Luton Town have announced that administrators have been appointed to run the club.

More than 50 charges were last week levelled against the club, former and current club officials and six agents by the Football Association regarding payments to agents, and the directors John Mitchell and Richard Bagehot stepped down yesterday.

With administration comes a 10-point deduction, which leaves Luton bottom of the League One table.

The administrators are looking for prospective buyers to put proposals to creditors by the end of next month.

In order for the club to continue in the short term, the chairman, David Pinkney, has agreed to fund trading losses until the club is sold.

"Changing circumstances and the potential huge liabilities surrounding the club have presented me with no alternative but to place the club into the hands of the administrator," Pinkney said.

"As a further commitment to the supporters and the future of the club, I have however decided to fund the overheads of the club throughout the sale process without any guarantee of recovering these moneys."