The joint administrators of the club, Bryan Jackson and Philip Long of accountants and business advisors PKF, said ‘interim administration of the club’ had come to an end following the approval of a creditors voluntary arrangement (CVA) last month.
Said Jackson: “We were appointed almost two years ago and the purpose of the administration, to preserve the ongoing company, has finally been achieved.
"The directors have done a remarkable job in very difficult circumstances and working together we have proved that a period of administration can be run successfully. The club can look to the future in a very positive frame of mind."
Jackson and Long were appointed administrators in April 2002. Since then the club traded under PKF's auspices and a number of major changes to the operation of the club resulted in a considerable reduction of the trading losses.
Although a buyer was not found, there were sufficient funds generated by the sale of two players which allowed the directors to put forward proposals to creditors resulting in them receiving a dividend payment on the sums due to them. This has allowed the club to emerge ‘with a clean balance sheet’.
Said Motherwell chairman Bill Dickie: "The last two years have been very hard for everyone involved with the club but we are now looking forward with one of the best young teams in Scotland."
Scottish Premier League soccer club Motherwell has come out of administration after a deal was struck with creditors.
