Furious Well Society members have recommended booting out Erik Barmack’s proposals to invest in Motherwell.
The Fir Park club issued a statement this afternoon with chairman Jim McMahon urging supporters and Well Society members to go for it.
But the Well Society says Wild Sheep Sports’ proposals fall well short of how much they would value the Premiership club.
The Well Society argue that over a six-year period their shareholding would drop from 71 per cent to 46 per cent, while for not too much more Wild Sheep Sports would see their rise from eight to 49 per cent.
In a statement, they said: “The proposal, which follows a campaign for commercial sponsorship, partnership or investment opportunities, would end fan ownership at Fir Park as the Well Society’s majority shareholding drops to 46 per cent.
“The offer of £1,950,000 over six years for 49 per cent shareholding drastically undervalues the club.
“For an initial investment of £300,000 for 8 percent of shares, Wild Sheep Sports would immediately receive disproportionate influence in the boardroom.
“The deal requires almost equal investment, including writing off 50 per cent of the loan owed to the Society by the club, from the Well Society in exchange for a decreasing stake.
“Well Society plans to grow membership are likely to be severely hampered as the original purpose of the fan ownership model becomes obsolete.
“The Society would no longer be able to protect the long-term future of the club as a minority shareholder and, if Call Option or Buyback Right is utilised after two years, would possibly need to ‘start from scratch’..”
Their statement added: “The Well Society Board, by 6-3 majority, does not believe the negotiated terms are advantageous to the club and recommends that Well Society members reject this offer in a forthcoming ballot.
“Having been given sight of the finalised Heads of Terms on 20 May, we have worked at pace to finalise our position on this offer.
“We anticipate that we will ballot our members on this over two weeks beginning 1 July, which will then allow the Well Society to reflect members’ views in the club’s anticipated shareholder vote. We are currently working on the logistics and more information will be sent to our members in due course.
“By this time, we will also share the Society’s plans for the future, if it remains as majority shareholder. These plans have been in development since the beginning of the year, with input from supporters, consultants, football experts and business professionals, and we now aim to expedite the publication of our plans within the necessary timescales.
“As part of the ballot process, we also intend to provide the opportunity to engage the Society Board on these proposals, both online and in-person.”
The Well Society say they are open to working further with Wild Sheep Sports, that would be of benefit to the club, in partnership with the Society.
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