Solicitors reveal details of Trust's move against former managing director
Further details have been revealed on the dramatic developments at Kenilworth Road that saw John Gurney lose control of Luton Town Football Club.
The controversial former managing director fell from power when the Hatters were placed into administrative receivership by the club's major creditor Hatters Holdings Limited.
And it has now been confirmed that Trust in Luton was the group which brought about the action.
Bird & Bird solicitors, the London-based firm which has been advising the Trust during the saga, has revealed further information into how the move came about.
In a statement from the company, Bird & Bird said: "Trust in Luton (TiL) instructed Bird & Bird to evaluate various options for the club.
"After discussion with the former owners of the club, TiL acquired the shares in Hatters Holdings Limited, an offshore company owed serveral million pounds by the club and holding debentures securing such debts.
"TiL was therefore able to appoint an administrtive receiver to the club under those debentures."
The statement continued: "Bird & Bird advised TiL on all matters, including the share sale, leading up the appointment of the receiver and will continue to advise TiL.
"In particular, TiL is currently involved in negotiations with prospective investors and is hopeful that a consortium of funders will be established to acquire the club from the receiver."
Gary Sweet, one of the trust's directors, said: "We are very pleased with this outcome. John Gurney's hold over the club has been significantly reduced and its poition stabilised in the run up to the new season."
Although the statement refers to prospective investors being involved in the future shape of the club, it is not yet known if unpopular Gurney will still come out with money from his time at the Hatters.
Trust in Luton this week confirmed it had acquired shares in Hatters Holdings Limited, but said further information on the current situation would be revealed next week.