Motherwell fans' group buoyed by loan vows

Stuart McCall's Motherwell team have struggled in the Scottish Premiership this season

The Well Society says it has been "very encouraged" by the response from Motherwell fans to raise finance for a community-based ownership scheme.

The fans' group has raised £500,000 and is targeting a further £1m in loans as it tries to purchase the majority stake of former club chairman John Boyle.

The society had been set a target of £800,000 by the end of November.

It has held two meetings in recent days which, it says, have boosted its hopes of a "community-based solution".

A statement from the Well Society on Friday said: "A number of Motherwell fans have pledged money for a joint loan to the club - before, during and after a meeting on Thursday night.

"We have been very encouraged by their response and are extremely grateful for their help.

"Today a Well Society representative held further talks with a friend of the organisation with whom we have been in discussions for almost six months.

"These talks are bound by a signed confidentiality agreement but we can say that today's discussion gave us further grounds for optimism. Again we are extremely grateful for this ongoing help.

"We cannot give out any more details at this stage and we are going to spend a couple of days ironing out the mechanics of some issues and in further talks."

Boyle announced in February 2011 that he was to stand down as chairman at Fir Park which would "allow wider ownership and involvement in the club for all who care about it".

The Well Society has helped Motherwell meet a cash-flow problem in both of the last two years and is aiming to raise money to make sure the club meets another potential shortage of income in the second half of this season if the shares are not sold elsewhere in the intervening period.

The club lost a combined £780,000 in the two seasons 2011-13 and has predicted a loss for last season.

The fans' group's statement added: "The club is not in any immediate financial danger.

"What we are trying to do is to ensure that this remains the case and that the club is in the hands of Motherwell fans.

"Any Well Society offer for the majority shareholding of John Boyle will only be made if it provides long-term financial stability for the club."