Scottish Football: The Well Society given more time to finalise Motherwell takeover
The Well Society has been given extra time to collect the cash needed to buy Scottish side Motherwell.
Motherwell owner John Boyle held talks with the Society board last weekend and is sure they can find the £1million that is needed.
They were initially told they had to get the cash together for November but Boyle has agreed to extend that deadline. And Society members believe they are close to that sum after talks with an overseas multi-millionaire – whose family are Well fans – to secure a loan.
It comes as a curious twist as Boyle was all set to accept a counter offer from a South American consortium.
That bid was tabled and would have seen Boyle make a clean break, only for fellow board members to put pressure on him to wait for the Well Society.
Boyle is only likely to get about £300,000 from the sale of his shares, with the rest of the money going into the club to plug the massive financial hole that is predicted between now and the end of the season.
That situation hasn’t been helped by their early Scottish Cup exit last weekend and the prospect of the team failing to hit the Premiership highs of recent seasons.