Well fans to decide on Gers
Motherwell will let the Well Society decide whether or not the club should vote in favour of granting newco Rangers entry to the SPL.
The Fir Park side is in the process of moving towards a fan-ownership model and will hold a ballot of Well Society members and minority shareholders on June 29 to determine how they should cast their newco vote.
The 12 SPL clubs - including oldco Rangers - will vote on the issue at a general meeting on July 4, with an 8-4 majority required.
A statement from Motherwell read: "The board of Motherwell FC met (on Wednesday) to discuss the vote by SPL member clubs on the question of the admission of a successor club or 'Newco' Rangers FC into the SPL.
"The current board of Motherwell FC are not the owners of the club but are the trustees of the majority shareholding as we transition towards a fan-ownership model through the successfully launched Well Society.
"We are very conscious of our duties as directors to protect the financial interests of our club.
"The decision-making on 'Newco' is rendered extremely difficult by the complexity of the potential scenarios and the uncertainty around the likely financial implications of all of them.
"We are increasingly of the view that the uncertainties around the financial implications are substantial and negative under all likely scenarios.
"This is a matter of extreme regret for our club given all the work being undertaken on a strategy to help us grow sustainably as a community and family-based club owned and run by our fans.
"At a time when we should be enjoying the club's success on the park and development off it, we face a grave threat to the viability of our sport and our club through no fault of our own.
"It is our view that in the face of this we will be best-placed if we live by the spirit of the model we are seeking to achieve.
"We believe it is mission critical that we both listen, and are seen to have listened, to the views of our members and shareholders on whom our club relies now and for the future.
"Under all scenarios we need to come together as a club to see this situation through.
"We will therefore hold a ballot of adult Well Society members, and the small number of existing minority shareholders who have yet to join the society, on a 'one member/shareholder-one vote' basis.
"The results of the ballot will be independently audited and will be used to determine which way the club votes on 4th July.
"Ownership in any business has to mean making decisions and then dealing with the outcome.
"The timing for administering a ballot is not ideal, given the constraints we face, but we believe it can be achieved and underpins the way we want our club to be run.
"Given that Society members have already parted with their cash with the purpose of having a say in the future running of the club, we believe using this group is the most practical and sustainable way for us to proceed.
"The final date for votes cast will be Friday 29th June 2012.
"All existing members can vote. Anyone joining between now and the date of the ballot will be required to pay in full to secure a vote.
"An impartial guidance document on the likely risks to club finances of each outcome will be supplied as part of the information Society members will receive in order to vote.
"This will be our assessment based on the information available to us at this time.
"In reality this analysis will never be perfect as it relies on estimates which change daily.
"We look to all our members, shareholders and supporters to stand behind the club at such a pressured time for all.
"Motherwell fans have never been found wanting and we have to ask for their loyalty and support once again."