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Last Updated: Thursday, 22 November 2007, 18:48 GMT
Luton suffer 10-point deduction
Luton Town
League One side Luton Town have been deducted 10 points after being placed into administration.

The penalty leaves them at the foot of the table on nine points and seven points from safety.

The directors of the club decided to appoint administrators as a result of the Hatters' decreasing income.

"This will give the club breathing space and an opportunity to restructure its finances," said Brendan Guilfoyle of administrators The P&A Partnership.

The administratoes are also acting as administrators for Luton Town (Holdings) Limited and holding company Jayten Stadium Limited.

I sincerely hope a potential purchaser can be found to take on Luton Town

Chairman David Pinkney

Luton are looking for prospective buyers to put proposals to the creditors before end December 2007.

In order for the club to continue trading in the short term, chairman David Pinkney has agreed to fund trading losses until the conclusion of a sales process.

"This is a sad day for me personally, I have only ever had the long-term future of Luton Town Football Club at heart," said Pinkney.

"Changing circumstances and the potential huge liabilities surrounding the club have presented me with no alternative but to place the club into the hands of the administrator.

606: DEBATE

"As a further commitment to the supporters and the future of the club, I have however, decided to fund the overheads of the club throughout the sale process without any guarantee of recovering these moneys.

"I sincerely hope a potential purchaser can be found to take on Luton Town Football Club and secure its future."

The Hatters have suffered a nightmare week having been hit with 17 Football Association charges, relating to payments to agents for nine specific player negotiations which were believed not to have been done through the club as required by FA rules.

Board members John Mitchell and Richard Bagehot stepped down after they were also charged by the FA.

They were both charged with allegedly failing to report breaches of regulations regarding payments to agents when they became aware of them.



SEE ALSO
Pair step down from Luton board
21 Nov 07 |  Luton Town
Luton and agents hit with charges
15 Nov 07 |  Luton Town


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