MOTHERWELL have become debt-free for the first time in 40 years after the sale of James Scott allowed the Fir Park club to pay off the last of the money they owed to external creditors.

The club have now cleared £2m of debt in a three-year period, having paid off money owed to former chairmen John Boyle and Les Hutchison last year.

Around £80,000 of debt was still owed to five individuals who invested in Motherwell last November, but that has now been paid off following the sale of Scott to Hull City for a fee that could rise to as much as £1.5m.

Speaking to the Motherwell website, current chairman Jim McMahon said: “When we made the full and final payments to Mr John Boyle and Mr Les Hutchison late last year, we did so by swapping a small amount of their debt with an investment from a small number of lifelong Motherwell fans close to the club.

“We were confident that this would be repaid in a timeous fashion, so it is very satisfying that we have managed to do so in less than three months.

“The aim of both the club and Well Society boards, following the transition to fan ownership, was to ensure we got ourselves to this position, as it is vital for the long-term health and prosperity of Motherwell Football Club.

“Together, both boards are now working on what the key strategic priorities should be for the next five to ten years.”

Writing on social media, Motherwell chief executive officer Alan Burrows added: "Really momentous day for the club.

"Worth highlighting the contributions of Les & John in working with us on repayment plan & writing off a portion, as well as the five individuals who took us a stage closer late last year.

"We’ll keep pushing ourselves hard every day."