Capital & Regional has confirmed it will not appeal after its bid for a Judicial Review into planning permission for Newlands Park was rejected.
In a statement to Luton News, the owners of Luton's The Mall said they accepted the High Court's ruling and support Power Court stadium.
However, C&R continues to heavily criticise 2020 Developments' plans for Newlands Park.
The firm stated: "Capital & Regional of course remains fully supportive of 2020 Developments’ outline consent for redevelopment of the Power Court site for the new stadium for Luton Town Football Club.
"The fundamental question still remains - how to fund the detailed, reserved matters application process and construction costs of the new stadium?
"In its recent statements, 2020 Developments seemingly now accepts that the Newlands retail and leisure proposals as consented are not viable, particularly in current market conditions, and thus cannot fund the proposed stadium.
"This has consistently been Capital & Regional’s view.
"Moreover, we have always maintained that having competing town centre uses, like retail and leisure, proposed at an out-of-town location like Newlands Park is already having and will continue to exert a detrimental impact on Luton town centre, accelerating the decline we are witnessing in town centres nationally.
"That said, other forms of development at Junction 10A could be viable and help fund the potential stadium.
"The time has surely come for all parties to work effectively together with Luton Council to find a way to fund the stadium which will deliver the new home Luton Town needs, specifically benefit and enhance Luton town centre, and improve the town for all Lutonians more widely.
"Capital & Regional has already carried out considerable work on this, including commissioning analysis and research from the market-leading sports business group at Deloitte.
"We all have a part to play but ultimately we all have the same goal - a new, sustainably funded stadium for Luton Town on the Power Court site."
Luton News has contacted 2020 Developments for its response to C&R's statement.