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11 Jul 2008
Luton Town looks set to go out of business after the Football League ruled the club must start next season on minus-30 points.
The club's failure to complete an insolvency agreement could result in the team's relegation from the Football League for the first time in their history after the league levied a further 20-point penalty in addition to the FA's previous 10-point deduction for irregularities in the club's transfer dealings.
The latest penalty came in response to Luton's failure to complete an agreement to the satisfaction of HM Revenue & Customs, which opposed the LTFC2020 consortium's offer to pay unsecured creditors 16p in the pound.
'We're absolutely stunned by what they've done to us. It's staggering that they want us to start off with minus-30 points. It's a joke. They're trying to kill the club,' a source at the club, who did not wish to be named, said, the Times reported.
The Coca-Cola League Two club has faced three insolvencies in the past 10 years, each time wiping away debts only to go on to live beyond their means. 'The board's primary responsibility is to protect the integrity of their competitions," said Lord Brian Mawhinney, the league's chairman. "This often means making difficult decisions which require balancing the interests of fans, the club's creditors and the other teams in the league,' The Guardian reported.
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