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Well Society fume at 'undervalued' investment bid from ex-Netflix chief

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dailyrecord.co.uk

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

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