Luton Town’s plans to build a new stadium have been boosted by its property arm’s purchase of land earmarked for the 17,500-seat venue.
Last week, the English League Two football club’s 2020 Developments (Luton) agreed a deal with British Land PLC to acquire its freehold interests in ‘Power Court’, the site of a former power station in Luton town centre.
Contracts have now been exchanged, with existing 2020 shareholders funding the deal as an advance to facilitate development proposals that form the firm’s wider plans for not only the new stadium, but also helping with the regeneration of the town. The club now holds more than 70 acres of what it described as “prime, strategic land”.
Gary Sweet, chief executive of Luton Town and 2020, said: “I am so pleased to be able to confirm this key deal for the football club and the town as a whole. It is a milestone achievement in the history of both. We have held positive discussions with British Land for a long time now and our relationship has always been productive, fair and professional.
“I’d like to thank British Land and all parties involved for their co-operation and their belief in our vision for Luton. We see this as vital for the regeneration of an historic part of Luton town centre.
“I am sure that supporters will recognise the commitment made by the board to resolutely reposition Luton Town Football Club and keenly help revitalise the town.”
Luton Town, who won the English League Cup in 1988, have been based at the 10,300-seat Kenilworth Road since 1905.
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