Motherwell chairman and CEO to step down as Jim McMahon makes 'significant investment' need clear

Jim McMahon has announced he is to step down as Motherwell chairman and has warned the club will need "significant investment" to remain sustainable.

Interim chief executive Derek Weir is also leaving his role in April, while McMahon's departure will come by the end of the 2023/24 season. Weir was formerly vice chairman and began his current role last April after predecessor Alan Burrows left for Aberdeen and the Steelmen were unable to find a permanent replacement.

McMahon has been the Fir Park club's chairman since 2016 and he wants Well to receive a similar level of funding to others in the Scottish Premiership. Maintaining top flight status will be a priority for the Lanarkshire outfit, who are currently second bottom under Stuart Kettlewell and without a win in their last 14 games. A new executive team will be appointed to work with the newly expanded Well Society board, with a new funding initiative almost close to completion and set to be announced in the new year.

"It has become very clear over the last few years that, for the club to operate on a sustainable basis, provide the manager with a competitive player budget, meet the vastly increased cost of our other activities, including having a successful women's team and maintaining a fit for purpose stadium, training ground and academy facility, that it will require significant investment," McMahon said. "The final stages of a fund-raising initiative are almost complete and will be ready to be shared early in the new year."