COOP Bank call in Lincoln's debt of £380,000

[Luke Imp]

He can't 'get' anything anyway. He doesn't have a majority share in Lincoln City Holdings so other Director's can block vote if they wish and the Trust have a block vote, too.

 

[Luke Imp]

Another 'bump' with the investment confirmed this afternoon.

From what's been said in the last 6 weeks or so, it seems that there will be an initial £300k drip fed into the Club over the next 6 months and then figures of around £200k a year put in over the following 4 years. Around 50% of the investment will be going into the budget with the other 50% being used as working capital, bearing in mind we have to find £25k/year to reduce our overdraft and loan over 'x' amount of years, whilst also needing to replace that with some surplus cash.

In short, over the next 4 or 5 years, this will give us a £100k increase in our budget (if the above pans out as it seems).

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"The Board is pleased to welcome Clive Nates as a new Director.

Clive, who has invested a six-figure sum in the Club though Sportvest Capital LLP, is a global equity investor and retired hedge fund manager based in Sandton, South Africa.

He has followed City's fortunes since the early 2000s and attended a number of games, both at Sincil Bank and away from home, during the past year whilst negotiations were taking place with regards to his investment.

These discussions have now been concluded, with Chairman Bob Dorrian delighted to welcome Clive aboard.

"On behalf of myself and the Board, we are extremely happy to welcome Clive Nates to Lincoln City Football Club, both as an investor in the Club as well as a director in LCFC and Lincoln City Holdings, through his company Sportvest Capital LLP," said Mr Dorrian.

"It is a year since I started dialogue with Clive and his potential involvement in the Club. Happily, negotiations progressed well, culminating in today's announcement.

"Clive, like ourselves, is looking forward to helping us to achieve our goal of returning to the Football League as quickly as possible.

"In the meantime we shall look forward to seeing Clive at Sincil Bank in March, where perhaps some of you will have the opportunity to meet him. Welcome aboard Clive."

Clive added: "I am delighted that agreement has been reached. It has taken some time but the Club has had a number of issues to resolve and these have now been positively concluded.

"The funds introduced are relatively small in the context of teams at the top of the National League but they do provide stability for the Club and a fighting chance of achieving the success the fans desire.

"The Club still needs the ongoing support of fans and all other stakeholders, especially during difficult times, to ensure that Lincoln maintains a viable professional football club in the city.

"I am grateful for the support of Bob and the Board of Directors, of the Supporters' Trust and the vast majority of fans and hope that more exciting times lie ahead. I especially want to thank Kevin Cooke for all the hard work that has been necessary to conclude the deal."

 

[CrazyImp]

Good news, but it will mean nothing if we don't appoint an actual manager. Absolutely nothing in terms of on-field.

 

[EnglishRed]

Good news, but it will mean nothing if we don't appoint an actual manager. Absolutely nothing in terms of on-field.

Absolutely. Gary Johnson, John Still and Martin Allen have all shown what the right managerial appointment can do for a team. Still, nice little safety net.

 

[Trapdoor]

The machinations of these sinister loan shark type people really leaves me wondering why people go along with their self serving schemes.

 

[Luke Imp]

Eh? He's buying new shares, not loaning the Club anything.

 

[CrazyImp]

The machinations of these sinister loan shark type people really leaves me wondering why people go along with their self serving schemes.

Lol, quality post right there....*tumbleweed*

 

[Luke Imp]

Bit of a bump, but it got confirmed today that we've managed to pay off everything owed to the Co-op, which is about 5 years ahead of schedule. The £70k mortgage initially got repaid via the Chairman as part of the repayment terms but we've paid him back. The loan and overdraft have also been paid back in full.

We've been able to do that due to the FA Cup run, which has brought in £500k plus and two new Directors who bought £225k worth of shares recently (£150k and £75K).

That means we can move forward pretty safely now and start to re-build the Club back up again off the pitch as well as on it. Already in talks over a new training ground after we had to get shut of ours on relegation. The current one was only a short term thing to tide us over, but it's pretty basic albeit done a job for the last couple of years.

 

[Jemfy]

Bit of a bump, but it got confirmed today that we've managed to pay off everything owed to the Co-op, which is about 5 years ahead of schedule. The £70k mortgage initially got repaid via the Chairman as part of the repayment terms but we've paid him back. The loan and overdraft have also been paid back in full.

We've been able to do that due to the FA Cup run, which has brought in £500k plus and two new Directors who bought £225k worth of shares recently (£150k and £75K).

That means we can move forward pretty safely now and start to re-build the Club back up again off the pitch as well as on it. Already in talks over a new training ground after we had to get shut of ours on relegation. The current one was only a short term thing to tide us over, but it's pretty basic albeit done a job for the last couple of years.

Seems like the move from the bank has been positive for the club - no real negative effect on the on-field performance. Yes it's gone a lot better than expected due to the FA Cup run, but the club seem to have really got things ticking over on the financial front overall as a result of this. Going from being heavily in the red (by figures comparable to some of the clubs annual wage budgets at this level), to presumably in a healthy position in the black.

Hopefully Lincoln fans won't be too demanding that operating profits should result in larger playing budgets. Hopefully excess funds will be used well or to build emergency cash supplies etc.

 

[Reremnart]

Sorry!! Didn`t notice the start date of this thread and thought it was a current event and not back updated so I have wiped out my comment. It`s been a long hard and very cold day.

 

[Railway Blue]

They can pay that money off out of their FA Cup money if they haven't already.

 

[gijsbert_bos]

They can pay that money off out of their FA Cup money if they haven't already.

 

[Davidimp]

Everything seems to have turned around in quite a rush really. It's not just been the cup run that has helped sort things out but the new money from our South African people and the new director as Luke has said We have had a massive rise in crowds too, up around 50% on last season so that's helped too. 1300 odd extra people every game for 15 games plus all the extras that brings too.
The arrival of Clive and the Cowleys seems to have snowballed everything.