Stephen Browne, a director of Luton's new owners LTFC2020, has vowed to battle on in the face of the club's latest, and most devastating, setback.
The Hatters' attempts to gain a CVA failed and they, like Leeds last season, and have now been hit with a further points deduction, as well as being ordered to pay their creditors 16p in the pound.
They have also been forced to sign a letter relinquishing any right to an appeal against the penalty - but Browne insists the Hatters will fight on.
He added: "The Football League have decided to dictate what should be paid for the football club as it now appears that they are the only people who can set a purchase price for a football club.
"It's a gun to our heads because we also have to forego our right of appeal or else we will not be allowed to stay in professional league football.
"We have already discussed this internally and we have decided unanimously that we will continue the fight by sticking to our principles of openness and honesty. People who should, in theory at least, be protecting supporters and encouraging honesty in the game will not bring us down.
"They are clearly trying to push Luton Town out of existence for mistakes that they should take part of the blame for. It is obvious that their insolvency policy is in disarray and even after the Leeds case, they are still no nearer to bringing their policies in line with UK law.
"It's not a laughing matter anymore but even so we will continue to ensure that Luton Town has a solid and sustainable future despite what the Football League do to us."
But Browne's pleas will fall on deaf ears, with Football League chairman Brian Mawhinney unrepentant regarding their further points deduction. The club went into administration in November last year and the Football League have now followed the precedent they set with Leeds last season by inflicting a further deduction on the Hatters.
Leeds were deducted 15 points after they also failed to obtain a CVA, and despite taking the matter to court, the deduction was upheld. And Mawhinney admits the Football League Board must ensure such penalties are consistent.
He said: "The board's primary responsibility is to protect the integrity of their competitions. This often means making difficult decisions which require balancing the interests of fans, the club's creditors and the other teams in the League. We will continue to that responsibility very seriously."
Nick Owen has taken on some monumental tasks in the past but has he bitten off more than he can chew on this occasion?
One thing is for sure, it could be mid October before the Hatters are in credit and the prospect of the Blue Square Premier is looming large even at this stage of the campaign.
