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AndyRoss

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Pretty simple and key:

 

If the WS fails to make the required sum, what's plan B?

 

Are there any conditions, criteria other than the £1.5m quoted to be met?

 

Is the timescale 5 years or are there any milestones between now and then?

 

To be fair, the above are all questions the WS should have answered by now (and was promised a fortnight ago).

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Again thanks for keeping us up to date.

 

From my perspective Summer fitba - yes.

 

Was good the last time we had the Summer cup.

 

 

 

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Re the questions about the deal and what happens in the event of failure, here's a link to an explanation on the Well Society website that you might have missed three weeks ago

 

chairman's message part 4

 

 

The £1.5m target is no more - there is no specific target other than helping the club repay the loan as we go along

 

conditions are the Well Society must meet any shortfall in loan repayments from the club - miss three consecutive payments and we lose the right to the shares. also that we get 2,000 members.

 

And failure means the club is back in the position it was heading until Les came forward - it will need to be sold to whoever wants it. The only other option to Les Hutchison was the Argentinian consortium

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I'll address the points made:

 

No I wasn't aware of the Chairman's message #4, I haven't seen anything in my email inbox or on here to direct me to visit the WS site. That raises again at the dissemination of information. It's seems the WS have got the copy together now but not the process of letting the membership know about it. The fact the significant points raised haven't been mentioned on here is testament to that.

 

Updates on the WS website are infrequent and don't demand regular visits on the chance something may have appeared.

 

With respect to the contents of the message and the reply:

 

The total loan amount presently, can you convey how much this is or is it commercially sensitive?

 

So we (club and WS) are in the process of paying Les every 6 months or so. If we (collectively) fail to make 3 of these payments what happens to any WS monies used to supplement these repayments until that date? Are they returned, are they lost is there another mechanism?

 

If we lose the right to the shares, what happens to the 6%(?) we already have? Also can you advise how much the WS has given the club from its reserves to date?

 

With respect to the podcast and a question for Les directly. If the club/WS do default, a businessman such as Les must have a contingency plan in place, what is that plan? What would he do with full control of the club and the prospect of community ownership was found not to be viable from our support?

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To answer the questions - the initial loan was 650k but the final total has not been determined, clearly there are some variables in the coming few months.

 

All WS payments to club will be in form of interest-free loans. If fans don't step up in enough numbers to back the WS then Les will ultimately have to sell the shares to recoup his full money and give the WS back what remains. Again there are plenty of factors that could affect the way things unfold, we are all just trying to focus on raising money and also helping the club raise money.

 

The 6% shareholding is the Well Society's, it is totally separate from Les's shareholding. That cost the WS £150k. There was a £230k loan last year that was repaid by the club. Then loans totalling 190k were made from the Well Society to the club in the last few months.

 

I will make sure any other news updates are communicated on here. The chairman's message part 4 was flagged up by Fir Park Corner, we flagged it up on the Well Society twitter and facebook accounts, and there was an email sent out to Well Society members on Feb 24, the day the message was published, if you didn't get it then best thing to do is check spam or email [email protected] to ensure you are on the mailing list. Here's the email below.

 

 

from Feb 24:

DearWell Society members,

Here is a round-upof the latest news from the Well Society and Motherwell Football Club.

 

Today we have published the fourth and final part of the chairman's message onthe recent change in club ownership and the deal we struck with Les Hutchison.There are details on the deal itself, the reasons for striking the deal andbenefits of the deal. It is also imperative to stress that Well Society membersand Motherwell fans in general need to engage with the project to ensure weachieve our long-term goal of building a self-sufficient, financially stableclub which helps drive the Lanarkshire community forward.

 

Please click on the link below to read the full message.

 

http://www.thewellsociety.co.uk/2015/02/24/chairmans-message-part-4/

 

Each Well Society member can do their bit by upgrading their membership - youcan do so from £10 a month by clicking on the below link.

 

http://www.thewellsociety.co.uk/payments/upgrades/

 

A massive thanks is due to every member who responded to our below plea toboost the attendance for Saturday's game. We know that many people encouragedfriends and family to come along and the crowd was 800 higher than the previoushome game, and also higher than the previous home match against Dundee.Clearly, it was a hugely disappointing afternoon but if there was a positive totake, then it was the proof that we as fans can make a big difference togetherif we each play a small role.

 

http://www.motherwellfc.co.uk/2015/02/20/society-sound-the-rallying-call/

 

We have appointed a new admin support worker on a part-time basis to fill avaccum caused by the departure of two club-employed staff last year. Gavin Maclurebegins his second stint working for the Well Society having played a key rolein setting up our direct debit payment system. For more information, clickbelow.

 

http://www.thewellsociety.co.uk/2015/02/22/administrator-appointed/

 

You may have already read the below chairman's blog on recent changes andimprovements at Motherwell FC. Everyone is working hard to help the club moveforward on and off the park. The focus of the manager and players is obviouslyto retain our long-held top-flight status but behind the scenes we are makingimprovements that can help the team in the long term.

 

http://www.motherwellfc.co.uk/2015/02/18/blog-update-from-the-chairman/

 

There will be further updates in the very near future. The club's AGM is beingheld on Thursday night, we are finalising plans for a modified membershipstructure, and we will announce a Q&A meeting for all Well Society memberssoon. Regular updates are also available through our social media accounts.

 

Thank you for your ongoing support.

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It's not just the fact that the chat is generally of a high standard, it's actually a bit emotional to hear a Scottish accent again :lol:

 

No idea what a podcast is or how to use my iphone (beyond tracking my bike rides and looking up the football) but this comment got me and The Wife has now set me up and I'll have a listen when I get home from work!

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Been bugging me who he reminds me of - think it might be a wee bit of Stirling Moss

 

For some reason anytime I see him I always think of Casandra's father in Only Fools and Horses. No idea why!

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PC boot from the Shoe People.

There is someone else, but can't think at the mo.

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No idea what a podcast is or how to use my iphone (beyond tracking my bike rides and looking up the football) but this comment got me and The Wife has now set me up and I'll have a listen when I get home from work!

 

Worst comes to the worst, Click on the links that are posted!

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I didn't receive that email and I'm a society member, nothing in my spam either.

 

Same here. I have received Well Society emails in the past, but did not receive the Feb 24th one.

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I received it

 

Elite membership

 

I can't even upgrade my membership because the payment processor they use only accepts UK bank accounts.

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Can I also add to the previous chat, I saw all the previous messages, I check the WS website rather often. Maybe best to have an occasional swatch at it fi you don't see the emails/twitter feed/facebook posts.

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Not long uploaded, we also recorded an 'extra-time' episode to talk over Friday's game, look ahead to Accies and reflect a bit more on Les' appearance.

 

Les Hutchison podcast -

 

On iTunes and the following formats

Soundcloud - https://soundcloud.com/bytheminsport/bytheminmfc-podcast-20

 

Libsyn - http://traffic.libsyn.com/bytheminmfc/mfc20.mp3

 

 

 

Extra-time podcast

 

Soundcloud - https://soundcloud.com/bythem…/bytheminmfc-podcast-extratime

 

Libsyn - http://traffic.libsyn.com/bytheminmfc/mfcspecial163.mp3

 

 

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Makes a change hearing an 'owner' telling it like it is rather than filling fans heads with Third force/warchests/champions league nonsense.

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Fascinating stuff once again although the music at the end was pish lol

 

:lol:

 

Sparra picks the tunes...

 

(Although I'm going to assume you mean Orange Juice at the end of the Les podcast rather than Belle & Sebastian at the end of the extra time podcast - if it's the latter then you're just plain wrong!)

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Quite happy with the music, quite happy with the mesages from Les.

 

Think not what your club can do for you, think what you can do for your club.

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'Fishal Facebook has linked to it, suspect your listen count will go up exponentially.

 

Only thing I thought you missed out on was asking what Les' plan B is? Is his exit strategy 5 years regardless of outcome and secondly I'm surprised that none of you picked up on the WS's answer to my question on here, that if failure ensues and Les sells the club, he gets his cash back in full however the WS funds may be severely eaten into over the intervening 5 years to supplement the loan repayments.

 

If the WS for whatever reason is then wound up, there is a very good chance that the people of Motherwell/Lanarkshire who contributed upwards of £300 during the midst of an economic downturn and in an area where Les rightly points out, has lost many of its industry and business' could be face with receiving significantly less than what we put in.

 

Is that a fair outcome considering every interview I've seen/listened to has mentioned the poor economic history and fortunes of the area.

 

There is just nobody asking the tough questions of our future security in an uncertain world.

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TBH, I always regarded my contribution the the WS as money I'd never see again. A bit like buying a season ticket - a sunk cost with the hope it helps maintain the viability of the club.

 

You can argue the toss whether it's fair that Les would be at the front of the queue, but it's certainly standard for any investor in any business.

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