Hutchison Set For Fir Park Takeover

Motherwell have announced plans for a Hearts-style route to fan ownership after confirming Well Society backer Les Hutchison is on course to complete a Fir Park takeover.

Hutchison is set to take over John Boyle's 70 per cent stake after putting up an interest-free loan to the club, with the fans' group set to assume control further down the line.

The deal would fend off interest from an Argentinian consortium if it is completed in the coming weeks and the announcement allows the club to move closer to appointing a new manager. Confirmation could even come on Saturday, although caretaker manager Kenny Black will take the team for their crucial Scottish Premiership clash with Ross County.

Former Scunthorpe and Sligo Rovers manager Ian Baraclough has replaced former Fir Park defender Mitchell van der Gaag as the red-hot favourite with the bookmakers and the club say they will make an announcement shortly.

A joint statement read: 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.''

The club say they have entered a 30-day exclusivity period to enable financial and legal due diligence to be undertaken''. Hutchison added: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.''

The details of the deal have yet to be announced but it is understood that the combined backing from Hutchison and the fans group is worth more than £1million.

Recent reports have described the South American bid as more lucrative, but the Well Society is convinced its plan is better.

The Well Society will play a meaningful role in the running of the club but, like Ann Budge at Hearts, Lanarkshire-born Hutchison will be in control, although he is based in Barbados for most of the year.

It is understood he was heavily involved in the selection of a new boss after signing up to a deal in principle early this week along with the club and Well Society, although an announcement was delayed by other factors in an extremely complicated negotiating process.

The electrical engineer-turned-successful businessman, who went to school in nearby Uddingston and began his career in several Lanarkshire steelworks, has been in talks with Well Society chairman Brian McCafferty for more than six months but his identity was kept secret until it was leaked to a newspaper on Monday.

McCafferty 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 fans' group was given an ultimatum of raising #800,000 by the end of November and talks, initially centred on a loan to the the society, but the plan moved towards the Foundation of Hearts blueprint in late October.

That was prompted by Boyle's talks with the Argentinian group - which reached an advanced stage - and a bleaker financial forecast from the club following their early cup exits and poor league form, which prompted the £800,000 target to be raised.

Motherwell have lost close to #1million in the last three seasons and the Well Society believe Hutchison's expertise can put them on the right track financially before the club potentially moves into fan ownership.