The Wild Sheep offer to Motherwell FC has been amended to provide that the Well Society retains ownership with a 50.1% shareholding.
The club directors and the Barmacks have reacted to the fierce opposition that was generated by the original proposal. That would have left the Society as a minor player, the revision allows real fan ownership to continue.
Much of the opposition to the initial idea was based on the rejection of the Society’s loss of ultimate control. There was a groundswell of opinion build around the 50+1 concept. The Well Bois were quick to produce a banner trumpeting the idea.
Pic from @BlockE2019
The new offer meets that demand and poses a tricky test for those who were opponents of the deal.
Erik Barmack would become chairman of the board immediately and he would be able to nominate a pair of directors to the eight man controlling group. Is that an acceptable price for his business acumen? Is £2M over six years enough to merit the inevitable change in direction? Is the valuation of the club at around £4M sensible?
The safety clauses built into the offer include a escape route after two years. Is that enough to tempt the undecided voter?
The club’s intention is to hold a ballot from 1 July.
The Well Society board has to have a long and careful think before it takes a public view on this. If it supports acceptance it should encourage members to back the deal. If it rejects the offer it has to be able to propose a realistic alternative now that the 50+1 condition is on the table.
Interesting times ahead.