Motherwell board recommend voting for Barmack's investment proposal

dailyrecord.co.uk:

Motherwell's board have recommended that shareholders vote for Erik and Courtney Barmack's investment proposal which has caused some consternation at the club.The Well Society, the Fir Park club's majority shareholder, launched its vision for the future of the Lanarkshire outfit on Tuesday, within a detailed prospectus.Well Society (WS) members and club shareholders begin a two-week voting process on July 8 after an offer from the Barmacks' Wild Sheep Sports company was recently amended.Motherwell's board had revealed plans for a £1.95million cash injection which would have seen control of the club shift to Wild Sheep Sports and ultimately end a period of fan ownership.The Lanarkshire club claim the amended deal would allow the fan ownership vehicle - which currently holds a 71 per cent stake - to maintain a majority shareholding of 50.1 per cent but Well Society Board member Philip Speedie said: "Our clear recommendation is for members to reject the proposal from Wild Sheep Sports, which promises little investment at a significant cost to fans."Motherwell released a statement on the club's official website on Friday afternoon which reiterated the main points of the Barmacks' proposal and it concluded with the club's backing.It read: "Within the Barmacks' and the Well Society's (WS) business plans, there are lots of interesting ideas.

We welcome both. Having studied both at length, it is our view that combining these ideas, locally and internationally, gives us the best chance of broadening our reach and appeal, and therefore generating additional revenues."A long list of points within the Wild Sheep Sports proposal was listed including: "Certainty of new funding of £1.95m in addition to our existing funding sources."Cer