Luton chairman Bill Tomlins said: "At long last, and after a lot of support by numerous people, the club will not only be in control of its future again, but will have the capacity and facilities that the town can be really proud of.
"Despite various obstacles along the way, having exhausted all other site options, their associated timelines and comparison of associated facilities, the board have never wavered from achieving the club's relocation objective.
"In addition and as part of the deal negotiated with Cliff, is a £25m contribution that underpins the stadium build and training facilities.
"In the short time of our tenure, the club has progressed both on and off the pitch and we would like to personally thank those who have supported us in helping achieve this ambition; we can now fully focus our attention to realising the dream shared by all our supporters"
Cliff Bassett, said: "I am delighted to have been able to assist the club in its desire to relocate to a site that should allow it to achieve what we all want for the town and to be once again playing at the top end of the game in a new purpose-built stadium. We are all now looking forward to implementing the planning process."
However, it must be stressed that planning permission has not yet been granted and the club haven't appointed a developer, so there is still a lot of work to be done.