It was 1960-61 when Lincoln City were relegated from the old Second Division and in the 65 years since then the club has experienced many highs and lows, including two relegations from the Football League, one of which made them the first club to be automatically relegated in 1987.
Lincoln are in a very good position this season and are making a real bid for promotion from League One. There is a sense of optimism around Sincil Bank Stadium as there have also been some changes to the club’s structure which are seen as an opportunity for a fresh start. Liquid Investments, who had a 12.5% stake in the club, increased their stake to 25% to become the majority shareholder. The company’s CEO, Ron Fowler, has become chairman of the football club. Liquid Investments is a real estate investment company with a strong emphasis on emerging markets. Former Lincoln chairman Clive Nates will still play an active role at the club.
The League One promotion race is highly competitive with Cardiff City currently top, Lincoln six points behind in second and a cluster of clubs chasing the top two such as Bradford City, Stockport County, Bolton Wanderers, Huddersfield Town and Luton Town. With Lincoln enjoying a 22% increase in revenue in 2024-25, from £6.9m to a record £8.5m, the Imps could boost their promotion ambitions this season with some reinforcements in the transfer window. Irish central defender Josh Honohan joined from Shamrock Rovers on January 1 for a fee believed to be €500,000. Striker Alfie Lloyd has also been loaned from Queens Park Rangers and others are sure to be signed.
Although revenues increased, the club recorded a pre-tax loss of £2.9 million, which was broadly unchanged from 2023–2024, but losses were reported as expected and controllable. Wages rose from £6.9 million to £7.5 million, but the wage-to-income ratio fell from 99% to 89%. Total costs increased by 13%. Lincoln made a profit on player sales of £527,000, which was mainly attributable to the sale of goalkeeper Lukas Jensen to Millwall in the summer of 2024.
Matchday revenues totaled £2.9 million, around half a million pounds higher than the previous season. The club took the decision to bring certain matchday services such as bars and catering in-house and this contributed to the increase in home match revenue. Lincoln’s support has been incredibly consistent and in 2024-2025 average attendance increased by almost 7% to 9,004. Since returning to the EFL in 2017, crowds have hovered between 8,500 and 9,000. Sincil Bank’s capacity is approximately 10,700, but attendance in Lincoln has not exceeded 10,000 since 1960. Sincil Bank has been sponsored by the London North East Railway (LNER) for more than five years. Lincoln invested in their stadium in 2024-2025 and their Elite Performance Center to the tune of approximately £800,000. Commercial activity increased from £2.9 million to £3.4 million and broadcasting increased from £1.8 million to £2.3 million; this increase was a result of the new domestic TV agreement with SKY.
The club’s loans totaled £615,000, but cash balances rose to £1.6 million. Net assets increased to £4.5 million, but were supported by £3.6 million of additional shareholder funding through the issuance of 9.9 million new shares.
Lincoln City is seen as a relatively progressive organization and has a good reputation as a club that puts its fans at the heart of the club. They were ranked second out of 92 clubs in the Fan Engagement Index and the majority of their fans believe they are well run and have a long-term vision.
Can these fans welcome championship football to Sincil Bank in 2026-2027? It remains to be seen if they have the resources, but the current squad is perhaps the most expensive the club has put together. The current squad was assembled for a fee of around £1.1 million, but Transfermarkt has calculated their valuation at €6.85 million. The most valuable are goalkeeper George Wickens and Ukrainian midfielder Ivan Varfolomeev, who cost £350,000 from Slovan Liberec at the start of the season.
Their current form is impressive, nine games unbeaten and only one defeat at home all season. They have beaten Cardiff City at home and none of the league leaders have managed to beat Lincoln in the league. If this trend continues, the city of Lincoln will be awash with festivities in May.
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