Davie Hay's Livingston contract ends this month

The Lionheart consortium, which had preferred bidder status pulled out of a takeover deal on Tuesday.

And SPL clubs must have started moving out of administration by the end of May or be docked 10 points next season.

Councillor Wille Dunn said: "We believe their is a model to go forward and remain hopeful we can attract a buyer."

Dunn added: "We believe this would secure the long-term sustainability of the football club. That is a goal we have always been committed to achieving.

"We are planning to continue discussions with all interested parties to secure the future of Livingston Football Club."

The really sad aspect is that we have done so well on the football side Livingston manager Davie Hay

Livingston manager Davie Hay, who still expects to leave the club, said: "I hope this isn't the end, but I'm very afraid for the future.

"It looks as though they will be faced with a 10-point deficit next term."

"I don't see how they can cobble up a raw deal in five days," said Hay.

The Lionheart consortium, led by Irish tycoon Pearse Flynn, withdrew after negotiations broke down between West Lothian Council and the club's major creditor, Halifax Bank of Scotland.

Flynn had wanted to install first-team coach Allan Preston as manager and move Hay to a general manager's post, but the new role was rejected by the former Celtic boss.

"I wasn't happy at what happened to me, but I always wanted to see the club survive, even if I wasn't going to be part of it," said Hay.

Livingston future in doubt

"This season, Livingston has been full of surprises and this could be a final twist in the tale.

"The really sad aspect is that we have done so well on the football side.

"Apart from the CIS Cup, we've ended the season with two players in the international side - Jamie McAllister and David McNamee."

West Lothian Council has vowed to continue the fight to save the club and will continue to work with the club's administrator.

Former owner Dominic Keane has also offered to return from holiday as he believes that there are other interested parties who might be willing to form a rescue package.