Livingston will wait until Friday before deciding whether to appeal their relegation to the Irn-Bru Third Division as they continue to battle extinction.

The Scottish Football League on Wednesday opted to strip the debt-ridden club of their First Division status for breaching the league's insolvency rules.

The decision put Livi's future back in doubt after a rescue package led by former Cowdenbeath owner Gordon McDougall and ex-Dumbarton chairman Neil Rankine appeared to have saved them from liquidation.

A consortium formed by the duo in partnership with former Livingston director Ged Nixon were on Thursday locked in talks with the club's interim manager, Donald McGruther.

As well as deciding whether to appeal, the parties were also discussing whether Livi are worth saving if they remain in the Third Division.

The signs did not look good on Wednesday when McGruther, of administrator Mazars, branded relegation "the death knell" for the club and McDougall revealed the rescue plan was based on the club being in the First Division.

But in a statement on their official website, the consortium said: "Following the decision of the Scottish Football League management (committee) on Wednesday to impose a penalty of relegation to Division Three for this season, the prospective owners of the club would like to inform all supporters that they are currently reviewing this ruling and are in continued dialogue with the interim manager, Donald McGruther, to find a satisfactory resolution to allow the club to move forward.

"It should be noted at this point that there remain hurdles that need to be crossed with Mr McGruther and other parties before the club can take any decision regarding football matters.

"We would hope to be in a position at some point on Friday to have a clearer picture on the future of Livingston Football Club and indeed whether we are to consider the matter of appeal with the SFL on their decision.

"Further updates will be forthcoming following these negotiations. We appreciate your continued patience at this time and can assure you that we are doing our utmost to ensure that we have a club to follow this season."