MOTHERWELL have become the first fully fan-owned club in the Premiership after the Well Society completed their takeover at Fir Park.

The organisation have paid £1 to purchase the majority shareholding held by Les Hutchison and founder member Jim McMahon will assume the role of chairman.

Businessman Hutchison bought the Steelmen from John Boyle in January last year and paved the way for the Fir Park crowd to take control of their club.

Loan repayments for the first three years will be made from a percentage of player transfer income and outstanding loans will be repaid on a fixed payment schedule thereafter.

A new Supervisory Board will be formed comprising of the current board members and more additions will be made in due course.

Chief operating officer Alan Burrows will remain in day-to-day control of the club as the Well Society look to encouragement more supporters to sign up to the pay monthly scheme.

McMahon said: “The last two years have been dramatic and challenging for the club.

“Having triumphed in the play offs we all hoped that the next period would be more settled and allow us to move gradually to fan ownership over the five year timescale envisaged.

“Instead the opportunity arose almost immediately and it is a credit to the Well Society that they have been able to deal with the abrupt change.

“I agreed to act as Chairman during that transition and it is an honour to serve the club that I have supported all my life.

“I appreciate there have been different views expressed in meetings, online and on social media about the validity of fan ownership, but it is now up to us to make this work – for our part, we will aim to become more open, change the governance structure and listen to all and any ways to help. This is a real chance to do something special.”