LTFC Accounts Update and Junction 10 We are still undertaking a detailed analysis of the accounts that we have been given and, as such, are still preparing our response and questions to the Club.
Sadly, we have to report that the club's statement of 30 September 2007 did contain some inaccuracies. We did try to collect the package on 1 October as detailed in the club's statement but we were unable to actually take possession of it that day for unknown reasons and the club decided to post it on to us instead.
Therefore, it was not until 3 October 2007 that we actually received the items at our registered office. However, upon first inspection of the documents, it became apparent that some items and some pages from the accounts were missing. A week ago we asked the club to provide these items, some of which are referred to on their official statement of 30 September and some of which we have been asking for for some time and we are legally entitled to. The club have said that they will provide this information but, until we receive it, we are unable to complete our analysis. Our request has been passed to Mr Antcliffe (a new Luton Town Football Club Ltd director who resides in Yorkshire) and we are told that he will provide the missing and requested items shortly (but as yet no date has been given).
As we speak, our legal and financial advisors are helping us to prepare our response so that we may inform TiL members and the club. The club have also stated to us that they will answer any questions we have (subject to confidentiality, of course) and it will come as no surprise that, even at this stage, we would like a number of areas clarified - there are apparent inconsistencies between the information that we have been given and previous statements made by the club's directors over the past twelve months up to this week.
As we said in our previous statement, we have waited since May 2007, when the club went on record as saying they wished to be transparent to both ourselves and Loyal Luton Supporters Club, for this information. After four and a half months of waiting for the data to materialise, we definitely do not want to be rushed into any kneejerk reactions and, as the club have said they will answer questions, we think that it is only fair that they are given this opportunity before we publish our final view.
We know it is frustrating that it is taking so long for the club to provide data that they obviously should have at their fingertips and we are in the dark as to why everything takes so long. Firstly, our contact was Mr Mitchell, then Mr Pinkney contacted us (as previously reported on this site), then early October saw Mr Bagehot as our new contact, and last week we were told Mr Antcliffe was our (now fourth) contact on financial matters. Being passed around is delaying the whole process and also means relationship building each time to ensure the best working arrangements.
I would like to state that TiL respond to the club within 48 hours and have been doing so since May 2007. Unlike the directors at the club, we have other 'day jobs' and yet I can confirm that we have not failed in this commitment to speed and to not hold up any part of the process. Whilst it may seem like tardiness on our part, I confirm to all our members that it is the club that is taking so long to respond to every request we make and to honour their statements. Had they been as responsive as my team, this whole matter would have been cleared up at the latest by end July/early August and yet here we are in mid October with important information still outstanding. I do not like the fact that all the delays reflect badly on my committed and dedicated team when, in reality, my team have been totally responsive at all times, have jumped into action when called upon and have responded to all requests and receipt of information within a matter of hours.
However, I am pleased to report that, whilst the club is still preparing information for us, we also now have a team of professionals working on the analyses alongside my voluntary team. This will continue until we can bring matters to a conclusion, no matter how long this takes - due to your support we have secured funds to carry on as long as is required. The time and effort they are spending on this means that we can assure you that, based on the accuracy and extent of the information we have got and are yet to receive from the club, and assuming that the club are prepared to honour their offer of fully answering the questions we raise, our final views will be thorough and can be relied upon.
We appreciate your patience, but rest assured that we will keep our members informed of further events as soon as possible and we are working every day behind the scenes to encourage the club board to move as fast as possible.
Junction 10
TiL welcome applications that are well thought out and include a new stadium for LTFC providing the application secures the future (both playing and financial) of LTFC. We have always said that we would far prefer a new stadium to be in Luton and we believe this is the view of the overwhelming majority of LTFC fans.
This does not mean we are against Mr Pinkney's J12 proposal - at the moment we do not have enough details on this plan and obviously, like many others, we have been waiting for an application to be lodged since the early summer before we can pass any judgement.
However, as with all applications and discussions about pockets of land in and around Luton, the planning process is complicated. Fans have also been made promises many times in the past about potential applications too and so far they have all come to nothing. This is why we have been calling for an independent study of all possible options - once we can see the real prospects of various proposals, the fans would be able to get fully behind the club in making an application for the best location.
Thank you for your continued support
Liam Join Trust in Luton here
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