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Former Netflix vice president Erik Barmack has withdrawn his offer of investment into Motherwell, with the club admitting the proposal was “creating significant divisions within the fanbase”.
In January the fan-owned club started a search for external investment with a viral tongue-in-cheek Taylor Swift inspired video.
Following various proposals, chairman Jim McMahon and the board recommended shareholders accept a £1.95m offer from the Barmack family for a 47 per cent stake in the club.
A statement said the club would “get the best deal” in its current situation with enough funds to see out the upcoming season and the start of the one thereafter, and added that the Barmack deal would see Motherwell move away from “season-to-season budgeting to a more sustainable basis”.
However, Motherwell’s majority shareholder – the Well Society – were midway through a two-week voting period and wanted fans to reject the proposal.
Following Barmack’s withdrawal from the deal, Motherwell said “it has become increasingly clear that the discussions around his proposal are creating significant divisions within the fanbase. Such divisions cannot be in the best interests of the club.”
Motherwell have funding in place to see out the new season and a part of the campaign thereafter
In a statement, the Well Society said they “welcome the news that the process has reached an end” and hope to start talks with Motherwell CEO Brian Caldwell on next steps.
They added: “As the majority shareholder in Motherwell Football Club, we have been clear that we’re committed to growth and sustainable investment, including working collaboratively with a range of new partners.
“We’ve also been clear that partnership means just that, not investment at any cost.
“Well Society members and Motherwell fans have been clear on the need for change and we agree. As we reflect on today’s developments, now is the time for a significant reset in the relationship between the Club Board, the Well Society Board, Society members, and the Motherwell fanbase as a whole.”
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