Hatters CEO warns fans not to expect transfer records being broken despite announcing record profits

Luton chief executive Gary Sweet has warned supporters that just because the club were able to announce record profits recently, it doesn’t mean the Hatters will start breaking record transfer fees during the summer transfer window.

Following promotion to the Premier League, Town saw their kitty boosted immeasurably as the amount of league distributions increased dramatically from £10.1m to £116.6m. With matchday revenue going up by just over £1m and commercial profits jumping from £3.2m to £9.5m, that meant turnover was £132.3m, ensuring the club made an overall profit of £41.6m.

Luton have ringfenced a large amount of that money for building a new 25,000 stadium at Power Court though, while also using it for the Bobbers Stand redevelopment that was required for top flight football, plus upgrades to the training facility at The Brache, investments in the academy, meaning their actual bank balance went down from £1.7m the previous year to £1.63m.

With their coffers increased, Town were able to invest significantly in their playing squad during the recent transfer window, spending fees on Thelo Aasgaard, Milli Alli, Christ Makosso and Lasse Nordas, as they also brought in Kal Naismith and Josh Bowler on loan too, although most of those players now facing the distinct possibility of trying to achieve promotion out of League One next term following a thoroughly disappointing 1-0 loss at home to Blackburn Rovers on Saturday that pushed them closer to relegation from the Championship.

Whatever division the Hatters find themselves in, although funds will be released for manager Matt Bloomfield to strengthen his squad, Sweet doesn’t expect to be breaking any record in terms of fees paid out, as writing in the programme on Saturday, he said: “Since my last notes, we announced our end-of-year accounts which revealed we made a very healthy record profit.

"However, before we raise a false expectation of breaking record transfer fees, it doesn’t change the very principle of us believing that football clubs – particularly ours – should be run sustainably and, more importantly, that every penny of our profit has been accounted for in subsidising contracts awarded for the Premier League (exactly what parachute payments were intended for) and to support our new stadium and other long-term infrastructure projects.

"This doesn’t mean funds to improve the squad won’t necessarily be sensibly available, as was witnessed in January where significant amounts were carefully invested in talent that is already reaping rewards. The competitiveness of the Championship has begun to flex its muscles in recent weeks and, with every club capable of beating the other, we’re holding onto our hats for a wild rollercoaster ride in these final few weeks of the season.”