Luton Town look set to be one step closer to relocating to their new stadium after it was confirmed that they have purchased the land where they are the new stadium is to be located.

The club plan to build a new 17,500 all seater stadium at Power Court, located just off junction 10 of the M1.

2020 Developments, who are a sister company of Luton Town, have exchanged contracts with British Land. 2020 Developments shareholders have funded the purchase as part of plans to relocate the club and regenerate the town.   

The Chief Executive for Luton Town and 2020 Developments, Gary Sweet, said: "I am so pleased to be able to confirm this key deal for the Football Club and the town as a whole. It is a milestone achievement in the history of both. We have held positive discussions with British Land for a long time now and our relationship has always been productive, fair and always professional."

He added "I'd like to thank British Land and all parties involved for their co-operation and their belief in our vision for Luton. We see this as vital for the regeneration of an historic part of Luton town centre. I am sure that supporters will recognise the commitment made by the board to resolutely reposition Luton Town Football Club and keenly help revitalise the town."