The acting chairman of the Society, Brian McCafferty, gave an outline of the Society’s efforts to raise the necessary cash that would trigger the transfer of John Boyle’s shares to ensure community ownership of the club.
Although the Society has raised around £500,000 the finances of Motherwell, aggravated by early League Cup and Europa league exits and poor league form, mean that a significant shortfall exists from the figure that would be needed to assure the future wellbeing of the club.
Various fund raising schemes were employed over the summer and autumn including increased membership and upgrades, the adoption of cardless payment, a raffle and a dinner but there was still a need for much more. It was thought that a loan might provide a solution.
McCafferty was constrained in the report he could offer as he was bound by confidentiality agreements. He apologised for the lack of detail he was able to provide and he shared the frustration of the audience. Nevertheless he was “hopeful” that the necessary amount could be raised by the end of the month deadline.
The club board has already made it known that if the Society is unable to show that it has sufficient funds to act as a safety net then other sources of cash would have to be sought.
A question and answer session followed but it would appear that we’ll have to wait a further week or two to discover the likely direction of MFC. The hope of fan ownership is still alive.
The election of a new board member concluded the evening and Alan Todd won the contest. Best of luck to him and his colleagues!
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