16 Jan 2008Agreement reached for Luton sale

Luton Town's administrators have agreed a deal which has paved the way for a consortium led by television presenter Nick Owen to buy the club.

The consortium, named Luton Town Football Club 2020 Limited, has made an immediate loan to the club and is in line to assume complete control in the next few weeks.

The loan gives the consortium the exclusive right to negotiate the purchase of the Luton until the end of February.

However, any ensuing purchase will have to be rubber stamped by both the Football League and the Football Association.

Despite the fact that the Hatters are stranded in the lower reaches of League One, are saddled with debt and recently sacked manager Kevin Blackwell, Owen was able to look on the bright side.

"It's an extremely exciting time," he said.

Owen, who will be the club's non-executive chairman, went on to reassure fans that he was hopeful no more players would be sold in the coming weeks.

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