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Bill Tomlins revealed that The Football League has formally approved the completion of the purchase of the club from the administrative receiver.
Mr Tomlins said: "Saving the club from closure has been our commitment, and we are delighted to have done so."
He went on to state that the club will relocate to a new stadium off junction 10 of the M1 by the start of the 2006 season.
Although former chairman Mike Watson-Challis was heavily criticised by some sections of the Hatters' fanbase for selling the club to John Gurney, Mr Tomlins said that the generous and far-sighted support of the former owner had secured the club's future.
Mr Watson-Challis, a lifelong Luton fan, bought the land himself for the Hatters to relocate to.
Although former chairman Mike Watson-Challis was heavily criticised by some sections of the Hatters' fanbase for selling the club to John Gurney, Mr Tomlins said that the generous and far-sighted support of the former owner had secured the club's future.
Mr Watson-Challis, a lifelong Luton fan, bought the land himself for the Hatters to relocate to.
A press conference will be held at the club next week.