Luton Town should have spent more to try and avoid relegation from the Premier League, the club has admitted.
The Hatters published their financial results for the year ending 30 June, 2024 on Wednesday night, revealing record turnover and profits as a result of being promoted to the Premier League for the first time.
The club posted an operating profit of £48.8m, having lost £16m the previous year, though that figure has already been spent on ground improvements at Kenilworth Road, upgrades to the training ground and new club office space.
The remainder has been ring-fenced for investment in the club's academy and the development of the proposed new stadium at Power Court.
The club also reported spending more than £25m on new signings to compete in the Premier League, as well as promotion bonuses to players, staff and shareholders, while they repaid an EFL Covid loan early in full.
The club's turnover increased from £18.4m to £132.3m thanks to their return to the top flight after more than 30 years away, however, operating costs also jumped from £39.5m to nearly £85m as a result of winning the Championship play-off final against Coventry City.
The Hatters broke their transfer record a number of times following their Wembley win, bringing in Tahith Chong from Birmingham, Ryan Giles from Wolves, Blackburn keeper Thomas Kaminski and Jacob Brown from Stoke, in addition to signing free agents Tim Krul, Andros Townsend and Ross Barkley, who went on to become the club's player of the season.
