Lincoln City chairman Bob Dorrian has warned that the club faces tough times after the Co-Operative Bank told them they would have to cease banking with them.
The club owes the bank £380,000 in an overdraft and other debts, which would have to be cleared in any transfer of accounts. However the club cannot find a new bank that will take on the debt - or even offer them an overdraft - leaving them needing to find £380,000 to cover the debt and a similar further sum to cover the projected overdraft needs in the future.
Dorrian told the local press: “We do not wish to sell Club assets as this would leave us in a very precarious financial position, i.e if we did, the Co-op Bank would get its money back and we would still be faced with raising a further £300k/£400k on top of what we owe the bank to use as working capital, effectively placing the Club in dire financial straits.”
Dorrian says that fans may be asked to buy bonds of up to £10,000 over a three year term. He also called on people to buy shares in the club and for reinforcements in the boardroom.