Fans of Lincoln City were praised by a judge who said they had helped save the football club as he discharged the administration order which had been imposed three months ago. Hundreds of thousands of pounds had been raised by fans by many methods including a seat-naming scheme. The club’s future now looks secure after a hearing at the High Court in Birmingham. It follows an agreement between shareholders and creditors which guaranteed the Sincil Bank club for the next two years.
Fans of Lincoln City were praised by a judge who said they had helped save the football club as he discharged the administration order which had been imposed three months ago. Hundreds of thousands of pounds had been raised by fans by many methods including a seat-naming scheme. The club’s future now looks secure after a hearing at the High Court in Birmingham. It follows an agreement between shareholders and creditors which guaranteed the Sincil Bank club for the next two years.
Under the new rescue plan major creditors will settle for a percentage of the money they are owed whilst smaller, unsecured, creditors will be given shares in the club instead of having their debts paid off.