Livi's future is looking a bit brighter

The move means they will avoid the SPL's 10-point penalty by beginning the process before 31 May.

A Company Voluntary Arrangement has been sent to creditors after a restructuring of the club's finances.

"This provides some certainty for the club going forward next season," said administrator Fraser Gray.

The future of the club looked to be in serious doubt earlier this week when Pearse Flynn's Lionheart consortium pulled out of a proposed takeover bid.

But following a series of discussions and an agreement in principle between the local council and Livingston Stadia Management, a degree of stability has returned to the club, paving the way for Lionheart to re-start talks.

"Lionheart can confirm that it is re-entering negotiations with the administrator and other relevant parties with a view to achieving management control of Livingston as quickly as possible," a statement read.

"As the nominated preferred bidder we are convinced we can run Livingston effectively as an SPL club.

"We hope all parties can deliver a resolution to the situation and would ask all concerned to be patient while negotiations continue hopefully to completion."

We wish to congratulate the administrator for achieving the CVA within the deadline Lionheart statement

Gray is hopeful a buyer can now be found.

"Despite the challenging deadline, we have now commenced the process to exit administration," added Gray.

"Now that the club's finances have been restructured subject to certain requirements being met we can focus on continuing talks with interested parties and conclude a deal which will take the club into the next season.

"We appreciate that this last week - and indeed the last three and a half months - have been nervous times for all those connected with Livingston FC and we are grateful for their patience."