Motherwell’s long running transfer of power from John Boyle to the Well Society has taken a significant step forward with the transfer of the club to Les Hutchison.
The non-billionaire has set a five year plan for the community based Well Society to take control of the club.
Boyle embarked on an incredible spending spree after taking charge of the club in 1998 and had to write off £10m when the club went into administration in 2002.
The £1.5m transfer of James McFadden to Everton allowed the club to achieve a CVA and avoid the tragedy of liquidation which would have ended the club formed in 1886.
For over a decade the Fir Park side have been run on a break even basis with Boyle announcing his intention to move on and hand the club over to supporters.
After agreeing his takeover Hutchison, who invested a small amount in Sevco’s December 2012 share issue, said: “The clear message which has to go to fans and sponsors and to everybody associated with the Club and community is that this project will not succeed without their active involvement.
“If we can have lots and lots of people involved in a small way then we can achieve our objectives.”
Speaking to the club website chairman Brian McCafferty added: “I would like to thank Les Hutchison for his generous loan and for providing his expertise and other resources to help transform the Club’s financial fortunes.
“We also owe John Boyle a huge debt of gratitude for facilitating the move towards fan ownership. He has selflessly put the Club and fans before his own interests.
“And everyone who has contributed to the ‘Well Society should feel very proud today – you have all played a significant role in keeping the Club in the hands of the community.
“The ‘Well Society now has a central role in the running of the Club and a clear route to ownership and we encourage all Motherwell fans to help us achieve that goal.
“I’m honoured to be taking on my new role and look forward to a bright new future which engages supporters and the wider community.”
Since Rangers went into liquidation Dundee United, Aberdeen and Kilmarnock have restructured their finances to be free of bank debt while Hearts achieved a CVA and have a thriving fan ownership model with over 8,000 fans contributing monthly to the club outwith their season ticket monies.