Well Society still 'deeply concerned' by amended deal

Fir Park, home of Motherwell

Motherwell's largest shareholder remains "deeply concerned" about a proposed investment deal despite the terms being amended in an attempt to placate its opposition.

The new submission would leave fans' group the Well Society with a 50.1% stake, down from its current 71%.

US-based couple Erik and Courtney Barmack aim to provide close to £2m over a six-year period, with the Well Society then committed to contributing just over £1.3m.

The original deal was for the Well Society stake to drop to 46%, with the former Netflix vice-president and his wife amassing 49% through Wild Sheep Sports.

The revised arrangement leaves it with 47%, with a buy-back option after two years being reduced from £660,000 to £630,000 should the Well Society want to end the partnership.

However, the Well Society states: "We acknowledge the amendments contained but remain deeply concerned by a number of aspects of the deal.

"We have been taking further legal advice and will consider our next steps before updating our members. We remain open to direct discussions around the investment proposals."

Earlier this month, the Well Society board recommended its members reject the offer because it "drastically undervalues" the Scottish Premiership club and would "end fan ownership".