Motherwell announces agreement with US partial owner
A US investor and the owner group at Motherwell have come to terms. Negotiations with the American family will go forward following the signing of non-binding terms.
The board of directors at the Scottish Premiership side has been looking for investors outside the company. While seeking new investors, the Steelmen recently staged a spoof Hollywood fundraising appeal. They urged famous faces like Taylor Swift to contribute money to their cause. It was similar to what Rob McElhenney and Ryan Reynolds accomplished for the EFL team Wrexham.
Not all fans were pleased with the finished video, therefore the decision was divisive at the time. The fact that a contract has progressed to the “next stage” suggests, nonetheless, that the campaign was successful.
What did Motherwell say?
An agreement on non-binding Heads of Terms was reached. Thus, they will now focus on formalizing a legal framework to go ahead with a shareholder vote.
The investor also allegedly wanted to form a relationship with the Well Society as a condition of the sale. According to the club, a Head of Terms formalization procedure typically takes around six weeks.
“The Executive Board of the Club would like to confirm that investment discussions with a US-based family have reached the point where both parties wish to move forward to the next stage and have therefore entered into an agreement on a nonbinding Heads of Terms.
“Both parties will now work on formalizing these into a legal framework which can be put to a shareholders vote. The investor has expressed his desire to work in partnership with the Well Society.”
“The process of formalizing the Heads of Terms is likely to take around six weeks and we will keep you updated on progress,” the club said in a statement.
What did the club coach say?
Despite increased speculation about American funding, Motherwell manager Stuart Kettlewell thinks major changes are very improbable.
“It’s maybe one stage further forward, but my understanding of the conversations that I have had. And I’ve not been involved in a great deal of it – is that it is just a small step. My understanding with all these things is that they can be a longer process, so that doesn’t necessarily change anything in my mindset or remit.
“You look at a budget over a summer, that’s going to look exactly what it is just now. Until somebody tells me any different, which certainly doesn’t seem to be on the horizon. I think it’s a positive step, because I believe in the evolution, that if there are ways of improving things at football clubs.
“But that then starts to become a conversation for Brian Caldwell, the board members and the Well Society, to make sure whatever happens next – for and against – is the right thing for the club.
“I’ll probably take a step back and continue to concentrate on football, but referencing back, it’s one small step, and I don’t think anybody should be massively reading into it that there’s going to be wholesale changes here in the coming days or weeks.”
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