Club Statement: 12th December 2014

Folk, due to the surge in hits, the website is a little sluggish so here's the copy of the official club statement released tonight:



CLUB STATEMENT:



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. Mr Hutchison will effectively act as facilitator for the transition of ownership of the club to supporters, provided there is clear evidence that more of our fan base is willing to support the initiative.



We have now entered a 30-day exclusivity period to enable financial and legal due diligence to be undertaken.



Mr Les Hutchison stated: "I look forward to working with the Society and the Club to help them achieve their objective of fan ownership and be financially sustainable within five years.”



Mr Brian McCafferty, acting Chairman of the Society, added: “We would like to sincerely thank Les for his generous loan to the club which has kept alive hopes of community ownership. We emphatically believe the partnership between Les and the society provides, by far, the best solution to both the club's short-term financial needs and its long -term sustainability and success.”



The club can also confirm that it has formally interviewed six potential candidates for the vacant manager's position and hopes to be able to make an announcement of an appointment shortly.

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