The Imps have published their latest set of accounts, outlining another season of competitive consolidation on the pitch alongside continued growth, investment, and financial challenge off it.
The figures underline the realities of operating sustainably in League One while continuing to push standards forward across the club. However, losses are down, slightly, from last year, helped by an increase in turnover.
2024/25 context
Turnover rose by almost 22 per cent to exceed £8 million for the first time. Much of the increase in matchday revenue was driven by the decision to bring bar and catering operations in-house, which also raised costs. Excluding that change, matchday income was broadly stable, with higher season ticket sales and marginally improved cup receipts offset by a fall in EFL digital revenue under the new broadcast model.
Central distributions increased by close to £500,000, largely due to the new domestic television deal with Sky Sports. After accounting for lost digital income, the net uplift stood at around £350,000, while Premier League solidarity payments rose modestly. Commercial income again posted double-digit growth, with retail and hospitality also edging upwards.
Player trading delivered profits in excess of £500,000. This included the guaranteed and contingent elements of the sale of Lukas Jensen to Millwall, alongside receipts from Chesterfield and add-ons linked to Lasse Sorensen. These gains were partially offset by contract settlement costs, Jaden Brown being one, and contingent fees owed elsewhere.
The overall loss for the year was £2.9 million, slightly lower than the previous season and in line with projections, despite a 13 per cent rise in administrative expenses. Capital investment continued, with £800,000 spent across the stadium and Elite Performance Centre, while cash balances improved to £1.6 million. Net assets rose to £4.5 million, supported by £3.6 million of new shareholder funding.
Looking ahead, the sale of Jovon Makama to Norwich City, alongside departures for Ethan Erhahon and Ethan Hamilton, is expected to further reduce forecast losses for 2025/26 to around £2 million.
Kieran Maguire
The Stacey West chatted exclusively to Kieran Maguire, football finance expert, ahead of the accounts dropping. You can view the full podcast on our YouTube channel right now.
He repeatedly returns to the idea that Lincoln’s finances have to be judged against the realities of English football, not in isolation, and he is blunt about how the industry works, and in particular, covering the news about Ron Fowler.
“Football as a business is not sustainable in England due to the way that the industry operates.”
When assessing the headline losses, he is clear that Lincoln are operating at a far lower level of risk than most of their League One rivals, and that comparison matters:
“If you look at Lincoln City’s financial performance compared to other clubs in League One, the average losses are around about six million, the average cost is losing a hundred thousand pounds a week, and that’s a ridiculous amount of money.”
He also stresses that Lincoln’s losses are not spiralling, instead reflecting a conscious budgeting decision taken by ownership and passed down through the club:
“If I look at them for the past two, threes, they haven’t been hugely different from season to season, and I think the reason for this is that Clive and now it would appear Ron has decided to take the view, this is our budget, this is how much money we’re willing to put into the football club.”
Finally, Maguire places strong emphasis on governance, transparency, and engagement, which he believes puts Lincoln well ahead of most clubs at this level:
“I just think Lincoln City is an incredibly well-engaged and well-run football club. The very fact that I’ve got a good working relationship with the club is very rare, and compared to the vast majority of football clubs that do exist, I think Lincoln City are light years ahead of most of the competition.”
Overall, Maguire’s view is that Lincoln’s accounts reflect realism rather than ambition run wild, with controlled losses, clear budgeting, and unusually high levels of transparency for a League One club.