Thursday, 22 Nov 2007 21:21
Manager Kevin Blackwell has a tough job at Luton Town
Luton Town have gone into administration and are now bottom of League One after being deducted ten points.
Chairman Dave Pinkney said there was 'no alternative' to administration due to the club's poor financial situation.
"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.
"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," added Pinkney.
It has been a difficult couple of weeks for Luton. Before going into administration they were hit with 17 Football Association charges relating to illegal payments to agents.
Potential buyers of the club have been told to make bids before the end of December and administrators feel Luton will be able to come back from this crisis.
"This will give the club breathing space and an opportunity to restructure its finances," said Brendan Guilfoyle of administrators the P&A Partnership.