Livingston takeover wins league approval
Contract summary
Length of contract: n/aAnnualised value: n/a
Overall value: US$70,000
Former Cowdenbeath owner Gordon McDougall, ex-Dumbarton chairman Neil Rankine and interim manager Donald McGruther, of administrator Mazars, have been handed Scottish Football League approval to take control of soccer club Livingston.
The move guarantees the club's survival in the Scottish First Division next season, although it could still face a points penalty. Chairman Angelo Massone had previously refused to sell his shares in the club to McGruther, appointed after West Lothian Council took legal action to reclaim a debt of more than US$500,000, for US$40,000. It is believed McDougall and Rankine's contributions have taken that amount closer to US$70,000, while the three have also committed to funding the debt-ridden team for the next 12 months.
"I think one of the greatest things Mr Massone wants is to walk away with a bit of dignity, rather than be run out town tarred and feathered," said Rankine.
McGruther added: "Without this deal, there would be no game on Saturday and absolutely no future for the club. With this, we have a fighting chance of achieving a full ongoing sale."
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