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23 Nov 2007
Administrators have been appointed at troubled football club Luton Town.
It has been a bad week for the club, entering into insolvency proceedings just days after the club's former directors were charged by the FA relating to rule-breaking deals over player contracts.
Experienced football insolvency expert Brendan Guilfoyle, of the P&A Partnership, was one of three administrators appointed to the club.
The appointments were made after the club's finance director said the club could not continue due to its decreasing income and escalating liabilities.
Guilfoyle will lead the search for buyers for the club.
'The survival of this historic club will depend on finding a purchaser. We will do everything we can to find such a buyer,' said Guilfoyle.
The administration is not affected by the charges standing against the club and its former directors, he added.
But the club has been deducted ten points under League One rules, which currently puts it into the relegation zone.
Guilfoyle worked alongside Ernst & Young's Garry Wilson (now of Endless) at Leeds United, rescuing the club from its first insolvency, which culminated in the club paying off its creditors back in 2005.
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