England: Fans to crowdfund Lincoln City stadium’s expansion
source: StadiumDB.com [MK]; author: michał
Aside from the uniquely lovely crest, the Red Imps have faithful fans, always ready to help the club. As is the case now that investment bond was launched to finance expansion of Sincil Bank’s north stand.
Yesterday saw the official launch of Lincoln City FC’s bond programme, called the Stacey West Investment Bond. The initiative was launched by the Red Imps Community Trust rather than the club itself and is aimed at expanding the Stacey West Stand, north end of Sincil Bank (LNER Stadium for commercial reasons).
Existing sections behind the north goal are to be extended by 12 additional rows each, resulting in addition of some 1,500 seats. Interestingly, images suggest those would be rail seats, enabling safe standing to those using them. After the expansion capacity should rise to nearly 12,000.
LCFC fans may choose from varying terms and interest rates. Investment can be repaid after 5, 7 or 10 years, depending on the investor’s preference. Accordingly, interest rates vary between 0% and 3%. The minimum investment level was set at £500, while fans able to contribute £5,000 or more will be able to collect interest annually.
The goal is set at £500,000 (currently €580,000), which is quite a lot for a community-oriented programme in the third league (League One). But, for the entire project it’s only the last batch of funding necessary. The club has already secured £1.8 million (€2.1m) in grants to cover most of the cost.
Rob Bradley, elected supporter director of the Red Imps Community Trust, said:
The scheme will ensure the development is financed responsibly in a way that is attractive to investors, while strengthening our place in the community and continuing to honour the past.
It will also ensure our club has the potential to increase matchday and non-matchday revenue thereby contributing to the future financial sustainability of the club we love.
This is an exciting scheme for us all to be a part of in line with the ongoing ambition of Lincoln City Football Club and we urge you to support its success and consider its benefits as an investment opportunity.
Author: Michał Karaś