Friday, July 10, 2009

Manning the Livi Life Raft

Neil Rakine having seen the passion of the Livingston fans on Saturday when they wanted to save their club and Gordon McDougall who was on holiday at the time are apparently about to launch a £500,000 rescue deal for the club.

The deal that will offer all the creditors a 50% payback on what they are owed, which would be a better payback than in the club, with limited physical assets went into liquidation.

Even then the £500,000 isn't enough to cover all the debts that have been publicly made known are £1.35m (this is less than many teams and less than the time Livingston went into Administration).

The stumbling block is the current Chairman Angelo Massone, far from being prepared to accept his losses are in part accrued by poor business practise and judgement is insisting that his investment in the club as owner is the same as that of the creditors who are owed bills by the club.

However, Rankine has held a second meeting this week with fans and MSP Angela Constance without Massone being present to try and move things forward. However, much of it will depend on the creditors being prepared to accept the deal most especially West Lothian council who's court action to pay the back debt comes to fruition next week.

If this is the case it would appear to truly be a case of all interested and concerned for the club's well-being parties getting together to prevent a repeat of the Gretna obituary last year.

No comments:


Related Posts with Thumbnails