Don't know all the full ins and oots, but yesterday, the Lionheart claimed to have the future of the club secured. Here's the full story...
Blelow is the full statement issued by Lionheart on the official club site, www.livingstonfc.co.uk
The future of Livingston football club has been secured today, following an Scottish Premier League board meeting which considered plans which will finally move the club from administration and transfer ownership to Lionheart Management Ltd.
The SPL board agreed in principle today (Thursday) to a proposal made by the administrator and supported by Lionheart, whereby the creation of a new operating company will enable a final exit from administration. The new operating company will be transferred to Lionheart Management Ltd., which was named preferred bidder last April.
The move enables the administrator to complete a creditors’ agreement later this month. As preferred bidder for the club, Lionheart expects to take over formal ownership immediately afterwards.
“This is tremendous news for Livingston, its supporters, partners and sponsors, as well as for Lionheart,” said chief executive Vivien Kyles.
“We took on interim management of the club confident that the ownership issues would be resolved, but there is no doubt that the continued uncertainty had some effect on morale, and temporarily damaged the club’s ability to increase season-ticket sales and ensure long-term commercial deals,” she added.
“All that will be wiped clean soon and we look forward to taking on the challenge of owning and managing a senior football club with considerable potential for growth. We believe strongly that Livingston can attract and retain more regular supporters, and build its reputation as an entertainment business.
“We have many new and exciting ideas for commercial partnerships, events and other activities at Almondvale and these will be rolled out in the near future.
“The new certainty about Livingston also means that Lionheart can start planning ahead for this season and next, with football manager Allan Preston. It is great news and we are delighted that the SPL has supported the plan, which helps bring a period of great uncertainty to an end.
“The SPL has handled this matter very professionally, from a strong business perspective, taking into account the interests of the league as a whole, and we are grateful to them for that.”
Lionheart’s intervention to undertake interim management on contract to the administrators last summer ensured that Livingston avoided a 10-point penalty and enabled the hiring of manager Allan Preston and his senior coaching team including Alan Kernaghan, Alex Cleland and Graeme Robertson.
The interim deal, through which Lionheart guaranteed the club’s continued operation this season, also enabled Livingston to recruit almost a whole new playing squad in June after the club had been left with just four senior players at the end of last season.
Please note The original option of agreeing to transfer shares in the old Livingston FC company remains open to its shareholders, and this continues to be the solution preferred by the administrator and other parties.
The plan presented to the SPL has been prepared as an alternative to ensure the future of the club.
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