Lincoln City’s board met in September to assess developments across football, finance, and governance, with the summer transfer window taking centre stage.
One of the conclusions we can draw is that player sales over the summer have led to our enhanced squad, with a £350,000 uplift in the salary forecast, as well as transfer fees being paid for some players.
The board reflected on a busy summer window that saw several key players depart. Sean Roughan, Ethan Erhahon, Jovon Makama, and Ethan Hamilton all moved on for significant fees, creating space for reinvestment in the squad. It’s interesting to see Hamilton’s fee described as significant, because of all the sales, his is the one that perhaps didn’t grab the headlines.
Arrivals included defender Ryley Towler, record-signing Ivan Varfolomeev, and young winger Oscar Thorn, while experienced faces Sonny Bradley and Adam Reach were also added. Loan deals for Frankie Okoronkwo, Fin Barbrook, Justin Obikwu, and Dexter Lembikisa helped round off a refreshed squad designed to provide greater depth and quality.
The recruitment team, now headed by Joe Hutchinson, earned praise from the board for its flexibility, particularly in reacting to the late sale of Makama. The income generated not only bolstered the playing budget but also allowed the club to allocate an additional £350,000 in salaries beyond the original forecast, strengthening the overall balance of the squad.
From that, we can imagine that much of our late business, particularly loans, will have been partly funded by the sales. Those loans have reaped goals and assists over the past few weeks, with Justin Obikwu getting two involvements against Luton, turning one point into three.
As a result of the summer’s transfer business, the club’s projected operating loss for the current financial year has been significantly reduced. The shortfall will be addressed through further share capital purchases, with major contributions coming from Liquid Investments’ Ron Fowler, the Jabara family, and chairman Clive Nates.
Directors also received an update on the ongoing search for major new investment. While progress has been made and several opportunities remain under review, discussions are continuing.
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