Jim McMahon is set to stand down as Motherwell chairman.
A club statement confirmed McMahon would formally announce his intention to stand down at the next club AGM - scheduled for mid-February.
McMahon will leave the role by the end of the season at the latest. The chairman has served as a club director since March 2001 before being named chairman in 2016.
The club chairman had initiated discussions with John Boyle over the move to fan ownership and assisted the Well Society, also being the first 1886 member.
McMahon commented: “I have been a Motherwell supporter since my dad took me to my first game aged four.
“It has been a privilege to be the Chairman of the club I love and which has meant so much to me and my family. My key aim has always been to try to improve the long-term financial robustness of the club.
“It has become very clear over the last few years that for the club to operate on a sustainable basis, provide the manager with a competitive player budget, meet the vastly increased cost of our other activities including having a successful Woman’s Team and maintaining a fit for purpose Stadium, Training Ground and Academy facility, that it will require significant investment; funding on a similar scale to that received by many others in the SPFL.
“We have undertaken a large amount of work and held numerous discussions to explore how we could best achieve this. The final stages of a fund-raising initiative are almost complete and will be ready to be shared early in the New Year.
“It is therefore the right time for a new Executive team to work with the recently expanded Well Society Board, to take this on and put in place a long term operational and funding plan for the club.”
Motherwell have also restarted the process to appoint a CEO after being unsuccessful in attempting to replace Alan Burrows.
Derek Weir had stepped into the role on an interim basis but will depart the club by March next year. Weir previously worked as a vice-chairman, director and community trust chairman at he club.
But he will step back from any involvement with the running of the club after leaving his post.
Weir said: “Having grown up a few hundred yards from the ground and been a dedicated supporter since the mid-70s, I was grateful to John Boyle when he asked me to join the Board nearly 14 years ago.
“Whilst working for an organisation you care passionately about can be extremely difficult, with many highs and lows, both on and off the park, I feel honoured to have had the opportunity.
“Having discussed at length with Jim, I agree the time is now right for others to take a fresh look at how the club is run and manage it through the next phase of its long history. I wish all those involved every success for the future.”
A Motherwell statement added: "These changes will form part of a wider Board re-structure currently being worked on. A resolution will be presented to the AGM seeking approval to increase the number of permitted Directors, with a view to increasing the size of the Board and broadening the range of experience."
It concluded: "Jim and Derek will work with the remaining club Directors and Well Society Board to ensure a smooth transition to the individuals appointed to these roles. Both will be here to support and help in any way they can during that process.
"The club would like to thank Jim and Derek for their dedicated service over many years and wishes them both well for the future."
