Massone says he needs help to understand Scottish business dynamics
Livingston have seen off the immediate threat of administration with a £10,000 payment to West Lothian Council for the use of Almondvale Stadium.
However, the club need to find another £280,000 by 30 June for rent arrears due to the council or they face eviction from the ground.
Livi chairman Angelo Massone claims he is in talks with former Dumbarton owner Neil Rankine about a rescue package.
"He is interested in starting a partnership," Massone told BBC Sport.
"We need a Scottish entity and I think we can save this club together."
Massone recently rejected takeover overtures from Gordon McDougall, but the former Cowdenbeath chairman wanted control of the club in exchange and the Italian has turned to the man who sold out at Dumbarton in April 2008.
The Livi chairman plans further talks with the council on Monday and, while admitting that there were financial problems, insisted that the First Division outfit will continue.
"The financial position now is better than when we took control last summer and the debt is under control," he said.
Despite the threat of administration, Massone had earlier insisted that he would not not pay £10,000, saying he would prefer to meet the larger £280,000 bill by the end of the month
"The agreement that we have is that we pay in full by 30 June." Massone told BBC Scotland.
The Scottish Division One club had their electricity cut off on Thursday for failure to pay a bill of around £32,000.
But club chairman Massone said it had been a deliberate ploy to prove to the community that the club could not survive without his financial backing.
The Massone-led Italian consortium took control of Livingston last summer and the present chairman has blamed debt problems inherited from previous owner Pearce Flynn for financial problems that plagued them throughout last season.
A number of companies have taken court action to recover monies owed and the club was late with wage payments to players.
That led to the Scottish Football League threatening to relegate the club should they fail to meet obligations to their staff.
Then, in May, the local authority gave the club until 30 June to pay outstanding rent or face being forced into administration.
A fund-raising appeal to supporters six weeks ago had only generated £149.50 and Massone warned that the lights would go out permanently without his financial input.
However, the Livi For Life Trust fans group, which has warned that the club is now close to bankruptcy, is hopeful that it could take over the club should they go into administration.
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