Luton in administration

[bluearmy1]

Ahead of game on Sat: Latest from PA:

HATTERS IN ADMINISTRATION
Struggling League One outfit Luton have been placed into administration.
Insolvency specialists, The P&A Partnership, confirmed the news on Thursday
evening after the club's directors were advised the Hatters could not continue
functioning in their current state.
P&A Partnership spokesman Brendan Guilfoyle said: "Administration will give
the club breathing space and an opportunity to restructure its finances.
"Our aim is to maximise the value of the company's assets and to place the
club on a firm footing for the future."

 

[bluearmy1]

More than 50 charges were levelled against the club, former and current club
officials and six agents by the Football Association regarding payments to
agents last week, and directors John Mitchell and Richard Bagehot stepped down
yesterday.
With administration comes a 10-point deduction, which will see the Hatters drop
down to bottom place in the Coca-Cola League One table.
Guilfoyle added: "We feel for the fans, the manager and the players as in the
short term the club will suffer a points deduction from the Football League but
hopefully the long-term prospects will overcome the short-term disadvantage.
"The Hatters is a great football club with more than 100 years of history
behind it and it needs your support now more than ever."
The administrators are looking for prospective buyers to put proposals to the
creditors by the end of next month, while Guilfoyle has also confirmed that the
FA charges are not affected by the administration.

 

[bluearmy1]

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.
"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 club now, more than ever, needs its supporters to put past differences
behind them and get behind both the team and all the staff at the club.
"I regret that given the current circumstances I am unable to make any further
comment to the media at this time."

 

[TrueBlue]

Jesus so the 10 point deduction comes into effect as of now?

 

[I 8 COLU]

More than 50 charges were levelled against the club, former and current club
officials and six agents by the Football Association regarding payments to
agents last week, and directors John Mitchell and Richard Bagehot stepped down
yesterday.
With administration comes a 10-point deduction, which will see the Hatters drop
down to bottom place in the Coca-Cola League One table.
Guilfoyle added: "We feel for the fans, the manager and the players as in the
short term the club will suffer a points deduction from the Football League but
hopefully the long-term prospects will overcome the short-term disadvantage.
"The Hatters is a great football club with more than 100 years of history
behind it and it needs your support now more than ever."
The administrators are looking for prospective buyers to put proposals to the
creditors by the end of next month, while Guilfoyle has also confirmed that the
FA charges are not affected by the administration.

Thought that if you went into administration it was a 15-point deduction.:confused:

 

[blue heaven]

Feel we are in for a hiding on Saturday,not got a good feeling about thiis one.However keep the faith.

 

[Beefy]

Feel we are in for a hiding on Saturday,not got a good feeling about thiis one.However keep the faith.

I think it'll go in our favour, to be honest. Can't see how there will be anything other than a huge sense of demoralisation and despair at Kenilworth Road on saturday. Well, even more than usual.

 

[BARNETBLUE]

Feel we are in for a hiding on Saturday,not got a good feeling about thiis one.However keep the faith.

Funny how we see things in a different light.I would have thought an IDEAL time to play them. Club in turmoil, very upset fans, players worried about their future/wages...On a separate note I do very much feel for their fans; imagine how we would feel and we do have a natural empathy for smaller clubs.This club has declined year by year, while we are moving forward!

 

[I 8 COLU]

Funny how we see things in a different light.I would have thought an IDEAL time to play them. Club in turmoil, very upset fans, players worried about their future/wages...On a separate note I do very much feel for their fans; imagine how we would feel and we do have a natural empathy for smaller clubs.This club has declined year by year, while we are moving forward!

lets just hope it will never happen to us,just think we were very close to going out of Business not to many years ago.

 

[blue heaven]

Are you sure the 10 points is with immediate effect?

 

[I 8 COLU]

Are you sure the 10 points is with immediate effect?

so it says here LINKY
http://www.teamtalk.com/football/story/0,16368,1811_2897362,00.html

 

[Beefy]

The Football League have just confirmed the ten point deduction.

 

[GregStarz]

My mate has a season ticket at Luton and he hsan't been for a while now.

He said they are struggling to get about 6k at the moment as thousands of people are on a protest.

 

[Kenny]

ha, for some reason the updated league table on Sky Sports News showed Luton bottom with QPR 2nd from bottom on 12 points!

whoops!

 

[Streaky]

Have they got any more players good enough to play for us?? good time to nick whatever they have that could do a job for the mighty shrimpers.

 

[Kristof]

TALKSPORT also made that mistake, their 7pm sports news had confirmed the 10 point penalty that put them bottom of the CHAMPIONSHIP.

 

[blue heaven]

dont they wish.

 

[SUFCEssex]

on the bbc as well.

http://news.bbc.co.uk/sport1/hi/football/teams/l/luton_town/7108271.stm

 

[Cliff Pavilion]

I remember coming back from Grimsby on the train 3 years ago and bumping into gloating fans who'd just won the League 1 title at a canter. Noisy, happy, their future seemed very rosey... Just goes to show how quickly things can change.

 

[Beefy]

It's crazy that this can have happened. They only sold Rowan Vine for a couple of million a few months ago. Plus they've sold other players in recent years. Food for thought for those moaning about the 'missing' Eastwood money.

EDIT - in fact SSN just said that they'd raised 12m in player sales in the past two seasons. Crazy.