Motherwell: Chairman Jim McMahon says talks 'progressing rapidly' with two potential investors
- Published
Outgoing Motherwell chairman Jim McMahon (right) says Well Society members will have the final say on any potential investment
Chairman Jim McMahon says talks have "progressed rapidly" with two parties interested in investing in Motherwell.
The club published a 90-second video aimed at attracting Hollywood investors last month and have since received "four or five serious approaches".
Talks with an American party and a multi-national set-up are ongoing, but any investment would significantly reduce the Well Society's shareholding.
The fan group, set up in 2011, has a 71% share in the club.
Well Society members have been promised the final say on offers, with at least one looking to reduce their shareholding below 50%.
The news comes after financial results showed Motherwell made a £1.6m loss last season.
Meanwhile, the club have apologised to their fans and Stuart Kettlewell after clearing up confusion over the manager's contract situation.
On being appointed in February last year, the club said Kettlewell's deal would initially run until May 2024.
A one-year extension was triggered at the end of last season when Kettlewell guided Motherwell to top-flight survival, but public confirmation has now come 10 months later.
In a statement, Motherwell said: "We would like to apologise to both our fans and Stuart for not properly communicating the terms of the extension in May last year and for the uncertainty this has clearly caused."
The Fir Park club are also in the process of recruiting a new chief executive, with interim CEO Derek Weir set to depart in five weeks. McMahon will also step down at the end of the season.
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