Livingston look set to be wound up after chairman Angelo Massone indicated he would refuse a £25,000 offer to walk away from the club.
The club's interim manager, Donald McGruther, gave Massone until noon on Wednesday to accept the pay-off in return for his controlling interest - or else see the club put into liquidation.
But Massone later told BBC Scotland: "I have consulted my lawyer, who has advised me not to accept the offer."
McGruther, who was appointed by the Court of Session on Friday after West Lothian Council took legal action to reclaim a £330,000 debt, claimed Massone was the prime obstacle to a successful sale of the "hopelessly insolvent" club.
McGruther has spoken to several interested parties, including former Cowdenbeath chairman Gordon McDougall, and the players turned out for free in a 1-0 ALBA Challenge Cup defeat by Queen of the South on Saturday.
But further examination of the finances has revealed the club are days from extinction.
"Livingston Football Club Ltd is hopelessly insolvent, without any discernible cash flow, and in need of an immediate cash injection," McGruther said.
"There is no possibility of the club continuing to trade under the interim manager or any subsequent administration process.
"Any shareholding in the club is thus of no value. Despite the foregoing, on behalf of the creditors I have offered to buy the shares which represent the controlling interest in Livingston Football Club from Angelo Massone for £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 Club Ltd, including all its contracts, especially player contracts."
Comment 1 - 5 of 5
I'd give ten bob and a baloon for Ferranti Thistle which is 50p and a baloon more than the £1 they're worth.
pt1 yes
as a celtic supporter it is a real shame to see livingston in such a state, we should seriously look when selling clubs to overseas investors, why do they want to be involved with scottish football, rangers and celtic apart there ios no real money in the game here, and rangers are in real trouble financially too, i wish livi well but fear for them, these overseas fly by night types are not welcome here, hearts be warned!! 42 mill in debt FFS!
this spick @#$% should be shot
am i the only livi fan on the big blue planet..........
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