McDougall wants to save Livingston from possible administration
Angelo Massone has no intention of selling Livingston to Gordon McDougall, who is looking for full control of the West Lothian club.
The former Cowdenbeath owner said he had balked at a 'substantial six-figure sum' mentioned by the Italian chairman.
However, Massone told BBC Scotland: "We are not interested in selling the club at the moment. Maybe for £10m yes, but this is a non story.
"Mr McDougall said he would like to be involved but he made no offer."
Livingston are due West Lothian Council £280,000 in rental back payments for Almondvale Stadium before 30 June, and face eviction if they cannot meet the arrears.
But Massone repeated that it was his intention to purchase the club's home ground, saying: "I am ready to buy the stadium. I will decide in the next week. I must and will pay the rent arrears."
Livingston have been beset by financial problems this season after being taken over last summer by an Italian consortium led by Massone.
They have been threatened with legal action by West Lothian Council for outstanding rent, while other creditors have taken the club to court.
Meanwhile, late payments of wages to players led the Scottish Football League to threaten the club with relegation to Division Three.
"We will definitely play in the First Division next season," added Massone. "I am working hard with the players to sort everything out."
Earlier, McDougall had told BBC Scotland that he was interested in taking the club over.
"I would very much like to take over the reigns, if a reasonable deal can be settled," he said.
"I would only be interested in sole control and I would hope we could sort something out before administration."
McDougall sold his shareholdings in Cowdenbeath last year to a consortium of businessmen and has recently been on the board at neighbours Dunfermline Athletic.
"Times don't look good for the club - in common with many other clubs in Scotland at the moment," said McDougall.
"We discussed figures tentatively and, if in fact these figures are what was being asked for the club, I would cease to have an interest in it.
"We're not talking millions but a substantial six-figure sum.
"I think I've got a fair grasp of what clubs make and what they lose in Scotland and it's a difficult climate. There's not much coming in commercially.
"Livingston is local to me and I've still got the passion for the game. I'm desperate to work with young players and try to help the game in this country."
Massone laughed off these remarks, repeating: "I am not interested in selling the club.
"I was introduced to this gentleman at the Champions League final. He said he was interested in investing in the club. I was polite and we had coffee, but it is nonsense to talk about selling the club at the moment."
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