The newly-formed Luton Town Football Club 2020 Limited has made an immediate loan to the beleaguered Coca-Cola League One outfit and aim to purchase the club by February.

The Hatters have endured a traumatic season and sit in the relegation zone after a 10-point deduction for going into administration.

But the loan has engineered a period of exclusivity until the end February while a sale is negotiated and approval is granted by the Football League and the Football Association.

"I'm very happy tonight and I'm very relieved. I'm extremely proud of what has been achieved by the consortium," Owen told BBC Radio 5 Live.

"We've been given exclusive principle priority bidder (status) and have a free run to take over the club fully by the end of February if we get approval from the FA and the Football League.

"The initial bid revolves around a figure of £10million but in the long term the funding is there in a big way.

"In a sense it's a loan then a buy out and it's a very exciting time for the club.

"Stability is the first thing - we need to make sure that the figures add up and we're not spending more than we're taking in. That's been the crucial problem in recent times and that's why we had to go into administration.

"We need to get fans in the ground, want it to be the wonderful place that Kenilworth Road has been in the past.

"Relocation is another priority , but not the priority.

"Our bid is not linked to relocation, no-one has an agenda, we will do an independent feasibility study which will tell us which is the best sit for new stadium and take it from there."

Owen admitted he did not know what would happen to Hatters boss Kevin Blackwell, who handed his resignation in last Friday stating he and management team of Sam Ellis and John Carver would leave on February 9.

Blackwell was incensed when administrators agreed to sell skipper Chris Coyne and midfielder Dave Edwards without their knowledge, finally breaking the former Leeds manager's patience.

"I can't forecast or make decisions," added Owen.

"I haven't spoken to Kevin Blackwell yet and it's not for me to say as although I will be the chairman, I will be non-executive chairman and won't be part of the decision-making process."

Owen admitted the club's fans have bore the brunt of the recent sour times, with key players leaving Kenilworth Road in the transfer window and this season's 10-point deduction for administration leaving them in the relegation zone.

The club also denied all 17 FA charges levelled at them in relation to payments to agents between July 2004 and February 2007 last week.

If found guilty, those charged could face a wide range of sanctions including fines, suspensions, withdrawal of licences or possible points deduction for the club.

"I'm thrilled for the fans. Nearly everyone has involvement in Luton in one sense or another. There are local businessman, very wealthy local businessman, who are long-standing fans," he said.

"We also have two ex-players, Godfrey Ingram, he was a very promising youngster, and Steve Foster, who most football fans will know about.

"He was our captain when we won the League Cup in 1988. He's a very charismatic figure at Luton and he's brought investment to the table.

"We will only let players go in the best interests of the club and I hope there will be no more sales in the next few weeks.

"Relocation is another priority, but not the priority.

"Our bid is not linked to re-location, no-one has an agenda, we will do an independent feasibility study which will tell us which is the best sit for new stadium and take it from there."