Luton Town have been put into administration, with chairman Dave Pinkney saying there was 'no alternative'.
'No alternative' according to Hatters chairman
Luton Town have been put into administration, with chairman Dave Pinkney saying there was 'no alternative'.
The League One club have been hit with a deduction of 10 points after decreasing income and escalating liabilities prompted the move.
Insolvency specialists, The P&A Partnership, confirmed the news after the club's directors were advised the Hatters could not continue functioning in their current state.
P&A Partnership spokesman Brendan Guilfoyle said: "Administration will give the club breathing space and an opportunity to restructure its finances.
"Our aim is to maximise the value of the company's assets and to place the club on a firm footing for the future."
Sad day
Club chairman Pinkney told Luton's official website: "This is a sad day for me personally.
"I have only ever had the long-term future of Luton Town Football Club at heart, but changing circumstances and the potential huge liabilities surrounding the club have presented me with no alternative but to place the club into the hands of the administrator.
"As a further commitment to the supporters and the future of the club, I have however, decided to fund the overheads of the club throughout the sale process without any guarantee of recovering these moneys.
"I sincerely hope a potential purchaser can be found to take on Luton Town Football Club and secure its future. The club now, more than ever, needs its supporters to put past differences behind them and get behind both the team and all the staff at the club."
Administration is the latest setback for Luton, who were charged by the Football Association last week in regard to allegations of making payments to agents through a holding company rather than the club.
