Blackpool had made six previous appearances in finals from eight play-offs, winning five of them, most recently the 2017 EFL League Two play-off Final in which they defeated Exeter City 2–1 at Wembley. They had played in League One since that promotion and last played in the Championship in the 2014–15 season. Lincoln City had featured in six play-offs, including five in succession between 2003 and 2007, but only progressed to the final twice, losing on both occasions. They had played in League One since gaining promotion as champions of League Two in the 2018–19 season and have not featured in the second tier of English football since the 1960–61 season. In the matches between the sides during the regular season, Lincoln City won away at Bloomfield Road 3–2 in October 2020 while the return game at Sincil Bank the following April ended in a 2–2 draw. Yates was Blackpool's top scorer during the regular season with 21 goals, while Grant led the scoring for Lincoln City with 13.
