The financial impact of COVID-19 on Lincoln City Football Club was revealed at a supporters board meeting this month — a projected £1,500,000 loss.
The minutes for the meeting say: “We know the High Street sees 40%-300% increase in trade when Lincoln City FC played at home. We are conscious that the loss of our match days, with fans, doesn’t just impact the football club.”
Fans will have to wait a bit longer to watch the Imps play live at the LNER Stadium as the League One club will continue to play behind closed doors until further notice as Lincolnshire prepares to move into tier 3 on December 2.
The suspension of football in March and fans not being allowed in the stadium when it resumed has had big impact on clubs up and down the country.
The club has managed to make significant cuts in operational costs plus a 40% reduction in pro department funds. However, the club is projected to make a £1,500,000 net loss.
Another point said: “Our cashflow/forecast looks okay until February, but the reality is that the club is to some extent living on borrowed funds by way of advanced money from future core funding.”
Among the other items discussed was further positive news about the Stacey West and 3G Development after a £950,000 grant from Football Foundation.
Phase 1 of the 3G regeneration will provide a fit for purpose green space that is scheduled for completion in February 2021.
The Stacey West Stand will increase in size (3,400 capacity) and will become the new home for Lincoln City Foundation, with education and community space, as well as match day concessions.
It is a £2.8 million project that will create jobs and add “significant value to the local economy”.