The Chairman addressed the meeting with a report which outlined the problems still facing the club. Medium and long term projects would kick in after a while to raise revenue. In the short term the finances where dire with historic debts likely to pull the club under.
All aspects of the club had been looked into and no area had been left untouched. Major improvements have already been made whilst more are in the pipeline from employees now having contracts, accounting being done properly and much more.
The reason for this was bad financial management by previous regimes, poor accounting, negligent financial planning, employees not being employed with contracts. Many ex employees have taken advantage of this and taken the club to legal proceedings. Huge sums have been paid out in compensation as a result.
On the positive side plans are in place to ensure the club has a future. The short term problems can only be surmounted by help from all involved with the club. It was with great sadness however that the Chairman noted the lack of investment from the community itself. Local business and people had been not fully embraced the ideals of a community club. Disappointment with this lack of investment was tinged with sadness that it was becoming clear that the local community may not actually want a community club. It was hoped that this was not the case and after hearing how the club planned to go forward then investors would be encouraged to come in.
The financial report was then studied by shareholders. The major point raised was the poor accounting done by the previous board. Lack of accurate reports, poor records have made finding out the true position of the club difficult. It is only recently that the dire position of the club has fully been realised. Much of the money input by the COP went to paying off debts inherited and short term high interest loans taken out on the ground when it was purchased off the council in Aug 2000. In fact the accounts were a shambles prior to the takeover in Feb 01.
New initiatives announced included more detail on the Everton link up. Players may well com on loan, probably next year. Young talented players would be made available to Lincoln for a season and Everton would pay the wages. This helps the club wage budget and helps the club on the playing side.
Massive expansion of the youth setup with more highly qualified coaching staff. The link up with the Mid Lincs will ensure 4,500 kids tied into the Lincoln City youth set up. Grants from EU and Government being sought to improve all aspects of the youth setup for the future. Everton to give help on all this. Centres throughout the county to coach kids with a view to bringing them into the Centre of Excellence.
New development of the ground to include community facilities, and other major improvements to ensure Sincil Bank is used 7 days a week. These are all being negotiated with developers who would help with the finance of such faciltites. Looking as though all this is progressing.
Internet developments. Tie up with Lincolns throughout the world. Lot of scope to expand the Supporters Trust. Seen as an area for expansion. Details of the money raised by hits on the Redimps website were given.