Luton Town in ADMINISTRATION
I don't know whether to laugh with joy or cry in despair, Luton Town have this evening gone into administration.
The Hornets great rivals have had some financial irregularities for some time now, but chairman David Pinkney has today taken this step in an attempt to move the club forward.
Three insolvency specialists have been given the enviable job of increasing the worth of the clubs assets and finding some poor soul to buy the club.
The specialists who have been called in are 'The P&A Partnership', and the administrators are John Russell, Chris White and Brendan Guilfoyle.
Luton Town hope to have a buyer by the end of 2007, whilst current chairman, David Pinkney, installed at the end of last season, has agreed to fund the trading losses until the sale proccess is complete. This will enable Town's Football League fixtures to go ahead in the mean time.
Brendan Guilfoyle had this to say: 'This will give the club breathing space and an opportunity to restructure its finances,'
Consequently, Luton Town now face a 10-point deduction by the Football League for going into administration, a fate suffered by fellow League One side, Leeds United last term.
This devoted Hornets fan deerly hopes that Luton Town manage to find a buyer as soon as possible that will benefit the club in the long term, and that the Football League removes this stupid 10-point deduction rule, A.S.A.P.