As part of City’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 recent board meeting on Thursday 24 November proves useful.
Lincoln City Holdings
Change to Articles of Lincoln City Holdings
Similarly to the required changes in the Articles of Lincoln City Football Club Company Limited mandated by the EFL, it was approved within the meeting to make the same changes to the Articles of Lincoln City Holdings which gives the company the right to refuse the transfer of shares, and therefore to protect against any possible hostile takeover of the club.
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.
Ongoing investment
The board continue to search for like-minded investment in order to aid with the ongoing growth of the club.
Talks are advancing with one new possible partner in respect of a minority stake.
Lincoln City FC
Audited accounts to year ending 30 June 2022
The board received a presentation from Nicholson’s (auditors) in relation to the audit for the year ending June 2022. A number of items were discussed, including the board’s commitment to the football club in the mid-term to address any points of going concern. The accounts were approved and signed off, subject to a number of minor presentational amendments.
We aim to publish the accounts within the next 30 days.
Cost of living – memberships 2023/24 season
The board discussed the 2023/24 membership sales period noting that the ‘early bird’ campaign would usually be announced at the end of February with sales windows being open in March and April. It is recognised that the traditional early bird window could coincide with the predicted peak of the cost of living crisis.
Any change to this model presents a major challenge to the football club as our cash flow and investment model is built around this early sales window. The early bird window allows us to plan for the season ahead with regards to budgets across the whole club but, in particular, to the playing budget.
That said, we recognise that we need to take a look at this in more detail and see what can be done to alleviate some of the pressure on fans, wherever possible. Therefore, the board tasked the executive team to look at a range of models to assist with this matter. Whilst no promises can be made, it is critical to note that the board and investors have every sympathy with current financial challenges and will do all we can to work together for the benefit of Lincoln City Football Club and its fans.
A ‘new deal’ for football
Following credible reports from journalists, as well as direct communications from the EFL, it was noted that the Premier League has now given a mandate to its chief executive to engage with the EFL relating to a possible new deal. The board warmly received this news, albeit with caution given the very early stages of the conversation. It was agreed that the executive team will continue to engage with the league in order to communicate our position and to support conversations, noting that both redistribution and reform are needed within our game in order to create a sustainable football pyramid.
Stacey West development
The board received an update from the executive team in relation to the Stacey West development, plans for which were approved at the last board meeting.
Planning has been submitted and we are formally awaiting approval. Lindum Construction has been appointed as our technical partner and Banks Long & Co have been appointed to oversee project management. Subject to planning approval, which is expected in January, it is hoped that works will begin early in the New Year. The club will continue to keep all stakeholders informed as the build progresses.
Fan led review and golden share
An update was received from David Lowes (LCFC director) and Rob Bradley from the RICT in relation to the working party that is considering the fan led review and the issuing of the golden share. The working party is due to meet ahead of the Wycombe fixture on 10 December and the board warmly received progress made so far by the group.
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 January 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 to our overall model.
Date of next meeting/AGM
The date of next meeting is 23 February which is also our annual general meeting. Details to follow in due course.