Motherwell 'clear external debt' following sale of James Scott to Hull City

Motherwell have cleared all of the club's outstanding debt, helped in part by the reported £1.5 million sale of James Scott to Hull City on transfer deadline day.

Motherwell have wiped out their external debt

The Steelmen have won plaudits for their conveyor belt of academy talent with the likes of David Turnbull, Jake Hastie, Jack Leitch, Allan Campbell and Barry Maguire all getting game time in the first-team in the last five years.

The North Lanarkshire club has made a payment of around £80,000 to five persons who invested in the club in November last year, meaning the club has now cleared more than £2 million of debt in the last three years and has no external debt - for the first time in forty years.

Motherwell, who currently occupy third spot in the Ladbrokes Scottish Premiership, say they are now without any fixed or floating charges over their Fir Park home to external parties.

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 took to social media to have his say on the news, 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."

Stephen Robinson's side travel to Perth to take on St Johnstone at McDiarmid Park on Wednesday night, before two homes games in three days against St Mirren.

The two clubs drew one apiece in the fifth round of the Scottish Cup on Saturday in Paisley, and the Buddies travel to Fir Park on league duty on Saturday, and again on Tuesday night for the cup replay.