The board met in September to review progress across football, finance, commercial, and governance matters, as well as a detailed update on the recent transfer window.
Transfer window activity
The board discussed the recent transfer window, which included the sales of Sean Roughan, Ethan Erhahon, Jovon Makama, and Ethan Hamilton. These sales enabled reinvestment into the squad, with the arrivals of Ryley Towler, Ivan Valfolomeev, and Oscar Thorn, together with the additions of experienced players Sonny Bradley and Adam Reach. Loan signings completed the squad, namely Francis Okoronkwo, Finley Barbrook, Justin Obikwu, and Dexter Lembikisa.
The recruitment department, now led by Joe Hutchinson, was praised for its ability to adjust strategy following the sale of Jovon Makama. In addition to the significant transfer fees paid, the sales created scope for an additional investment of approximately £350,000 in salaries beyond the original budget, enabling the squad to be both deeper and stronger in quality.
As a result of these movements, the projected operating loss for the year has been significantly reduced. This will be funded through additional share capital purchases from Liquid Investments (Ron Fowler), the Jabara family, and Clive Nates, as well as smaller share purchases from several new patrons. The board recorded its thanks and formally welcomed these new patrons to the Lincoln City family.
Investment update
The ongoing search for new significant investment was reviewed. Progress has been made with several options under consideration. Discussions are continuing.
Football governance
Liam Scully provided an update on the Football Governance Act, including the anticipated appointment – subject to ratification – of David Kogan as Chair of the Independent Regulator. The club has previously met with the Regulator’s office and continues to engage positively through both formal channels and Liam’s role on the EFL Board. All 116 clubs under the IFR’s scope will meet in October. It is believed this is the first time that all the top 92/116 clubs have been together since 1992.
Additionally, Clive Nates is collaborating with a group of 19 League One owners to explore potential enhancements to SCMP regulations, aiming to make clubs more sustainable.
Commercial progress
The Board received an update from Jason Futers on commercial activity. Home kit sales are currently up 20% compared with last season, which is also representative of a strong start against ambitious growth targets across the business spectrum. While these targets were set at aspirational levels, early indicators suggest progress is on track.
Growth in digital engagement was also noted, with positive trends across most, if not all, business areas.
Football update
Michael Skubala provided an update on the team’s development and the ongoing implementation of the game model. Encouragingly, longer-term plans are beginning to take effect, with both underlying performance data and on-pitch results supporting progress. The board also shared their support and disappointment for Jack Moylan, who suffered a cruel injury and is out for the mid-term. Jack’s character and spirit continue to epitomise that of the Lincoln City group, and all board members wish him well in his recovery. On a similar note, we also look forward to welcoming Dom Jefferies back to on-field action, with his progress going well and return-to-play projections on course as expected.