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
Read more on dailyrecord.co.uk
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.