purchased the club for the same amount in January 2015 from previous owner John Boyle. "The income generated by our fans via the Well Society will be crucial to our financial stability over the coming years. Sometimes they’ll include recommendations for other related newsletters or services we offer. "When you subscribe we will use the information you provide to send you these newsletters. The club are riding high in the Premiership and have welcomed a significant off-field development.Want the latest Scottish sport news sent straight to your inbox? "The last two years have been dramatic and challenging for the club," he said.
"This means that the club will not be burdened with loan repayments from regular income during this period but will still benefit from player transfers by receiving a percentage of transfer fee income. Motherwell owner Les Hutchison is poised to hand ownership of the Fir Park club over to fans after agreeing to sell his majority stake to the Well Society for £1 just 14 months into his tenure. "Motherwell chairman Jim McMahon, himself a founder member of the society, admitted that it was up to the club to silence those who doubt that fan ownership can work. Ourexplains more about how we use your data, and your rights.
"Fan ownership has responsibilities and we all need to realise that continued and growing financial support from all fans will be required," he added.How to get involved in just about any sport or activity
"After the initial three-year period, outstanding loans will be repaid on a fixed payment schedule.
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