The Coca-Cola League Two club have been in administration since November last year, but the takeover by the Luton Town 2020 consortium has now been ratified and the Hatters are now able to come out of administration, which is scheduled for JUly 31.

They will begin the campaign on -30, with a 20-point deduction being one of the conditions of their Football League share being transferred to the new company.

Luton Town 2020 must also pay back around 16p in the pound to the club's creditors after being unable to secure a CVA in order to come out of administration without incurring a further points penalty.

Football League chairman Brian Mawhinney told the Football League's official website, "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."

The Hatters were relegated to Coca-Cola League Two after being deducted 10 points last season when they originally went into administration, while they have also been deducted a further 10 points for this campaign after being found guilty of 15 charges of misconduct relating to payments to agents.

Gary Sweet, the managing director of Luton Town 2020, told the club's official website, "We are delighted that we can now move on and look to rebuilding the club and ensuring survival in the professional leagues.

"The entire 2020 team have been working tirelessly since last autumn to save this great club and have shown to the football world that our blueprint to stabilise our club has the official rubber stamp of all the footballing authorities which recognises the effort and quality that has gone into our bid."