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Lincoln City news

Post  Harry Swift on Thu Feb 05, 2015 12:12 pm

LINCOLN CITY PLEAD FOR CASH IN FACE OF GBP380,000 DEBT TO CO-OPERATIVE BANK
By S Morris, from www.lincolnshireecho.co.uk

Lincoln City chairman Bob Dorrian has warned the football club could be forced to sell its property assets after he said the
Co-operative Bank has announced its intention to sever all ties with the club.

In a letter to shareholders, Mr Dorrian says the Co-operative has asked the football club to find new banking arrangements due to
the club no longer fitting "the core customer profile" of the organisation. However, after spending around twelve months trying the
main High Street banks, the club has been unable to find a bank willing to take them on as a customer. Mr Dorrian says this is
mainly due to the fact they would require an overdraft.

As a result of his claim that the Co-operative Bank is wanting to cut all ties with the club, Mr Dorrian goes on to say that they
have told the club to sell property assets to pay back some of the GBP380,000 owed to the bank. In the letter to shareholders today,
Mr Dorrian has asked people to pledge financial support to the club in return for bonds and shares.

He says: "We do not wish to sell Club assets as this would leave us in a very precarious financial position, ie if we did, the Co-op
Bank would get its money back and we would still be faced with raising a further GBP300k/GBP400k on top of what we owe the bank to
use as working capital, effectively placing the club in dire financial straits."

Some of the fund-raising plans include three-year bonds ranging from GBP1000 to GBP10,000 with an interest rate of three per-cent,
with the sum invested being repaid after three years with interest. The club is also urging fans to buy shares in the club and are
appealing for anyone who feels they could join the Board of Directors to contact them.
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Harry Swift

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