New investment is key – Imps’ chairman
In an open letter Imps’ chairman Clive Nates (pictured above) outlines restructuring plan to attract investors.
As we embark on our seventh consecutive campaign in League One, I would like to update you on recent Board discussions regarding meeting the challenge of rising costs within football, alongside our desire to do all we can to ensure Lincoln City continues to thrive and is given every opportunity to maintain the upward trajectory of the past nine years.
It is encouraging to see the Football Governance Act has now passed, however, reform of football and, crucially, financial regulation will take time. In the meantime, spending in football continues to increase. Therefore, to compete and progress in League One, we must seek new investment.
Importantly, we face these challenges from a position of strength, both on and off the pitch. The club is stable, with no short- or medium-term financial concerns, and we remain on course to deliver our strategy. This stability is only possible thanks to the ongoing support of the Jabara family and the significant involvement of Ron Fowler over the past year.
In recent months, the Board has reviewed how we can best structure the club to meet the challenges ahead and make ourselves as attractive as possible to new investors. We have concluded that we should simplify the club’s governance by reducing the number of Directors and resetting our strategic and operational forums.
The new simplified structure will comprise the following elements:
Strategy Board - Responsible for shaping long-term plans for the club and providing oversight and counsel on our key strategic pillars. This function was previously referred to as the ‘full Board’.
Board – This refreshed Board will oversee the implementation of strategy and the operational delivery of our plans. You may previously have heard this referred to as ExCo or the Supervisory Board.
Patrons – To consolidate a range of historic agreements, plus investors and backers during my tenure as Chair, all remaining roles and titles such as ‘Key Investors’ and ‘Club Associates’ will, subject to qualification and a degree of ongoing support to meet costs incurred, be incorporated into the Club Patrons group.
As part of these changes, the following Directors offered to stand down from the Board: Roger Bates, Sunil Hindocha, Herman Kok, Greg Levine, Steve Tointon, Chris Travers, and Nick Ragland.
I would like to thank all the retiring Directors and acknowledge their significant contributions over the years. While they will no longer be Company Directors, they remain highly valued members of the LCFC family and will be encouraged to continue using their voice and influence to help guide the club. Their commitment is unwavering, and it is important to note that the retiring directors will remain as investors in the club despite stepping down from the Board.
The revised Strategy Board will comprise:
Andrew Fowler, Ron Fowler, Harvey Jabara, David Lowes, Sean Melnick, Clive Nates (Chair), Graham Rossini, Jay Wright (Vice-Chair), Phil Scrafton, Amanda Slater, and Liam Scully.
We welcome Ron and Andrew to the Strategy Board and reaffirm our commitment to fan engagement at governance level, noting that two supporter representatives remain in place.
The Board, which will oversee strategy in action and serve as the reporting line for our executive team, will comprise: Ron Fowler, Harvey Jabara, David Lowes, Clive Nates (Chair), and Jay Wright (Vice-Chair).
As part of this same process, we are also currently undertaking a review of the Company Articles at both Lincoln City Holdings and Lincoln City Football Club. The purpose of this review is, again, with fresh investment in mind, but also using this opportunity to undertake some general housekeeping, updating our legal framework in line with modern practices and the future in mind. Naturally, we will communicate with shareholders in due course, and we mention at this stage purely as a point of courtesy to let you know that we will be proposing changes later this year.
Finally, on behalf of all those past and present who have been involved in overseeing our football club, I wish to thank our fans for the faith and support you have shown over many years.
I close by relating that these changes have been made selflessly by a huge range of people who have shown their love and support for the club, not only in their words, but also in their actions now, in the past, and I have no doubt long into the future.
These changes have been made exclusively in the best interest of Lincoln City Football Club overall, and we hope these changes also underpin our growth and future as we continue in our search for ongoing investment.
Up the Imps
Clive
Picture: Vaughan Photography
www.weareimps.com