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Reported on the BBC Football site
Good news at last from Sincil Bank
A rescue plan has been approved by Lincoln's creditors and shareholders that guarantees the club's future for the next two years.
The club's major creditors have agreed to settle for a percentage of the money they are owed and the smaller unsecured creditors will be given shares in the club in lieu of their debt and the local authorities are helping the club continue their centre of excellent over the next two years.
Club chairman Rob Bradley said he wanted to express his gratitude for the response to the club's fundraising appeal. 'None of this could have been achieved without the incredible response from the public and the extra money committed by the directors,' said Bradley.
======================== Previously ========================
Lincoln City have been given permission to go into administration as the club struggles to prevent financial collapse. reports BBC News
The decision gives Lincoln three months of breathing space to put together a financial settlement for the club.
The club has faced severe financial problems following the recent collapse of ITV Digital.
At the hearing the club gave details of the rescue deal which included £200,000, raised by the supporters, and £150,000 from the Professional Footballers' Association.
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Following the sucessful campaign at Bury, Lincoln City are inviting supporters to sponsor seats at Sincil Bank in order to help ensure the club stays afloat. Reports the BBC Football website.
The scheme is a joint initiative with City's supporters trust, and is aiming to help raise funds towards the Save the Imps campaign.
Fans of any team can make a minimum donation of £10 to have their name attached to a seat.
Lincoln believe they can guarantee their survival for next season if all the seats at their ground are sold.
A similar scheme by Second Division Bury raised £80,000 earlier this year.
==================== Previously ====================
Lincoln City have submitted a petition to the High Court asking to go into adminstration, according to BBC Radio Lincolnshire.
The problems have been brought to a head since the ITV Digital crisis. Chairman Rob Bradley has said It's fair to say we are in severe financial difficulties We are very reliant on this money the money has been budgeted for,'
The club are having to pay off back tax debts and are having a poor season.
Reported on the BBC Football website
The club's financial situation is so precarious that a supporter will pay the bill for the team coach for next week's match against Hull.
'A rumour got out that we weren't able to pay the coach company for the Hull match. The match isn't until next Saturday and to be honest at the moment that seems like the distant future,' said Bradley. 'We are struggling to pay the bills on a daily basis and it's fair to say we are in severe financial difficulties. 'The story appeared in a local newspaper and three supporters and a supporters' group came forward with donations. 'We have accepted the donation of one individual to pay for the coach with great gratitude and the others are all helping the club out in other ways.'
