Scottish Premiership side Motherwell moved into fan ownership "after the Well Society and Les Hutchison concluded their takeover agreement." The Well Society supporters group has assumed a 76% shareholding from Hutchison for £1 ($1.22) "following talks which lasted most of this year." The Barbados-based Scot had "purchased the club for the same amount" in Jan. '15 and plugged debts with interest-free loans. The Well Society was initially set up in '12 "as a vehicle to transfer ownership from John Boyle to the fans and help meet short-term cash flow shortages, but the club subsequently lost" about £2M ($2.4M) in four seasons. Hutchison initially planned to "stay for five years while the club and Well Society gradually paid off the debt but decided to accelerate the transfer of ownership after putting more loans in." Now the club "will be responsible for paying back his loans" (PA, 10/29).
ARGENTINE FA: Tax officials in Argentina say the Argentine FA and about 10 clubs owe $9M in unpaid taxes. Alberto Abad, the head of the tax body, put the blame on the leadership, saying "football is a business that moves millions, but there are leaders who don't take responsibility but enjoy all the benefits." The claim is "disputed by clubs" such as River Plate and others, which said that it owes nothing (AP, 10/29).
