Nath
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The new owners of Luton Town have confirmed that the newly-relegated side are close to exiting administration - but will start life in Coca-Cola League Two on minus 15 points in August.
The Hatters went into administration back in November and despite the LTFC2020 group agreeing to buy the troubled club in January the process has been held up by Leeds' appeal over their extra 15-point penalty.
But after the decision was taken to confirm the sanction for Ken Bates' club not exiting administration with a Creditors Voluntary Agreement (CVA) the Hatters are ready to start next season with the same penalty.
A statement on the club's official website said: "We were selected as the preferred bidder in January but were advised by the Football League that their priority was to resolve the Leeds United situation.
"We were the only club in administration at that time but with other clubs in financial trouble it was felt important to decide on a penalty for not agreeing a CVA.
"Our CVA was rejected in April.
"Following the rejection of the CVA, LTFC2020 has made our application to the Football League to exit administration without a CVA under their 'exceptional circumstances' procedure.
"This was the procedure followed by Leeds United and resulted in a further 15-point deduction for them.
"Our completed application reached the Football League before the verdict of the arbitration panel into the Leeds case was announced.
"Consequently we are now liaising with the Football League on the final stages of exiting the administration process.
"Both the Football Association and Bedfordshire Football Association - who have the right of veto over our application - have fully supported our application to become members of the league again.
"It is frustrating for everyone that we cannot move faster. However we have to deal with the situation in the best way possible and with the sole intention of achieving the best outcome for Luton Town."
To be expected really. I just hope we react in the same way that Leeds did. Play Offs FTW.
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--DAN--
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Ouch!!
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--DAN--
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What do you think their chances are for next season Nath?
[Edited on 14-05-2008 by --DAN--]
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Nath
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quote:
Originally posted by --DAN--
What do you think their chances are for next seaon Nath?
Depends who we buy/sell and how we start. I'm hopeful we can make the Play Offs. If not then we always have the season after next to make a push.
[Edited on 14-05-2008 by Nath]
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Hammer
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5 win defecit to make up, be hard in such a tight league will it not?
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Nath
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Apparently this isn't confirmed, but to be expected. People on our MB are saying it's not 100% definite yet.
It'll happen though IMO.
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--DAN--
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quote:
Originally posted by Nath
quote:
Originally posted by --DAN--
What do you think their chances are for next seaon Nath?
Depends who we buy/sell and how we start. I'm hopeful we can make the Play Offs. If not then we always have the season after next to make a push.
[Edited on 14-05-2008 by Nath]
Do you think you have the same relative quality that Leeds had though when they were in that position to be able to reach the play offs?
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Nath
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In the respective Leagues yeah. Depends what happens this Summer though.
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Nath
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http://www.skysports.com/story/0,19528,11719_3565572,00.html
Thats the story. But the ITK people aren't buying it.
Never a dull moment 
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Robbo
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Registered: 6th Aug 02
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Seems pretty simple to me... you guys came out of admin with no CVA therefore you WILL get a 15 point deduction, niot sure why there is any debate?
Shame tho 
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Nath
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quote:
Originally posted by Robbo
Seems pretty simple to me... you guys came out of admin with no CVA therefore you WILL get a 15 point deduction, niot sure why there is any debate?
Shame tho
The debate is surrounding the when, not the if. Apparently the above story isn't official.
It's 'lazy journalism' and snipped from:
As it has been said many times, the events of the past twelve months have been a traumatic experience for us all. We are now nearing the end of the process and we hope to come out of administration very soon. We at LTFC2020 would like to take this opportunity to update all fans on what has happened and where we stand today.
The story so far?..
We were selected as the preferred bidder back in January 2008 and were advised by the Football League that their priority at that time was to resolve the Leeds United situation. In January we were the only club in administration, but it was widely speculated that more clubs were on the verge of financial difficulties too. Therefore, the Football League's position was completely understandable due to the impact that their decision would have for not only us, but potentially other clubs too. However, we still had a process to follow under UK law where we needed to propose a Creditors Voluntary Agreement (CVA) in order to settle past debts and release us from the constraints of administration.
The process of proposing and seeking approval for a CVA has to be done within strict timeframes set in law, and creditors have to be given specific periods of time to consider the proposal. These deadlines were followed precisely and this culminated in the CVA being rejected in early April. The creditors actually had a 28-day period in order to raise any objections. We thank Her Majesty's Revenue and Customs (HMRC) for making an instant decision as they could have delayed the whole process by utilising this timescale to the full, as they did with Leeds United. We had spoken to them on a number of occasions and explained that a delay in a decision would affect the club on a financial basis and bring further uncertainty for fans, staff and the future of the club. Therefore their swift rejection of the proposal was appreciated by all concerned as it allowed us to move forward as quickly as possible.
Following the rejection of the CVA, LTFC2020 has made our application to the Football League to exit administration without a CVA under their 'Exceptional Circumstances' procedure. This now infamous term was the procedure followed by Leeds United and resulted in a further 15-point deduction for them. Our completed application reached the Football League before the verdict of the arbitration panel into the Leeds United case was announced. Consequently we are now liaising with the Football League on the final stages of the administration process. This is known as 'regaining our Golden Share'. The Golden Share is the mandate to play professional football and be a member of the Football League, and is withdrawn the moment a club enters administration.
Our application has been seen by the Football Association and discussed with the Bedfordshire Football Association - both of whom have a right of veto over our application for the Golden Share. We are delighted to announce that both associations fully support our application to become members of the Football League again.
It is also important to note that in making our application we have to prove beyond doubt that we have the necessary funds to take the club forward. Again, we are pleased to announce that we have done this to the satisfaction of the administrator, lawyers and accountants. This is in addition to the significant funds already given to the club by LTFC2020 in January and February 2008 to secure our immediate future and stop forced player sales.
It is frustrating for everyone that we cannot move faster. However, we have to deal with the situation in the best way possible, so we do call for your patience as we finalise all the details with the Football League. You can be assured that we will do everything properly and with the sole intention of achieving the best outcome for Luton Town Football Club.
So, what's next?
The close season will be a crucial time for Luton Town. Upon regaining our Golden Share our first priority is to stabilise the finances and dramatically reduce the monthly losses. This will be done through a combination of minimising costs whilst maximising income. Obviously the purchasing of season tickets is vital to the future of the club.
We also need to regenerate the team. A highlight of 2008 has been the emergence of talented youth players. However, our wage bill is totally unsustainable and without players compromising on their contracts this will inevitably mean that some players will leave the club and contracts will not be renewed. To those that do leave, we thank them for their service and wish them well. For those that stay, we are delighted that Mick has chosen to build a new, exciting team around them and we can assure them that the future looks very bright indeed. We have a long journey ahead but we are delighted that they will be part of it.
We also plan to make a number of changes to improve the matchday experience for all. Some of these changes will take time, but as soon as we know when we are likely to complete the takeover from the administrator, we will announce a new ticket structure throughout the ground and improved hospitality packages. We are excited by our plans and, whilst we are not quite able to publicise our plans, we can say that pricing in all parts of the ground will be more equitable than past seasons whilst sticking to our known objective of attracting youngsters to our club.
Once we have secured the financial future of the club and regenerated the squad, we will then turn our attention to a subject that has been debated for over 50 years - a new stadium. We have committed to undertake an independent feasibility study of all possible options in and around Luton. This is the first time in our history that such a study will take place. This will provide us with the platform to decide the best new home for us, not just in the short term, but also for the next 123 years. We are fully aware of the current planning landscape and the timescales being worked to by local councils and national Government, and our study will comply with these deadlines.
Who are LTFC2020?
Luton Town Football Club 2020 Ltd (LTFC2020) is a company with a vision for the future of our great football club. After 123 years of history, we face a crossroads: to grow and modernise, or become a small club in the lower leagues. After two decades of boardroom and financial instability, we believe that there is only one choice - to grow and take our proper place in the football world.
To achieve this we have a plan called the '2020 Mission'. A clear, twelve year plan covering all aspects of our club - youth, community, finances, stadium, players and staff. The opportunity to complete Phase One of this plan has been given to us by the generosity of our investors. Investors that are all truly lifelong Hatters' fans. Investors that are all successful businessmen in their own right. Investors that were born and bred in the area. Investors that have all committed substantial funds - not loans or credit notes or debentures, but proper, real cash. For this we will be eternally grateful.
LTFC2020 is made up of three sets of people:
The Operational Board - the people who will run the club on a day-to-day basis. They are employees who have targets to achieve, and if they fail, they can be replaced (without a change in ownership of the club).
The Investment Board - the people who have invested money, who appoint members of the Operational Board, and play a vital role in the overall long-term direction of the club.
The Advisory Board - people who have agreed to provide support as and when needed.
At the moment, the Operational Board is made up by Nick Owen, chairman; Gary Sweet, managing director; and Stephen Browne, director. They are supported by managers Pat Thomas and Anna Coultas. Once LTFC2020 are officially confirmed as the custodians of the club, this board will be strengthened as circumstances dictate and will integrate the current remaining staff into the operation.
The Investment Board includes Bob Curson, Godfrey Ingram and Mick Pattinson. Steve Foster has also availed monies to us in order to develop talent. There are also two further investors on the Investment Board who wish to remain anonymous at present - not for any dubious reason but simply because they are normal fans like us, who sit in the Kenny, want to keep their privacy, and really do not wish to court appreciation or plaudits. We can assure you that the identities of these people are known and approved by all the investors, the Operational Board, the Football League, the Football Association and all associated lawyers and accountants.
Finally, there is the Advisory Board. This consists of people such as Mike Roberts, Keith Harris ('Mr Football'), Antony Brown, Tenon Accountants, and lastly but by no means least, the fans via the supporters' groups. Trust in Luton have been reserved a shareholding in LTFC2020 Ltd (with the option of buying further shares). Luton Town Supporters Club and Loyal Luton Supporters Club will also provide advice and support to help deliver the great future we have planned.
So, what's the plan?
All of our actions are covered by what we call the 'Cornerstones'. These are the principles that we want the club to operate under. They are:
To exercise business transparency and practise an appropriate level of corporate governance.
To encourage valuable investment with football and community as the investors' primary motivation.
To successfully balance sporting success and ambition with prudent financial management.
To fully engage with the fanbase to ensure that both parties move in the same, positive direction.
To support the town and broader community with a focal point of pride and a facility that is accessible to all.
To breed an entertaining, exciting, passionate and fair company culture synonymous with a sporting business.
By adhering to these cornerstones we can ensure that we deliver our plans in the core areas of:
Footballing success
Youth development
Being an important part of the community
Financial management and 'living within our means'
Relocation to a new stadium
Ensuring the club is never controlled by one individual, and is never again subject to a change in one person's circumstances
Giving all fans the opportunity to own a part of the club via Trust in Luton
Increasing the fanbase via rebuilding trust in the club and a campaign to continually attract youngsters
Over the course of the coming seasons we will communicate with you on our progress. We will continue to communicate through the matchday programme, Three Counties Radio, the Luton News and Beds on Sunday series, along with all other local media. We will also be building a database so we can have more direct and immediate communication through emails and text messages. We also know that it is vital to communicate and inform 'exiled Hatters' - those people who are unable to attend games, who live outside the immediate area, or live abroad.
We have set tough but achievable targets. However, we also need your support. We need you to 'spread the word' and we need to encourage as much income as possible. To do our best, we have to achieve higher attendances and make it easier and more attractive for you to part with your hard earned cash on merchandise, food, drink, sponsorships, programmes and hospitality.
We know there is a mountain to climb, but we are looking forward to the challenges ahead. It must be remembered that we only formed LTFC2020 Ltd some 20 weeks ago and look how far we have come in that short time!
A word of thanks
Last, but by no means least, we would like to thank a number of people who have played a role in events as they have unravelled.
The staff have been in this situation before, but that still does not make it any easier for them to deal with events. Throughout the past few months, along with departures of colleagues from the Club, they have remained stoic and committed in ensuring that the football club has run as smoothly as possible. For them times have been very uncertain, not knowing if the club would survive this latest administration. All of us as fans and members of 2020 should thank them for their efforts in the most trying of circumstances.
Many suppliers and creditors have also stood by the Club. At the recent creditors meeting in London it should be noted that every creditor present voted in favour of the LTFC2020 CVA proposal. In addition, many suppliers owed money have continued to provide the club with their services to ensure that the matchday experience has not significantly suffered.
We also thank the supporters' groups who have been totally behind our plans since we were able to reveal them, way back in December 2007. We have kept them all fully updated and they are ensuring their members are aware of the difficult times we face and the journey ahead. We urge you to join at least one of the groups so that you can play your role in the successes to come.
We would like to thank Luton Borough Council and the Mayor for their support in ensuring that Luton has a football club. Some may think that they have been quiet over the last year when in fact they have undertaken a significant amount of work behind the scenes. We commit to making our club one to be proud of for the community of Luton, Bedfordshire and surrounding counties. With their continued support we will identify and build a new home for the Hatters. MPs from across the county have also helped in lobbying the Government, HMRC and the Football League. Again, unity in this area has been vital to convince people that we mean business.
Finally, the biggest thanks of all goes to you - the true fans of Luton Town. You have stuck by the team through two very difficult decades and you deserve so much better. This club is nothing without you. You are the club. On behalf of LTFC2020, Mick, Warren, the staff and players, we thank you from the bottom of our hearts.
The future starts today
Our club may have recently been in the worst state in its history, but we are optimistic and buoyant. The mission ahead is clear but we will face many challenges before we achieve success. We will regain our place in English football providing we all work together towards the same goal.
Many legends have graced our halls, stands and pitch.
With your support and unity we will put the heart back into our club.
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--DAN--
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Fuck me, Paul_J has hacked Naths account!!
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Nath
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Registered: 3rd Apr 02
Location: MK
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 CTRL + C I'm afraid
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Robbo
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Registered: 6th Aug 02
Location: London
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Ahh right so you guys think you should get the 15 points now? If so then very handy  
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MatthewR
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Registered: 21st Oct 02
Location: Rickmansworth
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You'll reach the play offs with -15  its a good thing
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Nath
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Registered: 3rd Apr 02
Location: MK
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Official word is:
Points deduction has not been confirmed
Neither Luton Town Football Club nor LTFC 2020 Ltd have received any official confirmation of this situation from the Football League. LTFC 2020 Ltd are currently in discussion with the Football League and do not expect to know the outcome until early next month, at which point the factual situation will be publicised.
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Marc
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Registered: 11th Aug 02
Location: York
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Blue Square Premier looms for Lutons!!!
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JonnyJ
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Registered: 23rd Sep 05
Location: Scotchland
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Means me and Nath can meet up for another pint and i can continue my discussion about the winter olympics with his dad 
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Nath
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Location: MK
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AndyKent
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Registered: 3rd Sep 05
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Haven't been following the ins and outs of the club administration wise for a while.
Does your first post imply that they are getting the deduction because the FA were too busy to deal with our application in time?
Fucking joke if thats right.
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Nath
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Registered: 3rd Apr 02
Location: MK
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Not really sure what it means. It seems so, but then it turns out its actually a mish mash of quotes!
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AndyKent
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Registered: 3rd Sep 05
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What a joke Like the inland revenue saying they haven't got time to process your accounts so we'll fine you instead.
What the hell are the FA doing all day?
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Nath
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Registered: 3rd Apr 02
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Not looking out for the small fry thats for sure
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shawboy
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i hope you dont get 15 points deduction nath, i think its bad enough you have had 1 never mind another, the football league must do summat about this because if not teams like luton will go bust.
i think its sad how teams like luton, leeds, rotherham are in freeflow just because they are struggling to stay alive and docking 15 points everytime is unfair.
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Nath
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Registered: 3rd Apr 02
Location: MK
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Kicking anyone when they are down is strange!
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