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Imps pay the price of promotion

I don't have time to analyse the accounts of every club, so I am grateful to Kieran Maguire of the Price of Football for providing information and analysis on the 2018/19 accounts of Lincoln City. This was the year in which they were promoted to League One.

The price of promotion is revealed: 'Lincoln losses more than doubled to £2.2 million in 2019. Promotion costs estimated at over £600k took up some of this as some transfers had add on clauses when club promoted. Losses high by League Two standards but within budget. Lincoln spent over £1/2 million on player signings in 2018/19 as they invested in the squad to push for promotion...and it worked.'

Lincoln had one of the highest League Two income totals (please note only they and Grimsby have published 2019 accounts to date so most figures from 2018). Maguire notes, 'Lincoln matchday income up 6%, TV 11% and commercial down 9% but latter includes player sales and cup contribution from previous season. TV will be up this season as 50% more money in League One, matchday limited by size of ground.'

'Lincoln wages up 10%, which includes promotion bonuses. Wage bill very competitive by League Two standards as the club invested in the Cowleys and players to try to get up to League One. Lincoln earned £1m in compensation when the Cowley brothers left in 2019/20. Our understanding is that a third of this went to the Cowleys as part of their reward for success they brought to the club.'

Maguire concludes, 'Income in League One much higher (esp with likes of Sunderland and Ipswich to compete with) so Lincoln will find it harder this season but doing well to date.'

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