From Luton official site ADMINISTRATORS APPOINTED TO RUN LUTON TOWN FOOTBALL CLUB Posted on: Thu 22 Nov 2007 Brendan Guilfoyle of insolvency specialists, The P&A Partnership, is one of three administrators appointed by the directors of Luton Town Football Club Ltd to run the club with a view to its sale. The directors reluctantly decided to appoint administrators when advised by their finance director that the company could not continue, given its decreasing income and escalating liabilities. 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. "We feel for the fans, the manager and the players as in the short term the club will suffer a points deduction from the Football League, but hopefully the long term prospects will overcome the short term disadvantage." The administrators are looking for prospective buyers to put proposals to the creditors before end December 2007. Guilfoyle added that any Football Association charges against the club will not be affected by administration. The Football Association's charges still stand and are a matter for the Association to pursue. The administrators are speaking to all those with a stake in the club as soon as possible. Guilfoyle explained: "The survival of this historic club will depend on finding a purchaser. We will do everything we can to find such a buyer." In order for the club to continue trading in the short term, David Pinkney, chairman, has agreed to fund the trading losses until the conclusion of a sales process, recognising that there is no guarantee of these funds being repaid. The administrators will look to retain and maximise any area which brings value to the club for a prospective purchaser, including the youth team, the training facility and potential relocation. As a result of Pinkney's commitment, all football fixtures will go ahead as scheduled. Guilfoyle urged fans to get behind the club to ensure its long term future: "The Hatters is a great football club with more than 100 years of history behind it and it needs your support now more than ever." The other administrators are John Russell and Chris White of The P&A Partnership. Information about insolvency processes is available from the trade body, the Association of Business Recovery Professionals, R3, on www.r3.org.uk Ends For further information contact Brendan Guilfoyle on: office: 0114 275 5033 mobile: 07802 326632 or Victoria Tomlinson at Northern Lights PR on: office: 01423 562400 Notes to Editors: Brendan Guilfoyle Brendan Guilfoyle, a chartered accountant, has specialised in business rescue and insolvency for 30 years. His experience is extensive and varied in complexity. Former president of the trade body for licensed insolvency practitioners (Association of Business Recovery Professionals (R3), Brendan is a partner with The P&A Partnership which has offices in Sheffield and Leeds (www.thepandapartnership.com). Brendan is licensed to undertake insolvency appointments in the UK & Northern Ireland by the IPA who have delegated powers from HM Government. He is a member of the Council and Chairman of the Professional Guidance and Ethical Standards Committee of the IPA. He is also a former member of a UK-wide oversight body, the Insolvency Practices Council.
So How Have They Gone Under Then? They have just gone into administration. Cannot believe they made around nine million selling players and still in trouble.
