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Motherwell fans close to takeover

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Motherwell fans are confident that they are close to taking control of the club.   They have not raised quite as much money as they hoped, but retired businessman Lee Hutchinson has stepped in to help them.

The club has made losses of £780,000 over the past two seasons and is expected to record another loss this season, so there is a big financial challenge ahead.

However, they might take heart from the example of Portsmouth under fan ownership.  The club got out of debt in September.  As much as £7m has been paid off in the last 18 months.

An operating profit of £312,168 was announced for the financial year up to 30 June.   Despite being in League 2, the club reported an impressive turnover of £6,057,618.

The willingness of fans to rally round was shown when a crowd funding campaign raised £270,000 for two new academy pitches in three months, £20,000 more than the target.