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Chaiman's Update Sunday 10th February's Luton on Sunday ran a story concerning Antony Brown and explaining the reasoning behind his resignation from the 2020 bid co-ordination team. On behalf of the Trust, I would like to say that this 'story' changes nothing. As individuals and as a collective, the Trust are all 100% behind the 2020 team, especially as we have been led to believe that this story was stirred up by people intent on derailing the 2020 attempt to take control of the club for personal gain. We also know that the story contained inaccuracies.
It's bitterly disappointing that forces external to 2020 have deemed it appropriate to descend into, what is clearly, a dirty tricks campaign and malign a man who, a long time ago now, made a mistake but has since acted selflessly and with honour in trying to do his bit to secure a brighter future for a football club that he passionately cares about. Antony was punished harshly for his mistake, so our view is why should his name be dragged through the press to 'punish' him again? The fact that Antony resigned to protect the bid speaks volumes for how much he cares for his colleagues, 2020 and Luton Town and its future, particularly as his misdemeanour would not be seen as prohibitive to any approving authority.
I'd like to take this opportunity to thank Antony for all the hard work that he has put in over the last two months; work that has heavily contributed to 2020 being in the strong position that it finds itself in today regarding taking control of LTFC.
On 2020, I'd also like to clarify a few things. A minority of Luton supporters seem to be expecting that the investors behind 2020 are going to start writing blank cheques as soon as they properly take over. Although the consortium has sufficient finance, LTFC has to begin to live within its means, as I have been saying repeatedly in the media over the last few weeks. Financial sustainability was the key to attracting the serious businessmen who are behind 2020 and financial sustainability may also attract further wealthy investors in the future. But what we must recognise is that prudent financial control is fundamental regardless of the size of investment.
Player wages currently make up over 100% of LTFC's turnover, which is a suicidal state to be in and one that the previous LTFC 'custodians' got us into. We have a player wage bill that is higher than many championship sides' wage bills so, unsurprisingly, we have been losing around £400,000 per month. It's this boom/bust economic management, carried out by various LTFC regimes over the last several years, that absolutely has to end; and end as soon as possible. Under 2020's stewardship we will see an end to such boom/bust madness.
During the process of restructuring the finances of the football club, some hard decisions will have to be made and over the next twelve to eighteen months, we, as fans, have to show unity and patience with 2020 and, if we do, I'm extremely confident that, with a solid financial foundation, the good times will start to come back in the relatively near future.
We're all frustrated by what is happening on the pitch but please remember that the manager, the new coaching team, the administrator and 2020 (who, let's not forget, haven't taken over yet) are NOT responsible for the crisis that the club is currently going through and, despite what's happening with results, I must reiterate that showing patience with the people, who are working tirelessly to see out this crisis, is vital.
It also has to be reported that, before the club went into administration, an offer was made by 2020 to David Pinkney to buy the club from him. Administration, and the consequent ten point deduction, loss of loan players and transfer embargo that have led to many of the current problems, could have been avoided if Mr Pinkney had taken this offer and given 2020 time to finalise a proposal. Neither would we be risking a further points deduction if certain arrears, built up by the previous owners, had been cleared prior to administration, clearing the way for HM Revenue & Customs to approve the CVA.
If you have any concerns, please feel free to contact us here at the Trust, or the people at Loyal Luton or the committee of Luton Town Supporters Club or the 2020 bid team direct and we/they will respond.
Hold your nerve, keep your patience and, in a couple of years time, as long as 2020 complete their takeover, this will all be just a dim and dark memory.
Cheers
Liam
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