Luton record a £3m profit during their first season back in the Championship
Club publish their accounts for the 2019-20 campaign
Luton Town have confirmed they made a profit of just over £3m during their first season in the Championship after publishing their official accounts for the period ending on June 30, 2020.
The main reason for this was player sales which totalled around £9m as Town sold both James Justin and Jack Stacey to the Premier League in that time, with Leicester City and Bournemouth snapping the pair up for sizable sums, Justin going for a record transfer fee received by the Hatters.
Town did pay out just under £2m on player additions themselves, with the main purchase being Croatian international Simon Sluga for a club record fee.
Being in the Championship for the first time in over a decade had its clear benefits as following a 12-month period in which they lost £2.1m, Luton's turnover almost doubled up from £7.6m to £14.5m, with commercial up around £500,000 too.
They also were awarded a grant of just over £450,000 for the Government Job Retention scheme due to the coronavirus pandemic, along with £1m for an insurance reclaim and management recharge income.
By publishing their accounts, it should mean that Town are now no longer under a transfer embargo that was placed on them by the EFL for not submitting them by the end of February, despite the government granting all clubs an extension, something the Football League’s governing body had also taken advantage of.