Motherwell have exceeded the initial £250,000 target of their Well Society scheme to bring the club's fan ownership plans a step closer to reality.
The club have raised £335,375 from supporters to purchase shares donated to the club by outgoing chairman John Boyle after launching membership plans in January.
A total of 927 members, 664 of them with voting rights, signed up by the end of last month to make the scheme viable. Half of Boyle's shares will initially be transferred to the society, with the remainder handed over when the rest of the money has been raised.
The society will now be formally constituted and will elect two members to sit on the club's board of directors while more members are sought.
"The supporters of Motherwell Football Club have stepped up and shown they have the passion, desire and self belief to make Motherwell a successful, sustainable fan-owned club," said Leeann Dempster, chief executive of the Fir Park club. "But it is only stage one. We need to emphasise to everyone that we need to keep recruiting.
"We have complete belief in this idea but will retain a laser focus in ensuring it is implemented in a way that will secure Motherwell's best future."
The Motherwell board also reiterated that they plan to develop a £1.5m "strategic reserve" to replace the personal wealth of Boyle, whose wealth had helped the club survive tough times in the past. This figure will be under review due to the "trading and strategic position of the club and the league."
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