Motherwell FC held its AGM in Fir Park on Thursday evening. The club is in a sound financial position.
Chairman Kyrk McMillan welcomed an unusually large number of shareholders to his first AGM as he introduced his new board. He congratulated the women’s team for securing a top six place then explained that it would be unfair to expect the newly installed manager (who had yet to be in the country for a fortnight) to join the meeting.
David Lindsay spoke to the accounts that showed a £380k profit after discarding depreciation and the consequences of the Scottish government Covid grant. The club is in a sound financial position with strong net assets. He then invited questions.
A query followed about the R&D taxation claim (£40k) in the light of press reports. The club is content that HMRC has raised no questions about the use of the money for the sport science activity. Another question prompted an interchange about the valuation of the club during the failed investment bid in the summer.
The formal business was quickly dealt with and the Q&A session followed.
Items discussed ranged through the poor state of the main stand, match day parking issues, the departure of Stuart Kettlewell and player recruitment.
The chairman spoke of the need for the club to run on a self sustaining basis. The new board was looking with fresh eyes. Any additional income from transfer fees would be used to future proof the business and increase the cash reserves.
When asked about the accountability of the executive board he and Brian Caldwell spoke of the close relationship with the Well Society board.
The CEO was questioned about the statement that he released following the unexpected resignation of Stuart Kettlewell. Some felt that the it allowed some in the media to blame the ‘Well support but others decided that no Motherwell fans were critisied and that the statement had been misconstrued.
That led to concern about the welfare of club staff and the need to ensure that support was available to all.
It was felt that recruitment of players was becoming more difficult and that club finances could at best compete with middle of the road outfits in League 2 in England. Nevertheless the policy of loaning young players to gain experience would continue to play an important part in their development.
The board was congratulated on the quiet and efficient way they sourced the new manager.