Mike Foley has confirmed to LCM Towers that he will not be pursuing his ambition to become a director of Lincoln City FC. He will instead elect now to invest funds elsewhere. Our only fear is that we do not end up with another situation similar to Ray Trew who found it easier on the conscience to plough £3 million into Notts County rather than any money the Imps way having released a huge shareholding at a vastly discounted rate. Would you want to buy an ex car back at double the money you had sold it at 2 years before when the owners had not serviced it regularly?
Michael Foley thanks the fans who share his vision and LCM for our support but bottom line he knows he is wasting his time. He did confirm that this plan had been for a personal investment of up to £500,000 in time along with the introduction of other financial players. Speculation is rife including a suggestion by a fan on Facebook that he would have been a disruptive influence. Though this has been doing the rounds for some time, eggs & omelettes anyone?
This is a sad day and further proof that the bigger investors appear alienated by the two boards at the club. All we can hope for now is either a takeover in the summer or more of the same, which seems the most likely. What a shame lets hope Mr Bates £50,000 will hit the bank pretty quick because the balance of the TV solidarity money is not going to last forever. Then again at least the fans will respond and renew our season tickets early -even though we are expected to do so without any guarantees. Can anyone tell me what financial input the directors have in the club, or is it all down to the commercial department and the fans. Surely their freebies could be another cost cutting measure in season 2011-12