Luton have been placed into administrative receivership, with managing director John Gurney losing control of the Second Division club.
Gurney will be succeeded by Barry Ward with immediate effect, after the club's major creditor took the decision to go down the administration route as a protective measure.
Cherry Newberry, the club secretary, told the club's website: "This can only be great news for the future of our club.
"I would now appeal to all supporters and commercial clients to support the club and renew their season tickets, sponsorships and commercial packages, safe in the knowledge that your money will benefit Luton Town Football Club.''