Trust in Luton Statement Now that we have all had 24 hours to absorb the news of the Club being placed into administration, TiL would like to issue the following statement.
At the recent AGM, TiL provided details of the Club’s financial situation and it comes as no great surprise to us that Mr Pinkney has had to place our Club into administration. Operating losses have been significant for at least 3 years and are escalating. In short, LTFC is operating way beyond its means and is, as such, an unsustainable business. Whilst this move is drastic it can provide an opportunity to re-build the Club according to the principles that TiL has always championed, namely long-term stability, consistency and transparency. To achieve this TiL urges the administrators to ensure that potential buyers have the long-term interests of the Club at heart.
The next few weeks are clearly critical for the club we all love and we welcome the fact that Mr Pinkney is ensuring that essential funds are available in order for it to fulfil fixture commitments. Whilst the Club is in administration, it is important that it remains as strong as possible and, with Jayten out of the way, we urge all fans to support the Club as much as they are able to, including attending games and buying merchandise. This will make the Club more attractive to future investors.
We are all disappointed at losing 10 points but at least the goal for the team this year is now very clear: to recoup these points and avoid a relegation that would further damage us financially. The fans have a massive part to play and we hope that there will be a full house tomorrow to get behind the manager and the team and regain the first 3 points.
This decision by Mr Pinkney, effectively, ends the role of the holding company, agreements tying us to land deals and the Trust’s shareholding. We sincerely hope that whoever ends up owning Luton Town FC understands the role that the fans play in this Club. We have no agenda other than the long-term future of the Club and we urge future investors to work with the Trust to develop a similar shareholding for the fans so that they can work with the Club constructively.
Further news this week concerning previous Club Directors also allows us all to draw a line in the sand. |