Motherwell Fans Set £1Millon Target

Photo by Jeff Holmes Motherwell fans have been urged to form a consortium to lend the club money in order to ensure ownership remains in the community. The Well Society is hosting meetings on Thursday and Friday which could determine the fate of the club's fan ownership model. The fans' group is trying to raise £1million in order to provide financial security for the Scottish Premiership side - and warned that failure to do so could see "ownership of the club being lost to the local community for the first time". The Well Society was initially given until the end of November to take its total money raised to £800,000 in order to keep alive the prospect of it acquiring a majority stake in the club. But the Well Society was told earlier this month that the club could need access to more funds in the second half of the season, raising the prospect of former chairman John Boyle's majority shareholding being sold to outside investors to raise money. An email to fans from the Well Society read: "So far it has raised more than £500,000 and is still in talks over a soft loan with an interested party that would take it beyond the total. "However, it has become apparent in the past few weeks that the club potentially needs more financial security than the Well Society would be able to offer it, even with the soft loan. And it also became apparent that there was a real danger of the ownership of the club being lost to the local community for the first time. "So, over the past two weeks there have been discussions among the club board, Well Society representatives, John Boyle and some prominent Motherwell-supporting business people who have agreed to help out the club. "We are now seeking wider support to form a partnership that would give the club financial stability and prevent it being sold to outside interests." Motherwell posted deficits totalling £780,000 for the two seasons 2011-13 and have predicted a loss for last season, when they finished second in the Scottish Premiership. The club retained the wage bill at the same level this season but exited the Europa League and Scottish League Cup at the first hurdle and sit 11th in the table ahead of their Friday night clash with St Johnstone. The Well Society lent the club £230,000 in February, which has been repaid, while Motherwell also took out a £125,000 loan from a private finance firm. Boyle is owed about £360,000 but the club have no bank debt and are not in any immediate financial danger having just received the remainder of their Scottish Professional Football League prize money from last season.