Luton have criticised the Football League for ordering the club to start the new season with on -30.
Browne says new owners are paying for previous mistakes
Luton Town have criticised the Football League for ordering the club to start the new season with a 30 point penalty.
The Hatters were already due to begin the campaign on -10 points for breaching rules over payments to players' agents.
But a further 20 point penalty has been imposed after the new owners failed to secure a Company Voluntary Arrangement.
Stephen Browne, a director of the club's new owners LTFC2020, has accused the Football League of 'trying to push Luton Town out of existence'.
Waste of time
In a statement released via the club's
official website, he said: "It's quite clear that we have made a mistake. We placed our faith in the footballing authorities. We have tried to do everything openly and honestly.
"Obviously the very clear message from both the FA and Football League is that doing such a thing is a total waste of time.
"Once again, the club suffers from the mismanagement of the past. Once again the faithful supporters are left high and dry. Once again a policy of honesty is not at all recognised by the football authorities who claim they want to clean up the game.
"Once again the Football League fail as who was it that cleared the previous owners as 'fit and proper' owners in the first place?"
The Hatters' attempts to gain a CVA failed and have now been hit with a further points deduction, as well as being ordered to pay their creditors 16p in the pound.
No laughing matter
They have also been forced to sign a letter relinquishing any right to an appeal against the penalty - but Browne insists the Hatters will fight on.
He added: "The Football League have decided to dictate what should be paid for the football club as it now appears that they are the only people who can set a purchase price for a football club.
"It's a gun to our heads because we also have to forego our right of appeal or else we will not be allowed to stay in professional league football.
"We have already discussed this internally and we have decided unanimously that we will continue the fight by sticking to our principles of openness and honesty.
"People who should, in theory at least, be protecting supporters and encouraging honesty in the game will not bring us down.
"They are clearly trying to push Luton Town out of existence for mistakes that they should take part of the blame for.
"It is obvious that their insolvency policy is in disarray and even after the Leeds case, they are still no nearer to bringing their policies in line with UK law.
"It's not a laughing matter anymore, but even so we will continue to ensure that Luton Town has a solid and sustainable future despite what the Football League do to us."
