The Well Society will reject the proposed investment from ex Netflix chief Erik and wife Courtney Barmack, outlining six reasons why they do "not believe the negotiated terms are advantageous to the club" and urging members to oppose the offer in a ballot next month.
"By this time, we will also share the Society’s plans for the future, if it remains as majority shareholder. These plans have been in development since the beginning of the year, with input from supporters, consultants, football experts and business professionals, and we now aim to expedite the publication of our plans within the necessary timescales.
Since then, the Society has worked hard to return to the safety net model, ensuring that we have over £750,000 in the bank which continues to grow. This figure would allow us to combat the potential gap in club finances should the need arise.Valuing a football club can be difficult. However, we reject the valuation of Motherwell Football Club of under £4,000,000, finding this to be completely unacceptable, and are disappointed that negotiations proceeded on the back of this valuation.
We do not believe that the investment proposal will lead to the empowerment or growth of The Well Society. Instead, given the drastic reduction of the Society’s shareholding, we believe there is significant risk of a similarly drastic reduction in memberships and income, as current and prospective members would question the need to subsidise the Society and the club after having the majority shareholding diminished.
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