Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
|
LTFC2020
Press Statement
19 January 2008
LTFC2020 are delighted that they have been chosen by the administrator as the best bid to take Luton Town Football Club out of administration. LTFC2020 now enter an exclusive period of six weeks, within which they need to progress to a full agreement detailing the purchase of the Club.
Gary Sweet, bid manager, said “This is fantastic news for all fans. The majority of people involved in the LTFC2020 bid are lifelong Hatters and we are delighted to be in a position to be the next custodians of the Club - bringing the Club home to the fans”.
“The process to gain control of the Club will take some weeks and we do not expect to be ‘the decision makers’ until at least April. Until then the administrator will remain in charge. There will be some tough negotiations with HMRC and the Football League before the Club is allowed to exit administration. We have the support of the fans, our backers, the Club, the administrator and local MPs so we are doing all we can to get the best possible solution for the Club.”
He went on “After years of mismanagement, the Club is in a dire stheir bid campaign on the basis that this was the ‘last chance saloon’ for the Club – any more mistakes would prove terminal for the Club.
Gary finished by saying “LTFC2020 will do the very best we can for the Club. We will be open and transparent so the fans can see how we are progressing although we kindly ask for your patience to implement these measures. However, it is not just down to us – the fans play a critical role and without their help and support we will fail. The fans have played their part brilliantly so far and without their help we would not be in this privileged position and for this we thank them. We are looking forward to welcoming new, past and present fans to the matches, and to be the people who have helped the Club regain their trust.”
- Ends -
19 January 2008
For further details call: Stephen Browne mobile: 07778 667978
About LTFC2020:
LTFC2020 is the consortium backed by all fans groups:
Luton Town Supporters Club
Loyal Luton Supporters Club
Trust in Luton
LTFC2020 is made up of 10 people, 8 of whom are lifelong Hatters.
Keith Harris, ex Chairman of the Football League is part of the LTFC2020 advisory team.
The process of reducing monthly losses has already started with some player sales and the recruitment of new team management.
The Club does not have to sell more players – it is secure to the end of the season. There will be no ‘fire sale’. However, the wage bill is still unsustainable so there will be hard decisions to make to achieve the goal of ‘living within our means’.
Administration Process:
The next stage of the process is a six-week exclusivity period where no other bidder will be considered. During this time, agreement has to be reached for a final contract to buy the assets of the Club, due diligence has to be completed (the majority already undertaken), funds to settle creditors have to be made available to the administrator, and the CVA documentation has to be completed for preslishing the foundations for essential brick building upon ethical cornerstones that will focus the business, its staff and its customers on elevating Luton Town to a shared ambitious and enviable platform.
Luton Town Football Club 2020 Ltd (LTFC2020) will be the custodians of 122 years of history and, most importantly, the visionary company that will elevate Luton Town back to being recognised as a force in English football. LTFC2020's strategic plan, ‘2020 Mission’ will be the platform for a new era. More information will be made public on this plan in due course.
The Consortium:
The Bid Team:
Gary Sweet
Stephen Browne
Antony Brown
The Backers:
Nick Owen (Chairman) - TV presenter
Bob Curson - Involved with our Youth Development, local businessman
Steve Foster - Former Captain, local businessman
Keith Harris - Ex Football League Chairman
Godfrey Ingram - Former player, US based businessman
Mick Pattinson - President/CEO of Barratt (Barratt Homes) American Incorporated
Michael V Roberts - US Based entrepreneur, business partner of Godfrey Ingram, MINTED!!
The future is bright, the future is 2020 
|
