As part of the club’s objective to increase transparency, we wish to update fans on matters discussed at our full board meetings. As you will appreciate, it is not possible to post full minutes due to matters of confidentiality, however we hope the below summary from the board meeting held at the end of April proves useful.
We apologise for the delay in publishing these summary notes but, due to matters of commercial sensitivity, the publishing of this summary had to be delayed up until this point.
Lincoln City Holdings
Jabara family investment
Further investment from the Jabara family was considered and approved. All at Lincoln City would like to thank Harvey, Missy, Jaxon and Jensen for their continued support.
Clive Nates investment
Further investment from Clive Nates was committed in order to plug the remaining funding gap for the 2022-23 season.
Other investment
A share purchase of 50,484 shares from Landon Donovan, which had taken place in the period between meetings was also noted.
Lincoln City FC
Budget and business plan 2023/24 season
The board considered and reviewed the draft budget for the 23-24 season and approved the business plan, subject to confirmation once the league constitution is known. The key points of this budget are as follows:
- Pro budget, including player salaries, sales and purchases, to be at the same level as the previous season, subject to season ticket sales targets being met;
- Increase of operating costs at around 12-16% to be absorbed by the investors;
- Continued funding towards the Academy and increased spend towards the Young Pro Squad, based on current stock of first and second year professionals;
- Static funding from EFL/Premier League;
- Bond loan interest forecasted at the current run rate;
- Similar levels of funding for Lincoln City Women (to account for inflation and increased costs);
- Increased commercial activity targeted, delivered by an increased headcount within a restructured department;
This business plan requires share purchases of around £2m from the investors.
Stacey West Development
The board was provided with an update on progress with the Stacey West project, including the board committing to provide additional capital to improve the water supply, irrigation and recycling systems. Included in this section was an update on rails above seats, with an agreement to proceed with the installation of barriers in Upper 7 at a cost of £25k.
Fan-Led Review/Golden Share
David Lowes, who has been leading our project working with fans groups, provided an update in regards to progress in this area. The club remains committed to awarding a golden share, even though this element has been watered down in the latest update from government. It was also agreed that the board will consider and appoint a dedicated fan engagement director, which will be discussed, nominated and appointed in the August meeting.
Football update
The board received a presentation from Jez George and Mark Kennedy in relation to the season so far, as well as reviewing and approving objectives for the summer transfer window. Understandably, it would be commercially unwise to share our objectives and plans in such a public forum, however, the board remains committed to supporting Jez and Mark in our objectives for the football club aligned with our overall model.
Further to this, a presentation was offered on our key targets and objectives for recruitment. It was also agreed that the club would not offer new contracts to Joe Walsh or Max Sanders. In addition, it had become clear that it was impossible to retain the services of Regan Poole due to interest further up the football pyramid.
Date of next meeting
The date of next meeting is 24 August. Details to follow in due course.
