Latest News - Administrator choses Flynn

Last updated : 27 April 2004 By Dov
A consortium led by Irish businessman Pearse Flynn has been chosen as preferred bidder to take over Livingston. Reports suggest that there had been a few bids for the Lions, but the bid by Celtic Flynn is favourite to take over full control of the club.

Administrator Fraser Gray, who is looking after the financial affairs of the club said: "This decision was taken as the bid will provide the best return to creditors. "It also demonstrates that necessary funding is in place to invest in the club to secure its long-term future."

Gray will now work with the consortium and will aim to take the club out of administration before the end of next month. "This is a significant step towards securing the future of the club, but there is still a considerable way to go before the club can exit administration," he said.

“It will be necessary to finalise the Company Voluntary Arrangement (CVA), for that proposal to be approved by creditors, for the existing shareholders to transfer their shares in the football club to the new owners and for the position regarding the stadium's lease to be resolved.”

"The 31 May deadline to avoid a points penalty is now only just over a month away, but we are looking forward to working alongside the Lionheart consortium to resolve the remaining issues necessary for the club to begin exiting administration within that time," added Gray.

Its being clamed out-of-contract players are already being offered new deals by the club, but Livi manager Davie Hay said that they will need to sit round with the consortium as soon as possible and sort out deals for the players that are out of contract in the summer.

He said “we’ll all need to sit around the table and sort out everyone’s future, but the players must come first, they are the backbone of Livingston Football Club.”