Supporters' Trust admit concern over Lincoln city's finances
The chairman of Lincoln City Supporters' Trust, Chris Ashton, has spoken of his "concern" at the state of the club's finances ahead of their annual meeting next week.
The Imps are set to announce they have lost more than £480,000 in the last financial year due to the impact of relegation from the Football League.
In his covering letter to shareholders, chairman Bob Dorrian explained that depreciation, a loss in gate revenue, extra transfer money for Steve Tilson and a mixture of other income streams failing to meet their targets were responsible for the significant loss.
And Ashton said the Trust, who are the club's largest shareholders, have made it clear to the board that they expect tighter financial control.
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But he admitted he was pleased to see the club recruit three new board members which has meant a fresh injection of cash into the club's coffers.
"As the largest shareholders in Lincoln City, the Trust board are obviously both concerned and disappointed, but not surprised, with the latest losses sustained by the club," he said.
"We have made it very clear to the club board that we expect much tighter financial controls, particularly in relation to the playing budget to ensure the long term success of our club.
"We were delighted to see new directors join the club board.
"We welcome the investment they bring and will continue to support the club in seeking further, new, investment.
"Ultimately the success of the football club is a reflection of what is achieved on the pitch.
"It is important everyone with an interest in Lincoln City works together to support David Holdsworth in his quest to install a winning team at Sincil Bank."
Lincoln's financial problems have been well documented this season which has led to the club streamlining its staff.
A number of redundancies have taken place as the club attempt to adapt to the precarious nature of the current economic climate.
But writing to shareholders, chairman Dorrian, who confessed he was in the middle of making some radical changes, said he could see an end to the suffering.
"The board continue to work very hard on behalf of Lincoln City in what are very difficult times," he said.
"But I can see a light at the end of the tunnel."