The board of the Well Society is not currently focused on seeking fresh investment in Motherwell Football Club, it confirmed at its AGM held at Fir Park on Monday evening.
A subtle change in position had been trailed in advance in the Society's pre-meeting notes published late last week. While the Society remains open to investment, on the right terms, it is felt there are other opportunities worth pursuing more actively.
"Our focus is not on seeking investment," said board member Gavin McCafferty, who noted that the "previous club board failed" in this regard despite devoting significant time in the pursuit. McCafferty said that the "focus instead is on growing revenue" for the Society and club.
That theme was repeated regularly throughout the night which had started with chair Phillip Speedie welcoming those attending in person and online, ahead of zipping through the majority of formal business.
Speedie explained that compared to last summer, when Erik Barmack's offer to buy a near controlling stake in the club for a modest amount, the situation had moved on. He said that the "fundamental change" was that the previous executive board felt "there was no possibility of growing revenue and investment was needed." But as the new club board – led by Society member Kyrk McMillian "think differently, so it's different circumstances."
There are a couple of strategic partnerships still under consideration but it is safe to assume they will not be game changing for either club or Society in terms of finance or ownership.
The consensus in the room approved, with one member remarking that "getting our own house in order," was the correct priority. A voice did suggest that investment should be pursed more vigourously while concern was also made over the lack of accountability of the previous executive for the summer daliance with Barmack.
That may yet happen – if only slightly – in Society board elections held late April/early May when Tom Feely will seek reelection. The Society treasurer backed Barmack's bid and, unlike others at the time, did not consider his position untenable in the organisation.
Jay Henderson will also step down after eight years and he was warmly commended by the chair for his service. Full details on the election process, including how to nominate yourself for the board, can be found on the Society website.
The refreshed Society website also contains the high points of the last seven months, since the new board replaced the old. It is a considerable list and several of those attending commented the many changes were encouraging.
Workstream leads gave updates on their respective fields of governance, communication, growth and memberships. More changes are planned across the Society to ensure it is fit for the future and able to support the club for the long-term. Consultations are ongoing – again through the website until April 14 – on aspects of governance, membership and benefits.
The target of a 1m reserve fund by May is well within reach and the club could top that up by repaying some of the 870k owed to the Society should summer transfer business make this viable.
Other positive membership and financial updates were given but those who backed Barmack last year may question whether it will ever be enough to boost our competitiveness on the park. That, as Speedie said, was not the original intention of the Society and on a night when Dundee's latest financials were published to show a heavy seven-figure loss and net liabilites of over 7.5m, a timely reminder that while the fans are the best guardians of the club, the club must be self-sufficient.
Further bits and pieces included potential tie-ups with NEC Nijmegen, and the fan-owned clubs Bohemians and Wimbledon, the launch of the Society mobile app later in the year and confirmation that there is – still! - nothing imminent on a potential move to Ravenscraig.