The deadline for interested parties to lodge a formal bid passed at 5pm yesterday and joint administrator Brendan Guilfoyle has confirmed that talks are ongoing with a number of interested groups.

He told PA Sport: "We have more than one bid which is obviously good news.

"We are now in the process of getting one bid to the stage of being the preferred bidder and then entering exclusive negotiations.

"The price of that is for one party to start funding the club straight away.

"We are asking for that to test their commitment."

Guilfoyle admitted last week that the club would be forced to sell players if funding was not made available instantly.

Chairman David Pinkney had agreed to fund the losses of the club out of his own pocket but that deal expired at the end of the year, leaving Guilfoyle facing up to selling the likes of Wales midfielder Dave Edwards, captain Chris Coyne and midfielders David Bell and Matthew Spring.

That fate could now be avoided if a bidder agrees to pump money into Kenilworth Road early enough, and Guilfoyle is confident of a positive outcome following Sunday's morale-boosting FA Cup draw with Liverpool.

He said: "I sense the need to get there as early as we can and I am hopeful that within the next week we can get to that stage.

"It is important at this stage to respect the confidentiality of the parties. We are where we wanted to be but there is still work to be done to bring the deal to a binding contract.

"They have shown us that they have the money but now we need them to open their wallets.

"The players are getting paid now for the first two weeks of January which they deserve after their recent results."

Guilfoyle may be remaining tight-lipped over who has lodged a bid but television presenter and lifelong Luton fan Nick Owen is hopeful that his bid will be successful.

He told BBC Three Counties radio: "I cannot wait for us to get the go-ahead - I'm very hopeful."