Luton Town confirm summer plans are unaffected despite being placed under a transfer embargo
Hatters will submit accounts at the end of the month
Luton Town have reassured supporters that their plans to strengthen in the summer transfer window will not be affected despite confirming they have been placed under a temporary transfer embargo.
A report in the Daily Mail this morning revealed that the Hatters, along with nine other Championship clubs, had been handed out such a punishment after failing to submit their accounts for the 2019-20 period.
Although the Government, due to the coronavirus pandemic, allowed companies to extend the deadline to file their accounts by three months from the end of February, the EFL decided against such an amendment, meaning the Hatters, Birmingham City, Blackburn Rovers, Cardiff City, Coventry City, Derby County, Huddersfield Town, Reading, Sheffield Wednesday and Stoke City were all placed under an embargo.
The Terriers are now believed to have been removed from the list, with Stoke soon following suit, while Coventry have confirmed they will be submitting their accounts in their required time-frame as well.
Responding to the story, a statement on the Hatters' official website said: "Our first embargo for a decade is simply an anomaly brought about by an unsynchronised timing of financial reports due to the pandemic.
"The Club’s 2019/20 accounts, whilst finalised, have yet to be signed off by our auditors which will be done well before the statutory deadline.
"Given the exceptionally difficult operating environment caused by the pandemic the requirement to continue to play “behind closed doors”, financial forecasts have rightly been scrutinised much more thoroughly and Companies House provided an extension of the statutory filing deadline to June to create sufficient time to complete this additional work accurately.
"Indeed, the club will publish unqualified accounts before the end of April.
"However, EFL rules couldn't be adjusted to meet the Companies House extension and require that signed accounts still needed to be submitted in March, which the club was unable to achieve.
"The matter will be resolved as our auditors conclude the report in the next couple of weeks.
"We would like to reassure all of our supporters that this situation will not affect any of the Club’s plans for the summer transfer window, which does not open until the end of the current season, and makes no difference to the day-to-day running of the Club currently."