Newell was sacked by the relegation-battling Hatters last week but had been a vocal opponent of the role of agents in the game, also speaking out against alleged bungs within the game.

The club released details of their finances earlier this week, revealing they made £1.825million worth of "payments paid due to players, agents and football management".

It was also alleged that Newell earned 10% of all profit being made on player sales during his reign.

Despite these sort of agreements being commonplace and perfectly legal within the game, the news has not gone down well considering Newell's crusade against greed in the game.

But Peter has reiterated that the Coca-Cola Championship outfit have done no wrong.

"Every manager in football has incentives and bonuses as well as their basic salary," he said.

"That's normal and can include a share of transfer fees."

When quizzed about Newell's recent stand, Peter added: "That's something for (Mike) Newell to think about when he talks about not wanting to deal with agents and bungs but incentives are perfectly legal and normal."

The club, meanwhile, have lost another board member following the resignation of Supporter's Trust representative Liam Day.

Day's standing down comes just days after director Martin King resigned as a direct protest to the sacking of manager Mike Newell on Thursday.

Day sat on the board as the chairman of Trust in Luton (TiL), the club's democratic supporters association but his presence is now seen as inappropriate considering the current relationship between the fans and the club's hierarchy.

In a statement, Trust in Luton (Til) said: "The TiL board have reached a democratic decision that Liam should step down from all activities related to the board of Luton Town Football Club as they feel it is inappropriate for the Trust to be linked with the club at a time when certain allegations and criticisms, unfounded or otherwise, are circulating.

"The TiL representative has a responsibility to listen to what the supporters and the Board of TiL are demanding.

"If Liam did not, then accusations will be rightly fired at him that he doesn't care what the supporters are saying, flying in the face of the Trust's principles and constitution."

Over 100 supporters protested after Saturday's loss to Ipswich with chants of "where's the money gone" relating to the £8.6 million received in transfer fees from the sales of Curtis Davies, Steve Howard, Kevin Nicholls, Carlos Edwards and Rowan Vine.

The club remain in trouble in the Championship relegation zone, level with bottom club Leeds but still four points from safety.