JOINT STATEMENT FROM LTSC / TiL / LLSC
On Tuesday evening following the great win against Nottingham Forest the respective Chairmen of Luton Town Supporters Club (Kevin Barrett), Trust in Luton (Liam Day) and Loyal Luton Supporters Club (Kevin Lennon) together with one Committee member from each organisation met with Brendan Guilfoyle the joint administrator of the Football Club.
We would initially like to thank Brendan for giving us the time to meet him and discuss many of the concerns and issues that have been raised by fans since it was announced the Club was going into administration once again.
All three Chairmen felt it was a very productive and open meeting as well as being a good opportunity to provide a balanced view from the most important, yet often neglected part of the business i.e. the paying customer/ the fans that are so crucial to any long-term survival plan of the Club.
It was communicated that the fans having survived so much over the years really felt that this was now Last Chance Saloon and most importantly the responsibility that the administrators now have is to ensure that of all the bids delivered then the one chosen is the one that can give us the sustainability from which the Club can build upon and regain positive momentum. Furthermore, the fans number one priority is that any new owners put first and foremost the successful operation and running of the Club and that any relocation/ new stadium plans are considered on a completely separate basis as it was felt that previous ill-management and a blinkered focus with over-ambitious plans had largely contributed to the situation the Club now finds itself in.
Brendan confirmed that the joint administrators were now in full control of the business and the previous directors of both the Club and Jayten Stadium Ltd are no longer involved in any aspect of the day-to-day operations. Similarly the joint administrators are solely responsible for agreeing who to sell the Club to and with a duty to all the creditors this will ultimately be determined by the best/ highest offer with the administrators satisfied that the new owners have the means to take the Club forward.
Brendan talked through the timetable, which has since been confirmed on the Official Club Website. Briefly, all bids are due in by 3pm on 3rd January 2008, then the following day the administrators will enter into a period of exclusivity with the preferred bidder and following completion of all legal requirements/ formalities the sale is expected to be completed in March 2008.
Brendan confirmed that the ex-Chairman and majority shareholder, David Pinkney, has provided an underwriting for a significant amount to cover all anticipated operating losses until the end of December 2007, although this excludes players wages. It was also confirmed that this commitment from David Pinkney is a super-senior priority ranking liability, although it is providing the necessary working capital for the Club to continue as a going concern.
The administrators have been liaising with all the relevant authorities including the PFA and given the circumstances the players still at the Club were very co-operative in agreeing a deferral of their wages although the upcoming game against Liverpool is now likely to provide the necessary income to cover a payment to the players.
One issue also touched on and close to the hearts of the fans was about potential player sales given the re-opening of the transfer window in January. The outcome of any sales is likely to be dictated by the progress made with the sale of the Club, although maximising revenues in the interim will obviously help the matter. A derisory offer has already been received and rejected for one player and appropriate independent advice is being taken to ensure any players that are sold/ acquired are done so at a fair value to hopefully keep the baying wolves at bay looking to potentially take advantage and pick up any 'New Year bargains'. The manager will also be consulted as part of this process.
We believe that Brendan also found the meeting of great benefit and he ended it by suggesting we all meet up again before the bid deadline and we have accepted that offer.
All three Chairman would like to thank the fans that have taken on our earlier pleas and returned back to Kenilworth Road, have encouraged more people to attend matches and have also been increasing their discretionary spend on programmes/ merchandise etc. This has also been kindly noted by Cherry Newbery on behalf of all the staff at the Club given the tough times and uncertainty they are going through.
However, there is still much to do and disappointingly still too many empty seats. This Club needs every supporter it can get at the current time and not just at the glamour cup tie against Liverpool but the two home matches beforehand and the many league games thereafter.
We would reiterate that people connected with Jayten are no longer involved in the running of the Club and call upon all those 'missing' supporters that have stopped attending over the last few years to come back down to Kenilworth Road and help save this great club of ours. There are some great offers on for the two matches over the Christmas/ New Year period and you can still purchase season tickets. Essentially, the more money the Club can make between now and the new owners taking over will not only help people get paid but allow the survival of the Club, possibly encourage new investors and hopefully ensure we have a brighter and financially more robust future.
Kevin Barrett - Chairman, Luton Town Supporters Club
Liam Day - Chairman, Trust in Luton
Kevin Lennon - Chairman, Loyal Luton Supporters Club