Well Society takeover to ensure Motherwell's 'future is protected'

The Well Society has promised the financial security of Motherwell will not be compromised in order to achieve fan-ownership at Fir Park.

The fans' group is in talks with Les Hutchison over a deal to transfer his majority stake in the club in the coming weeks.

The Well Society board has told members it needs to ensure both that the "future is protected if we become the main shareholder'' and the future of the club is sustainable in the following few seasons.

Motherwell have not made a profit since the 2010-11 season - when they reached the Scottish Cup final, last four of the League Cup, Europa League play-offs and finished in the top six.

The club have since recorded cumulative losses of more than £2million in the following four years.

Much of that deficit was plugged through loans by Hutchison but also the Well Society itself.

The Barbados-based businessman last week revealed the prospective deal would mean that he receives no scheduled repayments until 2019 but negotiations are continuing.

The Well Society says it has a duty to "manage the cash flow of the club''.

The statement continued: "We need to be what's termed cash neutral based on a 'worst case' scenario effectively budgeting on the provision that we finish 10th in the league, with no cup run or player sales.

"We need to build an affordable schedule of repayment for monies that are owed by the club. We cannot take ownership unless we can meet those challenges.''

Long-standing Motherwell director Jim McMahon has agreed to become club chairman should the deal go through.

The statement finished: "Those of you who know Jim will be aware of not only his love for the club, but also of his business reputation, he will not allow a deal which does not fulfil the criteria noted above.''