THE Football League has agreed to transfer Luton Town's share in The Football League to the Luton Town 2020 consortium.

As a result, the Hatters will be able to begin the new League 2 campaign on August 9.

The League's decision follows Luton Town 2020's acceptance of the conditional offer of membership made by The League's Board earlier this month.This will see the club's unsecured creditors receive a settlement in line with that offered by Luton 2020 at the creditors' meeting (approximately 16p in the pound).The club anticipated a significant points deduction as the consequence of the failure to secure a CVA and The League having to invoke its 'exceptional circumstances' provision to allow Luton 2020 to join The League.This has been confirmed at 20 points.

Football League Chairman, Lord Mawhinney, said:

"In making its offer the Board of The Football League was always conscious that it needed to balance giving Luton Town the opportunity to begin again, debt free, with the need to ensure that all our other clubs, and their fans, were treated equally fairly.

"We believe this outcome protects the integrity of our competition though I understand that some Luton fans may be unhappy with the penalty.No doubt they will balance this unhappiness against their pleasure in being able to watch their team play league football.

"I am delighted that Luton 2020 have now accepted our offer to join The Football League.They will be made most welcome.

"I am also delighted that the community of Luton will continue to have a Football League club.They have given great support to their club throughout difficult years and I am sure this will continue as the new club moves forward."