Motherwell say they will give the ‘Well Society until November to prove fans can potentially take control of the club or they will look at alternative investment.
In November 2011 the ‘Well Society launched with the aim of raising £1.5 million to take over John Boyle’s majority stake in the Fir Park side.
However, with less than a third of that figure realised the club last week stated it will face a loss for the third season in a row and fan ownership has been thrown into doubt.
A club statement said: “Fewer than one in five of our core support has joined the ‘Well Society.
“While not wishing to diminish the simply outstanding work and commitment of so many people to make the society a reality, this performance to date is disappointing.
“An increase in the capital available to the club is essential and a capital injection should be pursued as a matter of urgency.
“The preferred source of that capital would remain the ‘Well Society, but other sources of capital investment, including the sale of shares to private individuals have to be explored.
“An intermediate goal has been set for the society to achieve a reserve of £800,000 by the end of November 2014 in order to underpin the club’s finances and to prove that reaching the full reserve of £1.5m is achievable in the near future.
“In the event that this is not reached the board has authorised officers of the club and its directors to consider alternative routes to achieve the strategic reserve target that the club requires.
“We urge all fans of the club to recognise the reality of the financial situation we face and to do anything they can to assist the club urgently.”
The ‘Well Society has accepted the reality of the situation and urged fans to dig deep.
A society statement said: “If the club cannot get the money from us, they need to seek it elsewhere.
“That means that time is running out for Motherwell fans to raise the money needed to meet the aims of the ’’Well Society – the main goal being a majority stake in the club.
“We have been given until the end of November to reach the £800,000 mark, with the total being just over £420,000 at the end of April.
“We make a general appeal to all those who can join the society or contribute more.
“Few fan bases get such an opportunity to own their club and protect it for future generations, outwith times of crisis, and sometimes times of crisis are too late.
“If the society does not raise enough funds in the coming months, we may indeed be too late.
Meanwhile, ’’Well have signed two new faces for the new season with the addition of midfielder Josh Law and goalkeeper Dan Twardzik.
Law, brother of former Fir Park favourite Nicky, arrives from Conference side Alfreton Town, while Twardzik signs on permanently having enjoyed a successful loan spell from Dundee last season.
Twardzik said: “I am absolutely delighted to sign for Motherwell and to have my immediate future confirmed.
“I really enjoyed my time over Christmas and wished it could have been extended. It’s a really good place to play your football; everyone at the club is so welcoming and the fans were superb with me.”
In addition long serving left-back Stevie Hammell has signed a new two-year deal.
The first Motherwell FC Community Trust consultation event on their proposal to develop the Muirhouse pitches takes place in the Isa Money Centre tomorrow (Thursday). There will be a second on Thursday, June 5, both from 7-9pm.