Motherwell chairman and CEO to step down as "significant investment required" at Fir Park

Motherwell have announced chairman Jim McMahon and chief executive Derek Weir will both stand down early next year.

And McMahon has told supporters that the fan-owned club will require "significant investment" in a similar scale to many other Premiership clubs to remain sustainable.

McMahon, who has been on the board since March 2001 and became chairman seven years ago, will depart by February 2024 at the latest, while Weir is set to exit the club in March, having taken on the role of CEO on an interim basis when the club failed to find a suitable replacement for Alan Burrows when he moved to Aberdeen in February.

The changes are set to be ratified at the club's AGM in mid-February when a new resolution will be presented, including a proposal to increase the number of members on the Fir Park board.

Mr McMahon and Mr Weir will work with the remaining club directors and Well Society Board to ensure a smooth transition to the individuals appointed to the roles.

The club would like to thank Jim and Derek for their dedicated service over many years and wishes them both well for the future.

The Steelmen are currently struggling on the park, with the club sitting second-bottom of the Premiership on a run of 14 games without a win under boss Stuart Kettlewell.

Budgets have been kept tight at Fir Park and in a statement Mr McMahon revealed investment will be required to keep the playing squad competitive, as well as supporting the Women's team and maintaining their stadium.

The club hope to announce their plans for new investment in the new year.

A statement from Mr McMahon read: “I have been a Motherwell supporter since my dad took me to my first game aged four.

“It has been a privilege to be the Chairman of the club I love and