Doubt has been cast on the future of Lincoln City after the Co-op Bank said that it would be severing all ties with the club. The bank has instructed the club to sell its property assets to meet a debt of £380,000. Around 80 per cent of that sum makes up the club’s overdraft and working capital facility.
The club’s board has spent the last year unsuccessfully purusing alternative financing arrangements. The club is operating at a loss of £3,000 a week.
Doubt has been cast on the future of Lincoln City after the Co-op Bank said that it would be severing all ties with the club. The bank has instructed the club to sell its property assets to meet a debt of £380,000. Around 80 per cent of that sum makes up the club’s overdraft and working capital facility.
The club’s board has spent the last year unsuccessfully purusing alternative financing arrangements. The club is operating at a loss of £3,000 a week.
The club is considering issuing three year bonds with an interest rate of three per cent. Imps supporters have created a web page for donations with a target of £10.000.