Motherwell Football Club is delighted to announce that it has repaid its debts to former owners John Boyle and Les Hutchison.
Following the transition to the current fan-ownership model in October 2016, the club has been able to repay both parties through effective player trading.
The final outstanding balances have been settled with both. In total, over £1,500,000 has been paid back over the period.
The repayment to both individuals marks a significant milestone in the club’s move towards long-term viability.
The only external debt now owed by the club is to five Motherwell-supporting individuals. It totals around £80,000, with extremely favourable repayment terms that the club anticipates will be cleared soon.
“From the moment the Well Society took over the majority interest in Motherwell Football Club, our collective energy has been firmly focused on ensuring the club is sustainable on a medium to long-term basis,” Motherwell FC chairman Jim McMahon said.
“A key part of that has been eliminating the debt we inherited and we have now almost achieved that. For the club to have paid back such a significant amount in just over two years is a remarkable feat.
“I want to thank those who have worked so hard to help us achieve that, including chief executive Alan Burrows, the management, coaching and recruitment staff, the current board of directors at the club, as well as the Well Society board, members and Motherwell supporters.
“I also thank John Boyle and Les Hutchison for their support over the years.
“It has been a collective effort, helped enormously by everyone working together, on and off the park, towards the same common goal. I would also like to thank the individuals who continue to support the club with the small amount left to repay in soft loans.”
Douglas Dickie, joint-chair of the Well Society added: “It has been an excellent achievement by all involved to get to this stage where both John Boyle and Les Hutchison are no longer owed any money by our club. The Well Society and its members have played a big part in that.
“This is an opportunity for the Society now, as the owners of Motherwell FC, to re-evaluate our goals and plan the way forward.
“It is as important as ever now for our members and all Motherwell supporters to get behind what the Well Society are doing, to ensure we can continue to support and improve the club.”