Hatters shell out £10m for potential stadium site

Writing in today’s matchday programme, Sweet confirmed Town had purchased a 40-acre plot of land adjacent to the Junction 10a spur, although didn’t confirm the site would definitely be where Luton will eventually build their new ground.

He said: “I have the pleasure to inform you that our shareholders are in the throes of purchasing the 40-acre plot of land adjacent to the Junction 10a spur at a land cost of £10 million.

“More precisely, we have held this piece of land under a registered option since 2013 and made the first sizeable payment this summer – resulting in the land now being in our control with the ownership title being be transferred next month.

“Please note that whilst this site will be for the benefit of the Football Club and it is currently in the Council’s current Local Plan as the site earmarked for the future home of Luton Town Football Club and whilst, technically, it could sufficiently accommodate us, it could also serve as a valuable asset to help deliver a stadium elsewhere or nearby.

“I would also like to assure you that the investment in this land will only benefit the Club, without financial encumbrance to the business and our football operations and will significantly help the Club build and own a new football stadium.”

While making the news public, Sweet also confirmed the business side of the club would undergo a restructuring in the near future too.

He added: “In fact, in order to ensure that we protect the Club and protect our land assets going forward – whilst allowing those assets to be utilised efficiently – we are also in the course of restructuring the business.

“More about this will be announced in due course. Naturally, any strategic manoeuvre, such as buying land or restructuring the company, will always be done in consultation with Trust in Luton as a shareholder and, to a lesser extent, other supporters groups.

“I can also assure you that our Trust will not be isolated from any such restructure, as may have occurred in the past, and will help shape and form our approach during this next phase.

“Not only does The Trust act as essential guardians of our values and ambitions it is also a supporters’ organisation any one of you can join and contribute to help shape our future, together.”