 Massone has had unsuccessful talks with potential investors
|
Livingston will go into liquidation unless present owner Angelo Massone sells his shares in the Division One club by Wednesday for just £25,000.
Interim manager Donald McGruther, from administrator Mazars, was appointed on Friday by the Court of Session.
And he said on Monday that the football club was "hopelessly insolvent, without any discernible cash flow, and in need of an immediate cash injection".
He said there were potential buyers - but only if Massone left the club.
Massone's Italian-based consortium bought Livingston last summer from former owner Pearse Flynn.
The Italian businessman has consistently claimed to have invested large sums of his own money to keep the club afloat, but last season Livingston hit the headlines for the late payment of wages and stories of unpaid debts.
And it was landlord West Lothian Council, which is now owed £330,000, that finally took court action to recover its debt.
 |
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
Administrator Mazars
|
"There is no possibility of the club continuing to trade under the interim manager or any subsequent administration process," said McGruther.
"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 the controlling interest in Livingston Football Club from Angelo Massone for £25,000, subject to certain conditions."
McGruther said that the Italian must pay this amount by Wednesday at 1200BST or the club would cease to exist and lose its place in the Scottish Football League.
"Should this deadline pass without the share transfer, I regret it will be necessary to commence the liquidation of the assets of Livingston Football Club Ltd, including all its contracts, especially player contracts," said the administrator.
Livingston's players turned out on Saturday without pay as they lost their Alba Challenge Cup tie away to Queen of the South in the hope that a rescue package could be found.
Massone has held talks with former Cowdenbeath owner Gordon McDougall and former Dumbarton chairman Neil Rankine in recent weeks without an investment or takeover being forthcoming to save the club.
McDougall last week resigned from the board at Dunfermline Athletic, who said it would leave him free to help their Division One rivals survive.
"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," added the administrator.
"The limited company represented by these shares is the only entity recognised by the SFL.
"Without a transfer of the shares, no interested party can contemplate investing in the football club.
"It is Mr McGruther's intention to acquire the shares on the creditors behalf in order to transfer them at the same price to any incoming purchaser.
"Without a change of ownership, it is thus impossible for the interim manager or any future investor to give the assurances the SFL will rightly seek regarding fulfilling the forthcoming season's league fixtures.
"Accordingly, the deadline is timed to allow the interim manager to attend on the SFL to report progress towards a sale, or alternatively on failure to acquire Mr Massone's shareholding, and thus the inevitable demise of the football club."
The Livi for Life Trust fans group has consistently urged Massone to leave the club and, along with West Lothian Council, has expressed confidence that the club could survive should the Italian leave.
- accutane with no prescription - order isotretinoin online
- propecia without prescription - order generic propecia online
- purchase terbinafine - order terbinafine
- buy generic viagra online - order sildenafil online
- purchase naltrexone - order naltrexone online
Compare Drugs | Dirt Cheap Cigarettes
No comments:
Post a Comment