Luton's administrator confident of avoiding fire sale

January 9, 2008

The administrator of Luton is confident new funding will soon be found which would prevent the League One club from being forced into selling any players.

Brendan Guilfoyle admitted last week that the club would have to sell players if funds were not made available instantly.

However, that fate could be avoided if a bidder agrees to pump money into Kenilworth Road early enough, and Guilfoyle is confident of a positive outcome following Sunday's morale-boosting FA Cup draw with Liverpool.

He said: 'I sense the need to get there as early as we can and I am hopeful that within the next week we can get to that stage.

'It is important at this stage to respect the confidentiality of the parties. We are where we wanted to be but there is still work to be done to bring the deal to a binding contract.

'They have shown us that they have the money but now we need them to open their wallets. The players are getting paid now for the first two weeks of January which they deserve after their recent results.'

Guilfoyle also confirmed 'more than one' bid has been received for the troubled club.

The deadline for interested parties to lodge a formal bid passed at 5pm on Monday and joint administrator Guilfoyle has confirmed that talks are ongoing with a number of interested groups.

He said: 'We have more than one bid which is obviously good news. We are now in the process of getting one bid to the stage of being the preferred bidder and then entering exclusive negotiations.

'The price of that is for one party to start funding the club straight away. We are asking for that to test their commitment.'

Chairman David Pinkney had agreed to fund the losses of the club out of his own pocket but that deal expired at the end of the year, leaving Guilfoyle facing up to selling the likes of Wales midfielder Dave Edwards, captain Chris Coyne and midfielders David Bell and Matthew Spring.

Guilfoyle may be remaining tight-lipped over who has lodged a bid but television presenter and lifelong Luton fan Nick Owen is hopeful that his bid will be successful.

He told BBC Three Counties radio: 'I cannot wait for us to get the go-ahead - I'm very hopeful.'