Imps losses widen as pandemic hits
Lincoln City Football Club made a loss of £1.4m for the 12 months to June 30 2021, as the pandemic affected income.
The majority of the season was played behind closed doors because of Covid regulations, although the club received £813,000 in the form of a grant as part of a rescue package distributed by the Premier League to League One and Two clubs.
The company’s turnover decreased from £6.55m in 2019/20 to £5.22m for the 2020/21 financial year. Football income was down significantly as the comparative figures for the previous year were boosted by the departure of the Cowley brothers.
The decline in turnover and other operating income was offset, to some extent, by a fall in total expenditure. This was due to a significant decrease in activity at the stadium on a day-to-day basis alongside reduced matchday/running costs.
During the period directors and key investors contributed £1.28m for shares through Lincoln City Holdings, with a further £139,000 received from fans. A further £900,000 for investment into the club, remained in the Holdings bank account at the end of the financial year.