Luton Town have gone into administrative receivership with managing director John Gurney losing control of the club.
Uncertain times continue at Kenilworth Road
Gurney took over at Kenilworth Road earlier in the summer but his tenure in charge of the club has been shrouded in controversy.
The club has now been placed into administrative receivership as a protective measure by the club's major creditor.
Administrative receiver Barry Ward takes the responsibilities of the board of directors with immediate effect.
However, Luton have not been placed into administration, with administrative receivership a non-court procedure.
But entering administration is one of the options now available to the club as they consider their future.
Supporters had stopped buying season tickets following Gurney's takeover and instead invested their money in a trust scheme.
Following Gurney's departure the club has now extended the period for discounted season tickets in a bid to try and boost cash flow.
"This can only be great news for the future of our club," club secretary Cherry Newbery told Luton's official website.
"I would now appeal to all
supporters and commercial clients to support the club and renew their season
tickets, sponsorships and commercial packages, safe in the knowledge that your
money will benefit Luton Town Football FC."
Earlier on Monday, Gurney announced that he would reveal his plans for the struggling club's future on Thursday after the Football League expressed its "grave concern" over the situation at Kenilworth Road.
Gurney met League officials last week to clarify a number of issues
surrounding the recent takeover of Luton by an anonymous consortium, and the
serious financial problems at the Second Division club.
But Gurney's failure to provide the Football League with details about the
consortium or a satisfactory business plan prompted the authorities to maintain
Luton's current transfer embargo, and withhold all sponsorship and television