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Why Well Society are opposing 'unacceptable' investment proposal

Following the investment update from Motherwell, which details potential plans for Wild Sheep Sports to become the club's majority shareholder, the Well Society board released a lengthy statement outlining why they oppose the proposal.

Here are the reasons why the ownership group, who currently have a 71% stake in the Fir Park club, are against the deal put forward by the Barmack family:

  • The Well Society outline that the proposal would end fan ownership - "the only way we can safeguard the club's long-term future," they add - by reducing their shareholding from 71% to a maximum of 46%.

  • The group feel the club's valuation of "under £4m" is "completely unacceptable" and say the Barmack family's offer of £1.95m over a six-year period for a 49% stake "drastically undervalues" the club.

  • The Well Society add that Wild Sheep Sports "would immediately receive disproportionate influence in the boardroom" for an initial outlay of £300,000 for 8% of shares.

  • The deal would place "unfair demands" on Well Society members, who they say will have to "invest or raise a further £1.35m" and write off half of a £868,000 owed by the club.

  • The group also believe plans for membership growth could be "severely hampered" and they would "no longer be able protect the long-term future of the club".

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[BBC]