Lincoln City have been given a cash injection of £800,000 by the board, the single most ever for the football club, to protect it from COVID-19 lockdown effects.
The Imps’ board of directors invested the large sum in order to safeguard the club from any potential financial downfall as a result of the coronavirus pandemic.
Factors may also include the bumper new contract given to star player Jorge Grant in January, as well as recognition of the team’s brilliant performances in League One.
The Imps currently sit at the top of the table, three points clear of the chasing pack with a game in hand, leaving fans dreaming of promotion to the Championship.
In an open letter penned to the fans, chairman Clive Nates said: “These positive developments have countered some of the disappointments that we’ve had this year.
“First and foremost, we hoped that supporters would be returning to the stadium at the beginning of 2021 as a worst-case scenario, however it is clear that this will not be the case for a while yet.
“Whilst we respect and understand the decision, it is compounded by the considerable cost we have already outlaid in making the stadium safe, in line with the required protocols.
“In addition, the rescue package that we received whilst welcome, did fall short of expectations for all League One and League Two clubs, by around 40%.
“We were assured back in July that a rescue package to compensate for lost gate receipts would be forthcoming, and whilst we very much respect and appreciate the endeavours of those that delivered the rescue package, the grant element did fall way below the expectations created.”
Financially, the club has managed to achieve great things despite the pandemic, turning over £6.5 million for the 2019/20 season in their annual accounts.
You can hear Clive Nates discuss the funding on Lincoln City’s YouTube channel, starting at 33 minutes during the Imps’ Matchday Live video before their 0-0 draw with Hull City on Tuesday: