Motherwell in talks with US-based investor
- Published
Motherwell's board have "entered into an agreement" with a US-based family over potential investment in the club.
The Fir Park side will now enter the next stage of talks after a non-binding Heads of Terms was agreed.
Motherwell published a 'tongue-in-cheek' social media video in January aimed at attracting Hollywood investment to Fir Park, and are pressing ahead with plans despite opposition from some supporter groups.
The club say the unnamed investor wishes to work alongside the Well Society as part of any deal, and advise that the process to formalise the Heads of Terms will take around six weeks.
The club statement in full reads: "The Executive Board of the Club would like to confirm that investment discussions with a US-based family have reached the point where both parties wish to move forward to the next stage and have therefore entered into an agreement on a non binding Heads of Terms.
"Both parties will now work on formalising these into a legal framework which can be put to a shareholders vote.
"The investor has expressed his desire to work in partnership with the Well Society.
"The process of formalising the Heads of Terms is likely to take around six weeks and we will keep you updated on progress."