Motherwell look set to press ahead with talks with potential investors after fans declared themselves open to the possibility of the Well Society losing its majority shareholding.
Members voted 642 to 351 that they would consider supporting a proposal which would see the Well Society go under 50 per cent of the shareholding. The turnout of adult members was 36 per cent.
However, members will get the final say on whether a specific investment offer should be accepted. Few details of the offers have been revealed.
An email to members read: “The Well Society board will work together with the club’s executive board over the coming weeks to discuss the next appropriate steps.”
The Well Society has had a 71 per cent stake in the club since 2016 and the club has made a profit during that period.
However, the last two years have seen a cumulative loss of £2.6million following increased spending and club directors have warned of a potential funding gap if results on the pitch and player sales do not reach a certain level.
The Well Society has already committed £1million into the club and has a reserve fund of about £750,000 with the club expecting to have at least £500,000 in the bank at the end of the season.
The talks with potential investors have focused on an American individual who is keen to utilise his television background to grow income and a multi-national consortium which believes it can make money through recruitment and sale of players. Both are looking to make a profit on their proposed investments.
The Well Society board last week told members that “in all prospective scenarios put to us at this time, the Well Society would no longer be the majority shareholder”.
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