Boston United are seeking further investment into the club, as the construction of the Jakemans Community Stadium nears completion.
The South Stand and Sports Hub are well under way and chairman David Newton is inviting expressions of interest in external investment to keep the club progressing.
He revealed the news at Thursday evening’s fans’ forum and has issued a more detailed update on his plans for the future.
Mr Newton said: “We have spent the past 18 years sorting the issues around the significant financial problems and debt that we inherited back in 2007. Since then, we have put in place a good structure for both the club and the Community Foundation and, of course, we are nearing completion of the new stadium and community Sports Hub.
“It was also important to focus on rebuilding the reputation of the club both in the football world and within the Boston area, as the reputation had been damaged by the financial and governance issues around that club at that time.
“The move from our historic home at York Street was of course forced upon us when the lease came to an end, but equally the club could not remain there as it was becoming a poor state structurally, and also could not generate the income needed for the club to not only survive, but also to move forward.
“In short, we have put the foundations in place for the club to progress both on and off the pitch. We are really proud to have a very solid and passionate fanbase that have continued to support the club through the difficult times, and I was delighted when we achieved promotion to the National League under Ian Culverhouse back in 2024, to reward such fantastic support.
“It certainly was a big step up to the National League in every respect, but the move from part-time training pattern up to a full-time model, and the appointment of a very experienced and successful management team in Paul Hurst and Chris Doig, now gives us a great chance to not only cement our position in the National League, but also hopefully press ahead.
“The National League has some big clubs with very big budgets, but we are starting to compete with them on the pitch, although accepting there is still a way to go, and a number of changes to put into place as we move forward.
“When Neil and I took over back in 2007 we felt it was our responsibility to sort the financial issues out and facilitate the move to a new stadium to give the club a more sustainable future. The club had debts of over £3 million (the equivalent of about £5.5 million today) and did not have a secure home. Today the club is basically debt free and is in its new home. Its reputation has been rebuilt – and the Community Foundation (and education programme) has grown beyond recognition. The club is back at the heart of the community, and the Jakemans Community Stadium has become not only a new home for us, but also a real community asset, and a gateway into the town as part of The Quadrant development.
“Despite this transformation, the club’s finances are still very challenging, particularly since the recent increases in minimum wage, employer’s National Insurance contributions, water, gas and electricity, food costs, and business rates. Fundamentally we are a hospitality business which is the sector hit hardest by the post-Covid increases, and by the Labour government’s tax raising policies.
“There is still room for increasing income into the club, which we are always working on, but it is also clear that we need additional investment (time, money and skills), if we are to continue to build on the foundations that have been laid, and hopefully achieve the aim of once again playing football in the EFL.
“It is essential that any new investor respects the history of the club, and its privileged position within the local community. The Community Foundation is also a huge part of the club and makes a huge difference in the locality with its health, education and sport programmes, engaging with the youngest, to some of the oldest, in our community.
“In an ideal world we would like to attract local investors, or those with an affinity to the town and who share our passion for this wonderful community-based club, but equally we would be remiss not to look at opportunities for bring in investment from other areas of the UK or overseas, where there is now a real interest in the English football pyramid.
“Certainly, we need additional finances, but we would also welcome investors with skills, knowledge and contacts to help us to keep improving what we do at the club.
“As I have already said, it has taken over 18 years to take the club from the dark days of 2007 to the secure and positive position that the club is in today, so any investment must build on that work, as we try to continue to move the club forward in a sustainable way.
“Boston United is a wonderful community-based club with passionate, loyal fans. We are blessed to have the support of a huge number of local businesses, and it is financially sound, with a fantastic foundation that has been laid to enable it to continue to progress and flourish, so we would love to hear from anyone who would like to be become part of our continued journey, with initial contact in confidence, via investment@bufc.co.uk.”
