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In the short term, Luton Town have had to have a fire sale of players, but the longer-term solution to their recurrent financial problems requires a new ground. While administrator Brendan Guilfoyle considers three offers for the club, developers are pressing ahead with plans for a new ground near junction 12 of the M1. The Kenilworth Round ground is hopelessly outdated. It has a capacity of only 10,000 and is hemmed in on all sides by housing. The last time I went there I had to get into the away ground through a stairway in a back garden and the executive 'boxes' looked like a row of prefabs. With so few seats to sell, the League 1 side cannot rely on match-day ticket sales for the sort of revenue that will bail out losses running to about £500,000 a month.
Potential new owners will discover that Luton's financial problems have not stopped a planning application being prepared to be lodged within weeks. The 30-acre site is understood to have been donated by Cliff Bassett, the former chairman, who is thought to want to add some industrial development to the area around the £25m stadium, which would have community and conference facilities as well as the potential for 30,000 seats. A new stadium, though, could be three years away and Guilfoyle predicts £12m will be needed to keep the club ticking over until then.
UPDATE: Luton Rescue Deal Agreed - 16/01/2008
The administrators of Luton Town have agreed a deal for a consortium of businessmen fronted by BBC Midlands Today presenter Nick Owen to buy the club. Owen is a lifelong Luton fan and the group also includes former club captain Steve Foster. The administrator has accepted a loan from the group and in return for the loan has given them rights to negotiate with him exclusively until the end of February. It is hoped that the loan will prevent the sale of further assets of the club, particularly some of the players. The initial bid revolves around a sum of £10m with the immediate aim being financial stability, but it is understood that more funds will be available in the longer term. Owen said that the club would consider plans to relocate from the cramped Kenilworth Road ground.
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