Premiership club moves closer to US-based investment - 'entered into an agreement on non-binding heads of terms'

The Steelmen put out an appeal for fresh investment earlier this season

Fresh investment could be on the way at Motherwell.

Motherwell have revealed they have moved a step closer to an agreement with a US-based potential investor.

After chairman Jim McMahon signalled his intention to step down by the end of this season, the Fir Park club released a lighthearted video in January in a bid to attract new investment from “anyone who wants to support a proper community club”, including Hollywood celebrities. The club subsequently entered talks with an American individual keen to utilise his television background to grow income as well as a US-based multi-national consortium which felt it could make money through recruitment and sale of players. Both were looking to make a profit on their proposed investments.

Motherwell confirmed on Wednesday afternoon that the prospect of investment from across the Atlantic is now closer to fruition. “The executive board of the club would like to confirm that investment discussions with a US-based family have reached the point where both parties wish to move forward to the next stage and have therefore entered into an agreement on non-binding heads of terms,” read a Well statement. “Both parties will now work on formalising these into a legal framework which can be put to a shareholders vote. The investor has expressed his desire to work in partnership with the Well Society. The process of formalising the heads of terms is likely to take around six weeks and we will keep you updated on progress.”

Motherwell are currently owned by the Well Society, although it emerged last month that the fans group is open to losing its majority shareholding in order to secure investment from elsewhere to improve the club’s fortunes.