Former Motherwell chairman sends warning over investment deal as voting opens

Former Motherwell chairman Brian McCafferty has urged fans not to risk the financial future of the club by handing control to American TV executive Erik Barmack.

The Motherwell board recommends shareholders accept a £1.95million offer from Wild Sheep Sports, a firm created by Barmack and his wife, Courtney, for a 47 per cent stake.

However, the board of the Well Society, the fan-run majority shareholder, has urged its members to reject the plan in a ballot which opened on Monday morning. Their decision will decide the outcome.

McCafferty, who previously chaired both the Motherwell and Well Society boards, said: "The Wild Sheep offer would put fan ownership and the financial future of Motherwell at major risk.

"The revision to allow the Well Society to retain slightly more than half of the shares is largely symbolic as the deal immediately hands Wild Sheep effective control.

"Although both groups will have three representatives on the board, Erik Barmack will have a casting vote as chairman and the deal stipulates that Wild Sheep will develop overall strategy in conjunction with two club executives. The Well Society is only entitled to 'discuss' these key decisions.

"Much has been made of the independence of the two club employees on the board, but people come and go at football clubs all the time - especially if they disagree with the chairman - and Wild Sheep could appoint any replacements. So it's unquestionably boardroom control.

"There are other factors that risk fan ownership, including what happens if the Well Society misses its financial obligations to almost match the Barmacks' investment. This remains unclear, and I'd expect many fans would stop paying subscriptions if control is handed to an overseas investor.