Livingston chairman Angelo Massone is set to refuse a £25,000 offer to walk away from the club.
Chairman not ready to accept pay-off
Livingston appear on the brink of extinction after chairman Angelo Massone indicated he would refuse a £25,000 offer to walk away from the club.
Donald McGruther was appointed as the Scottish First Division side's interim manager by the Court of Session last Friday after West Lothian Council took legal action to reclaim a £330,000 debt.
McGruther has now given Massone until midday on Wednesday to accept the pay-off in return for his controlling interest, claiming the chairman is the prime obstacle to a successful sale of the club.
"Livingston Football Club Ltd is hopelessly insolvent, without any discernible cash flow, and in need of an immediate cash injection," said McGruther.
"There is no possibility of the club continuing to trade under the interim manager or any subsequent administration process.
Barrier
"Any shareholding in the club is thus of no value. Despite the foregoing, on behalf of the creditors I have today offered to buy the shares which represent £25,000, subject to certain conditions.
"Should the deadline pass without the share transfer I regret it will be necessary to commence the liquidation of the assets of Livingston Football the controlling interest in Livingston Football Club from Angelo Massone for Club Ltd, including all its contracts, especially player contracts.
"There are parties interested in acquiring the club, but it is obvious that the main barrier to a successful sale is the control Mr Massone exercises over the company shareholding."
An examination of Livingston's finances has revealed they are days away from being wound up, but Massone does not feel it would be right for him to leave the club.
"I have consulted my lawyer, who has advised me not to accept the offer," said Massone.
Massone headed a takeover of the club from Pearse Flynn last summer but has not been able to overcome long-standing and deep financial problems.
