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 Hatters 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.

But after the decision was taken to confirm the sanction for Ken Bates´ club not exiting administration with a Creditors Voluntary Agreement (CVA) the Hatters are ready to start next season with the same penalty.

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