Gary Sweet has given a breakdown of how Luton intend to use the money gained from the sale of James Justin and Jack Stacey – assuring fans that ‘every penny’ re-invested back into the club.
The full backs both joined Premier League clubs, with Justin’s sale to Leicester reportedly in the region of £8million and Stacey departing for Bournemouth for a reported £4million, though the fees were officially undisclosed.
Town have also added six new faces and re-signed Kazenga LuaLua, with boss Graeme Jones keen to adde more before the transfer window shuts on Thursday at 5pm. Amongst the new recruits is Croatian international goalkeeper Simon Sluga who they signed from Reijka for €1.5million, breaking their club record transfer fee in the process.
But with Callum McManaman, Martin Cranie, Ryan Tunnicliffe, Brendan Galloway and Jacob Butterfield all signed as free agents, Town have had to be shrewd in bolstering their squad.
And writing in his match-day programme notes ahead of Friday’s 3-3 Championship draw with Middlesbrough, chief executive Sweet provided fans a view into how the transfer fees commanded for Justin and Stacey will be spent.
He wrote: ‘I can disclose that, such is the structure of many a transfer, we will only realise the full value of these deals after three years of service at their new clubs.
‘However, I’m more than pleased to give you an insight as to how those funds will be distributed within the business. Broadly speaking, over the next couple of years, around one third will be invested into business sustainability, one third into facilities and up to one third into our football budget, either for fees or salaries. No amount will be paid out as shareholder dividends and every penny is re-invested back into the long-term development of our club.
‘As one specific example, if our youth academy is to be competitive in future, we need to be able to compete in an under 23s games programme, in order for our development group to be exposed to a more senior game. In order to achieve this, we need to build an indoor football facility (at a cost of over £2m), otherwise we can’t elevate our academy status. Without this, at this level, we can’t expect to generate our own talent in the way we have done in the past.
‘We all want the next James Justin to be coming along the production line very soon’.
Sweet, who also used his programme notes to reveal that the club has had to splash out more than £1million to bring Kenilworth Road in line with Championship requirements, urged fans to be patient with the board as they try to establish themselves in the second-tier, without jeopardising themselves financially.
He wrote: ‘Our position in the Championship is clearly justifiable and deserved but stabilising our position here is the next challenge. Since returning to the Football League, we have come a long, long way, very quickly, both on and off the pitch and we have only accomplished this because of our togetherness, positivity and the belief in our identity from within the Club and from the supporter base. None of us want to revisit the dark days of the past so please continue to have the faith that, as the caring custodians of your Club, we will always make the right decisions for its long-term ambition and sustainability.
‘With so much to look forward to, please enjoy the ride this season’.
