The new owners of Luton Town have confirmed that the newly-relegated side are close to exiting administration - but will start life in Coca-Cola League Two on minus 15 points in August.

The club went into administration back in November and despite the LTFC2020 group agreeing to buy the troubled club in January the process has been held up by Leeds' appeal over their extra 15-point penalty.

A statement on the club's official website said: "We were selected as the preferred bidder in January but were advised by the Football League that their priority was to resolve the Leeds United situation.

"We were the only club in administration at that time but with other clubs in financial trouble it was felt important to decide on a penalty for not agreeing a CVA.

"Our CVA was rejected in April.

"Following the rejection of the CVA, LTFC2020 has made our application to the Football League to exit administration without a CVA under their 'exceptional circumstances' procedure.

"This was the procedure followed by Leeds United and resulted in a further 15-point deduction for them.

"Our completed application reached the Football League before the verdict of the arbitration panel into the Leeds case was announced.

"Consequently we are now liaising with the Football League on the final stages of exiting the administration process.