Luton takeover moves closer

The consortium plans to move the club to a new ground

Luton Town are close to coming out of administration after the Football League agreed in principle to a takeover of the club.

However, a League spokesman said it was "still premature to suggest that formal approval has been granted."

Bill Tomlins, head of the consortium hoping to buy the club, earlier claimed Luton's future had been secured.

He said: "Saving the club from closure has been our commitment and we are delighted to have done so."

Administrative receivers have been in charge of Luton since July 2003.

The club risk losing many of their players to other clubs when their contracts expire next month unless the sale goes through.

The consortium aims to secure the future of the club by relocating to a new stadium before the 2006 season.