LES HUTCHISON last night completed his takeover of Motherwell - paving the way for the club to become fan-owned within five years.
John Boyle's majority shareholding has been transferred to the retired Lanarkshire-born businessman and engineer, who stepped in to back the Well Society fans group last year.
Hutchison is putting in an as-yet undetermined interest-free loan to the club, repayment of which will see his stake of more than 70 per cent transferred to the Well Society, which has provided its own loan of £190,000.
The Well Society, whose chairman Brian McCafferty is assuming the same position within the club, has committed itself to meeting any shortfall in the loan repayments.
Hutchison has spent the week being introduced to all the players and staff at Fir Park and a new detailed business plan was ratified yesterday at a meeting of the newly-reshaped board.
"I'm very pleased today that we have begun this new chapter of Motherwell Football Club's history," Hutchison said.
"Hopefully we can change the agenda of the club. By my involvement it is now more of a philanthropic and community-based activity.
"The objective and the agreement that is in place with the fans is that in five years or less we make the improvements that are needed at the club, that we move it into the position of being financially self-funded and then migrate the ownership to the Well Society."
Meanwhile the head of the Argentinian consortium looking to take over at St Mirren is expected back in Scotland next week for further talks after failing to conclude a deal to buy the Catalan club Girona FC.
Ricardo Pini, the Buenos Aires lawyer and businessman, flew home on Thursday night after two weeks of discussions with the bankrupt Spanish second division club failed to lead to an agreement. The deal is said to be "frozen" rather than dead but it is thought Pini will now turn his attention again to St Mirren and is scheduled to fly to Scotland on Thursday for further discussions with the Paisley club.
A majority stake in St Mirren has been up for sale since September 2009 without the selling group of directors being able to find a suitable buyer. A proposed deal with an English consortium fell through shortly before Christmas.
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