LIVINGSTON have staved off the possibility of going into administration for a third time in nine years after majority shareholder Neil Rankine and other local businessmen eased their predicament with a six-figure investment.
Rankine, a silent partner after leading a takeover in 2009, admitted going into administration would have made sense on a financial level, with the club saddled by £1.7million of debt and toiling to meet their outgoings in the coming weeks.
However, he admitted that they feared Scottish football’s authorities would have come down doubly hard on them in light of their previous instances of administration.
The investment, achieved with the aid of Supporters Direct Scotland, has helped pay wages and outstanding bills – totalling more than £100,000 – at the West Lothian club, which were due in the next few weeks.
The bulk of the club’s debt is owed in the form of interest-free loans to Rankine, chairman Gordon McDougall, vice-chairman Robert Wilson and recently-departed chief executive Ged Nixon, with the first three agreeing to have £1m of the monies due to them converted into equity by virtue of a share issue.
Livi, meanwhile, face third-placed Raith Rovers at Stark’s Park tonight in the Championship, kick-off 7.45pm.