Luton to pay 500 grand to liquidators.

Hatters MD Gary Sweet has been pleased by the cash earned from their FA cup run which has offset the loss of revenue from an expected run in the FA Trophy, which came to an abrupt end at Cambridge United, and the loss of the Setanta Cup competition.

They now have to find £500000 to pay to the liquidators after the Football League stuck the boot in on their exit from admisitration, ordering the club to pay the sum as a penalty for not achieviving exit via a CVA, and as a condition of having their golden share back.

As the club are no longer a football league club, they had investigated the possibilty of not paying the sum but it has transpired that it is binding and in any case they would have had to pay it on re-entering the Football League at some point in the future.

Gary has given assurances that the sum has been budgeted for and there is no problem in paying it.

He said:

'I think we are still not over the Jayten days.

'When a football club comes out of administration it really needs two or three years to recover and stabilise the finances. We are always trying to trim budget where we can.'

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