The Motherwell FC board will allow members of their fan-ownership programme to vote on whether a ‘newco’ Rangers should be allowed into the SPL.
On Monday, the SPL confirmed it would hold a meeting of all clubs early next month to decide on the application to transfer Rangers’ SPL member share to a new business entity, currently called Sevco 5088 Limited.
At the meeting the clubs can decide if the deal can go ahead after Rangers FC plc failed to survive once it was plunged into administration with debts of up to £134m.
Members of the ‘Well Society will now be balloted with the results used to determine which way the club will vote on the day.
A statement on the club’s official website read: “The board of Motherwell FC met yesterday to discuss the vote by SPL member clubs on the question of the admission of a successor club or ‘Newco’ Rangers FC into the SPL.
“The current board of Motherwell FC are not the owners of the club but are the trustees of the majority shareholding as we transition towards a fan-ownership model through the successfully launched ‘Well Society.
“We are very conscious of our duties as directors to protect the financial interests of our club. The decision making on ‘Newco’ is rendered extremely difficult by the complexity of the potential scenarios and the uncertainty around the likely financial implications of all of them.
“We are increasingly of the view that the uncertainties around the financial implications are substantial and negative under all likely scenarios. This is a matter of extreme regret for our club given all the work being undertaken on a strategy to help us grow sustainably as a community and family based club owned and run by our fans.
“At a time we should be enjoying the club’s success on the park and development off it, we face a grave threat to the viability of our sport and our club through no fault of our own.
“It is our view that in the face of this we will be best placed if we live by the spirit of the model we are seeking to achieve. We believe it is mission critical that we both listen, and are seen to have listened, to the views of our members and shareholders on whom our club relies now and for the future. Under all scenarios we need to come together as a club to see this situation through.
“We will therefore hold a ballot of adult ‘Well Society Members and the small number of existing minority shareholders who have yet to join the society, on a ‘one member/shareholder-one vote’ basis.
“The results of the ballot will be independently audited and will be used to determine which way the club votes on 4th July.”
The final date for votes cast will be Friday 29th June 2012. All existing members can vote.
Explaining how the process will work, the statement continued: “An impartial guidance document on the likely risks to club finances of each outcome will be supplied as part of the information Society members will receive in order to vote.
“This will be our assessment based on the information available to us at this time. In reality this analysis will never be perfect as it relies on estimates which change daily.
“We look to all our members, shareholders and supporters to stand behind the club at such a pressured time for all. Motherwell fans have never been found wanting and we have to ask for their loyalty and support once again.”
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