Motherwell FC debt free for the first time in 40 years

A club crest at Fir Park, Motherwell.  (Photo by Ian MacNicol/Getty Images)
A club crest at Fir Park, Motherwell. (Photo by Ian MacNicol/Getty Images)

Motherwell FC are debt free for the first time in 40 years.

The Fir Park Club has paid off its remaining external creditors following the sale of James Scott to Hull City for a reported £1.5million.

A final payment of around £80,000 has been made to five individuals who invested in the club in November.

The Steelmen have now cleared £2m of debt in a three-year period, having paid off money owed to former chairmen John Boyle and Les Hutchison last year.

Club chairman Jim McMahon confirmed the news, adding: “When we made the full and final payments to Mr John Boyle and Mr Les Hutchison late last year, we did so by swapping a small amount of their debt with an investment from a small number of lifelong Motherwell fans close to the club.

“We were confident that this would be repaid in a timeous fashion, so it is very satisfying that we have managed to do so in less than three months.

“The aim of both the club and Well Society boards, following the transition to fan ownership, was to ensure we got ourselves to this position, as it is vital for the long-term health and prosperity of Motherwell Football Club.

“Together, both boards are now working on what the key strategic priorities should be for the next five to ten years.”

Motherwell chief executive Alan Burrows also took to social media, writing: “[A] really momentous day for the club.

“It’s worth highlighting the contributions of Les [Hutchison] and John [Boyle] in working with us on a repayment plan and writing off a portion, as well as the five individuals who took us a stage closer late last year.

“We’ll keep pushing ourselves hard every day.”