Lincoln City reveal annual accounts. Credit: Jamie JohnsonLincoln City reveal annual accounts. Credit: Jamie Johnson

Lincoln City suffered a £3million lose in the 2023/24 season, as they reveal their annual accounts.

The club narrowly missed out on the play-offs on the final day of the season and progressed to the third round of the Carabao Cup before being eliminated by Premier League side West Ham United at the LNER Stadium.

The increasing staff costs and the £2.2 million investment into the Co-op Community Hub development have both contributed to the losses.

The increase in staff costs was a major contributor to the 8.6% increase in administrative costs as these went up from £5.9 million to £6.9 million. A large factor in this was the dismissal of former head coach Mark Kennedy in October 2023.

The overall administrative costs account for 99.4% of the club’s total turnover.

In the transfer market:

The club made a total of £370,250 from player sales across the accounting period, of which a large amount came from the sale of Lasse Sorensen to league rivals Huddersfield Town.

While part of that fee was redirected to his former club Stoke City, the club also received small packages for former players Jamie Robson, James Jones and Charles Vernam.

The summer sale of goalkeeper Lukas Jensen fell after the end of the 2023/24 time frame, so was not counting in the numbers.

Lincoln City's Dom Jefferies. Credit: Graham Burrell
Lincoln City’s Dom Jefferies. Credit: Graham Burrell

In terms of incomings, the club spent six figure fees on ‘keeper George Wickens and Swedish wide-man Erik Ring, but also unspecified five figure fees for currently loaned out JJ McKiernan and Rob Street, as well as the versatile Dom Jeffries.

The Imps’ chief executive Liam Skully was keen to stress that fans should not be concerned for the health of their club when he spoke to BBC Radio Lincolnshire.

He also said: “We are a football club that want to compete and hopefully one day look up as well.”

Current promotion challenges Wrexham posted losses of £5 million while last year’s runners-up Derby County posted losses of £14.2 million.

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