By chief finance officer Tom Schofield
It is a privilege to be making my debut in this section of the match programme today. I joined the club during the 2017/18 season and still occasionally have to pinch myself to believe I have witnessed us achieve during that relatively short time.
It’s an added little bonus that today coincides with a traditional, but now rare, Saturday 3pm kick-off and the opposition also provide a bit of personal nostalgia. My first real memories of falling in love with the game date back to the late eighties when both we and Sheffield Wednesday were competing in the top-flight, and although it was not one of the fixtures my dad brought me to watch at Kenilworth Road back in the day, writing these notes now brings back some fond football memories from those times.
Therefore, it gives me pleasure to welcome everyone associated with the Owls to Kenilworth Road this afternoon for this Championship fixture. Both clubs have experienced some turbulent periods in subsequent years but I, for one, am very much looking forward to what should be an exciting game, with the two teams level on points and having the opportunity to make a significant leap up the table with a win today.
But beyond the personal indulgence, and much more importantly, this is a truly momentous time for the club itself. Yet another huge milestone for Power Court came last Friday, with the submission of the detailed planning application for our new stadium. At the time of writing, the submission is still being reviewed by Luton Borough Council’s planning officers who will validate the application in the next week, at which point it will all be in the public domain for all to see.
Enormous efforts have gone into what is a hugely impressive piece of architecture, one that will embody the uniqueness of Luton – both the club and the town. Everyone at the club is excited to see this shared, with further details on the wider site to follow in due course. We all look forward to seeing the project spearhead the redevelopment of the town centre, helping to return it to all its former vibrant glory.
It would be fair to say that last Saturday’s result at Millwall was welcomed with some sense of relief around the club. To finally chalk up the first win that our recent performances have been threatening has only added to this week’s feel-good factor. With the transfer window now closed and long-term absentees getting minutes for the first team again, it feels like our season has really started now.
It’s important that we managed to retain most of the squad that won so many admirers in the Premier League last season and it’s also been pleasing to add some real depth. The squad looks in great shape for the demands of a long Championship season and it will be exciting to see what Rob and his staff can get out of this talented group now they are back to full strength and have so many more options available.
On that same subject, there was yet more good news this week with the agreement of a new contract with Alfie Doughty, one of the key members of last season’s Premier League squad. On the back of much speculation about his future, this was clearly a top priority for all parties and it was great to finally get this over the line.
Since our last home game here against Queens Park Rangers, we also announced the arrival of Yousuf Sajjad, who has joined us as player recruitment manager, where he will work alongside Phil Chapple, Jay Socik and Mick Harford in identifying our future new talent. Welcome, Yousuf!
For our part, my finance team and I are busy working on both the past – in terms of last year’s Premier League accounts – and the future, where the club’s long-term investment strategy requires financial planning and funding. In one very significant way, these two things are linked, with the profits generated by our season in the Premier League and the subsequent parachute payments being fully reinvested in the playing squad, the club’s existing infrastructure and, of course, the new stadium. With hindsight, it is tempting to wonder what might have been if we had spent more of this money during the last January transfer window, but it is impossible to say how that might have turned out.
What is certain is that we have stayed true to the principles that have brought the club so much recent success, by living within our means and always looking to get the most out of every resource at our disposal. You can all rest assured that while you may not necessarily agree with every decision we make, every decision is made with the long-term success and sustainability of Luton Town firmly in mind while protecting against the short-term thinking that so often blights the wider game.
It's an interesting time in the world of football finance right now – if that’s not a contradiction in terms – with financial controls remaining a hot topic in the sports media. I spent a morning down at the EFL offices in London earlier this week as part of their working group on that particular subject. It was also a lively debate at the EFL CEO’s meeting on Thursday, which Gary attended. Since the publication of the Fan Lead Review, the sustainability of football clubs has been the rightful primary focus of the long-standing initiative’s objectives. But somehow this needs to be reconciled with the need for a competitively balanced league, while also avoiding the creation of barriers to new investments in clubs.
Whichever angle you come at it from – and there are many different ways to run a football club – this is an extremely difficult circle to square. The good news for us is that we continue to be, by any definition, a good model for a sustainable football club, so while it is essential that we are at the table to have our views heard – and we will – we will continue to thrive whatever the ultimate outcome by being loyal to our principles.
Finally, I would like to pay tribute to former Hatter Mick Cullen who passed away earlier this month. Those supporters of an older generation will remember his tricky wing play for us in the top-flight in the 1950s. Before kick-off today there will be a moment’s applause in Mick’s honour.
But now for the best part of the job that any accountant could wish for, as all the reporting, modelling and planning my own exceptional team produce, is brought to life where it really counts – out on the pitch. So, fingers crossed for another strong performance, a little more luck in front of goal and a first home win of the season.
Please keep up your wonderful support and enjoy the game.
Tom
