Motherwell investment proposal amended after Well Society rejected first plan

Motherwell have revealed that the proposal for investment from Wild Sheep Sports has been amended after opposition from the Well Society.

Former Netflix chief Erik Barmack and his wife Courtney hope to secure shareholding in the Fir Park club in return for an investment and it is set to go to current shareholders for a vote. Fan group the Well Society are the current biggest shareholders and had confirmed they were voting AGAINST the proposals.

They said they didn't believe the "negotiated terms are advantageous to the club". One of their gripes was that it would "end fan ownership" as their own shares in the club would be reduced from 71% to a maximum of 46%, with Wild Sheep Sports would obtain 49%.

They had previously said they would be open to losing their majority shareholding in order for the club to secure funding but did not believe the proposed £1.95m over six years justified the risks of doing so. They also felt the Barmacks would be gaining disproportionate boardroom influence in relation to how much they were pumping in and thought the club was being undervalued at just under £4m.

The Society had urged fellow supporters to follow them in voting against and as a result the proposal has now been amended. At the end of the six-year investment plan, the group would retain the majority shareholding with 50.1%. Wild Sheep would have 47%. But the Society would not have to put in any more money as debt that was going to be written off would be removed into shares for them

The previous buy-back option of £660k would be reduced to £630k, making it easier for the group to buy back shares should they feel Wild Sheep Sports was not serving them well.