Hatters vice chairman David Wilkinson admitted he and the rest of the board have been frustrated by the lack of progress the club has made this season.
Town’s 4-3 defeat at home to Northampton on Saturday saw Luton drop to 17th in the table, during a season in which they were expected to seriously challenge, if not win, automatic promotion.
“In my view the Peterborough game showed we are further behind than we thought and have some catching up to do.”David Wilkinson
Writing in his pre-match programme notes for the Cobblers clash, Wilkinson said: “Our performances over the last few weeks have not been good enough.
“Losing a two-goal lead against Carlisle, followed by defeat at Newport were disappointing results, but for me the (FA) Cup defeat at Peterborough was the worst.
“Not because we were bad, but because they were so good. Our aspirations have been well aired over the years and the 2020 in our name actually means something.
“In my view the Peterborough game showed we are further behind than we thought and have some catching up to do.
“We are not the kind of owners and management who sit in their ivory towers pontificating, we like you, are fans who want progress on and off the field.
“It hurts us just as much as you to see our team underperforming. We are custodians of this great club and it is our responsibility to make the decisions necessary to fulfil our dreams.
“It has always been the Luton way to react most strongly and positively when the chips are down and now with so many good things happening of the pitch we all need to show those on the pitch just how important this Club is to us.”