Erik and Courtney Barmack have withdrawn their offer of investment in Motherwell, citing fears over the proposal creating "significant divisions within the fanbase".

Members of The Well Society, the club's majority shareholder, were midway through a two-week voting period on the proposal, with the board of the fans' group opposing the move.

However, the board of the Fir Park club had endorsed working with the former Netflix vice-president and his wife, a Snap Inc senior executive.

The US-based couple had proposed spending £1.95m over a six-year period, with the offer contingent on the Well Society contributing £1.85m over the same time.

In a statement, Motherwell said: "Erik Barmack (Wild Sheep Sports) has had further discussions with the club board over the weekend. As a result, Erik has decided to withdraw his offer of investment into Motherwell FC.

"Consequently, the club shareholder and Well Society membership ballots will cease with immediate effect and with no counting of the votes cast to date.

"Erik's intention from the outset has been to play a part in moving the club forward. That can only be achieved with a unified fanbase.

"However, it has become increasingly clear that the discussions around his proposal are creating significant divisions within the fanbase. Such divisions cannot be in the best interests of the club."

The Well Society have a 71% stake in the Scottish Premiership club, which would have fallen to 50.1% under the proposal.

They have welcomed Barmack's withdrawal, and say now is the time for a "significant reset" in the relationship between themselves, the club's board and the wider Motherwell fanbase.

"We are, however, disappointed that the decision to withdraw has come in the midst of a members' ballot, which will now be suspended," they said in a statement of their own.

"In addition to significant financial cost to the Well Society, this period has required significant focus from our members and caused unwelcome uncertainty for supporters."