Hatters CEO confirms Power Court development is 'on budget'

Luton chief executive Gary Sweet has stated that Town’s efforts to build a new stadium at Power Court are currently ‘on budget’ as they head into what is now an important stage of the project.

The Hatters were given the green light back in August 2016 to build a new 17,500 ground, however, they were then delayed when Covid hit those plans massively, resubmitting their planning application for a 25,000-capacity venue that was approved by Luton Borough Council's planning committee in December 2024.

Town then announced their intentions to play their first game at their new home when the 2028-29 season begins, as they had to negotiate a number of other issues in which to do so at the site, including rerouting the River Lea and also the removal of a power sub-station as well. They also began piling as well, which is the process of inserting vertical columns deep into the ground to provide foundational support for the new structure in the new year, something that is now almost complete according to Sweet.

Writing in his programme notes ahead of Saturday’s League One clash with Stockport County, he said: “This is a particularly important period in the development of the project, with several key commercial components coming together at the same time. That includes appointing our construction management contractor and our primary site contractor, structuring funding agreements and progressing a range of commercial and procurement activities – all of which needs to synchronise harmoniously.

"It’s an intricate process, involving multiple stakeholders, and it requires careful integrated management to ensure everything aligns, but it’s all in a very good place. The work is being approached professionally and diligently, with great care, by the whole project team, with every aspect subject to detailed scrutiny by independent auditors and technical consultants on behalf of lenders and authorities. No project of this scale gets this far without full and proper scrutiny by independent bodies, all of which we’ve calmly embraced and delivered satisfactorily.

“We’re pleased with the progress being made. Over 80 per cent of the piling is now complete, the substructure for the West Stand is well underway and the general construction process is sound and on budget. As in any construction project of this scale, there will always be external factors beyond our control that we must keep a watchful eye on, but so-far-so-good and we’ll soon see the structure rise from the ground. With the changing landscape, Power Court is a once-in-a-lifetime opportunity for us and the town itself. It’s our best and only opportunity to elevate both to the outside world and one we simply must take if we truly want to be ambitious for both.”

With the Hatters remaining at Kenilworth Road for another two seasons at least, then following the 1-1 draw with Stockport at the weekend, it looks very much like the 2026-27 campaign will be in League One once more, as Luton are five points adrift of the play-offs and have just seven games left in which to try and make up that gap.

Sweet revealed that likelihood has influenced the club’s financial plans for next term, as they look to guard against the kind of losses that are being recorded by other third tier clubs, adding: “Turning briefly to the wider game, we will be submitting our annual accounts this month, as we always do. As ever, we continue to plan responsibly and with a clear focus on sustainability. While we prepare for different scenarios, our current planning reflects the realities of League One, even as we ensure we are ready for whatever may come next.

"Once submitted, the Trust will be invited to examine them and ask questions of our CFO Tom Schofield and others, as they do every year. What is becoming increasingly clear across the division, however, is the ever more concerning financial landscape. The figures being reported by clubs are, in many cases, eye-watering. Significant losses are being recorded, and player wage inflation over the last two seasons has risen sharply – in some cases dramatically.

"As things are, it’s simply not a sustainable model, and there is a growing recognition across the game that something needs to change. There are ongoing, productive discussions around regulation and self-regulation amongst ‘League One owners’, and while there are differing views across the leagues and stakeholders, the objectives are clear.

“Further ahead, the Independent Football Regulator will begin to have a significant influence on the game over the next two to three years, starting with its licensed ownership modelling and a fresh look at owners’ and directors’ tests. We warmly welcome its arrival as the game clearly needs better governance. Our position, as it always has been, remains consistent.

"We will do everything we can to operate within a financially sustainable model. It’s not always the easiest path, and it doesn’t always deliver short-term advantages, but it is the right one for the long-term health of the Club. It also aligns with our plans on the football side where we need to re-introduce some old-fashioned basic Luton principles into the squad to enable us to retain our rising ambitions. Frankly, this is why our new stadium is so critical to our future.”