Chairman's Update
On the 15th January the Administrator, Brendan Guilfoyle, announced that he was entering a period of exclusivity with Luton Town Football Club 2020 Ltd providing some time for '2020' to finalise an offer for taking ownership of LTFC. The bid team set an aggressive timescale for this exclusive period to make sure that maximum time would be available, after administration, for 'steadying the ship' as the longer administration continues, the longer decisions will be out of their hands. The deadline was set for midnight on 26th February after which, if no agreement had been reached, other bids could be tabled. It is, therefore, with great pleasure and a huge sigh of relief, that TiL can confirm that Luton Town Football Club 2020 Ltd were successful and that they have exchanged binding contracts to purchase Luton Town Football Club.
I would like everyone to understand what an outstanding achievement this is and that this result is probably the most important in the club’s history. I would like to publicly thank Gary Sweet, Stephen Browne and Antony Brown for the hard work that they put in to bring us to this position.
To pull together a consortium, the members of which, were prepared to invest in a troubled business, against a framework of non-negotiable principles was no mean feat. It has ensured a very high calibre of investor who will always put the Club's best interests first.
To work with the three fans' groups: LLSC, LTSC and TiL throughout, keeping them informed and updated as much as was legally possible is testament to the new spirit of openness that we can expect from the new owners.
To fend off challenges from parties who we will leave un-named (but whom we all know to have strong personal interests in the Club), without ever once losing their integrity and spirit of fairness, points to a future of professionalism which our Club has not enjoyed for many a year.
So, from TiL - many congratulations to Gary, Stephen and Antony for a job well done in a tight timeline under trying circumstances. Also, to the new investors, go our thanks and best wishes. We know that LTFC has a great future if managed properly and we all look forward to helping the Club achieve success on and off the field.
Whilst yesterday is clearly a major milestone in the history of our Club, there is, of course, a long way to go. In particular:
• LTFC is still in Administration! This will not end until the bid offer has been voted on by the creditors some weeks from now (we will keep you updated on progress as and when we receive news).
• Should the major creditors not accept the offer, and as HMRC are the major creditor this is very possible, then LTFC will have to apply to the Football League for their golden share under the 'exceptional circumstances' route. This could result in a significant points deduction this season or next. At the very least, it will mean that we will still be considered to be in administration until close to the end of the season, with the various restrictions that this imposes.
• Still outstanding is the Mike Newell claim for unfair dismissal (under EU TUPE regulations Mike Newell's contract is transferred to the new owners), and the pending FA hearing for the many charges of improper payments made by Jayten to agents - any number of sanctions is possible as a result of this.
• Should Luton be relegated this season then next year under FL regulations our salary bill will be capped to 60% of turnover.
• An Independent Feasibility Study to consider the best site for a new stadium needs to be conducted. As this is the biggest decision ever taken for LTFC, this needs to be done in a climate of calm consideration, independent of the views of anyone with a vested interest in land deals.
These are just a small selection of the major issues that 2020 inherit from the previous owners. The good news, however, is that 2020 have known about these threats and worked up plans with worst case scenarios in mind. Whatever happens, we will survive which, in itself, is a miracle given the way this Club has been led in the past. LTFC still floats and the priority now is to steady the ship, make sure that through strong, prudent financial management and steady investment, we can have a time of financial stability in quieter waters, where we can repair the damage and set sail for new horizons, investing in youth, the community and embracing the wider fan base of the greater Luton Region.
Details of the "2020 MISSION" will be made available soon. It is a blueprint for the club's future in twelve years time. The investors are an excellent group of people that are deeply passionate about Luton Town but, along with everyone involved, possess the experience and pragmatism to fully understand that control means just that. Now is the time for all Luton fans to unite behind the Club. It is heartening to see that, despite results, the vast majority of fans are still behind Mick Harford. Any fair-minded person would thank Mick for stepping into the breach and I believe that his abilities as a manager will come through fully when he is allowed to plan for the future with his own team and with a supportive Board alongside.
Up to now, I hope that we have been able to keep you as informed as possible and the 2020 Team are always willing to invest time with anyone who wants to know more about their plans and philosophy. Please feel free to contact TiL for more information or just to comment. We, in turn, would love to hear from anyone who would like to help us and the 2020 team achieve the long-term vision. We are not a clique - just a group of fans who are happy to invest some time in representing the fans - so the more the better!
Before I sign-off, it’s Oscar speech time and some extensive ‘thank you’s!!!' On behalf of the Trust committee, I’d firstly like to thank you, the fan base, for the help that you’ve given to us and the 2020 bid over the last few weeks or so. No matter how small you feel your contribution has been, it has made a difference, believe me. The fans and fans groups have presented a solid, united front that, I feel, has proved vital in us being in the position we now find the club in. So, thanks are also due to Kevin Lennon and Loyal Luton as well as Kevin Barrett and Luton Town Supporters Club for all their endeavours over the past couple of months.
Last but by no means least, thanks also go to my Trust committee colleagues, who have provided considerable help and skill in delivering the Trust’s objectives during this whole saga.
Thanks and Up the Hatters
Liam