Lincoln City FC report loss of £1m

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Lincoln City Football Club has witnessed a net loss of £1.09 million for the year ending 30 June 2018. The club says that this loss “includes a significant investment in the clubs assets, systems and people.”

Despite this, the League Two club’s turnover increased from £4.68m million in 2016/17 to £5.28m.

Clive Nates, Chairman, said: “We are at a pivotal moment as a club. We have momentum thanks to a remarkable two years of success and progress. We believe this represents a rare opportunity to transform the running of the club and attempt to transform the running of the club and attempt to establish ourselves higher in the football pyramid.

“We recognise that we are in a development and growth phase requiring significant investment in assets, systems and people, which will have a negative effect on the income statement in the immediate future. It is critical however that we ensure that these investments deliver their expected returns in order to ensure the long-term sustainability of the club.

“We believe that the structure of the board and diverse ownership allow us to seek out like-minded individuals who together with existing investors will continue to fund this growth phase.

“We are also committed to searching out ways to make us more than just a football club, by giving back to the community and making lived better. The recently rebranded Lincoln City Foundation will play a critical role in delivering our community strategy.”