Motherwell have declared their debts to former owners John Boyle and Les Hutchison have been repaid in full.
The club have paid back more than £1.5million in total since moving into fan ownership in October 2016, with the help of transfer deals which include the sales of Louis Moult and Cedric Kipre.
Boyle put in money amid the financial crisis Scottish football faced when Setanta Sports went bust in 2009 and was owed about £350,000 when he sold the club to Hutchison for a pound in January 2015.
Hutchison put in a significant sum as part of that deal after the club got into financial trouble over the previous few seasons.
Chairman Jim McMahon said on the club’s official website: “From the moment the Well Society took over the majority interest in Motherwell Football Club, our collective energy has been firmly focused on ensuring the club is sustainable on a medium to long-term basis.
“A key part of that has been eliminating the debt we inherited and we have now almost achieved that. For the club to have paid back such a significant amount in just over two years is a remarkable feat.
“I want to thank those who have worked so hard to help us achieve that, including chief executive Alan Burrows, the management, coaching and recruitment staff, the current board of directors at the club, as well as the Well Society board, members and Motherwell supporters. I also thank John Boyle and Les Hutchison for their support over the years.
“It has been a collective effort, helped enormously by everyone working together, on and off the park, towards the same common goal.”
Douglas Dickie, joint-chair of the Well Society, added: “It has been an excellent achievement by all involved to get to this stage where both John Boyle and Les Hutchison are no longer owed any money by our club. The Well Society and its members have played a big part in that.
“This is an opportunity for the society now, as the owners of Motherwell FC, to re-evaluate our goals and plan the way forward.
“It is as important as ever now for our members and all Motherwell supporters to get behind what the Well Society are doing, to ensure we can continue to support and improve the club.”
The club stated their only external debt now was to five “Motherwell-supporting individuals” who are owed a combined £80,000 that they anticipate will be cleared soon.
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