Massone has appealed for potential backers to help save his club
Livingston have announced a new head coach but face going into administration for failing to meet a deadline for paying rent arrears.
West Lothian Council has given the club until midnight on Tuesday to pay the £280,000 owed for Almondvale Stadium.
And the council is expected to make an announcement on Wednesday morning.
But Livi chairman remains hopeful that administration can be averted and has promoted John Murphy, who had arrived as goalkeeping coach in March.
The First Division club say that Murphy - who was director of player development at MLS outfit Colorado Rapids, having previously been assistant coach, a post he also held at Colombus Crew - would take the head coach role "under the supervision of David Hay".
Former Celtic and Dunfermline boss Hay, who had a previous spell as Livingston manager, was in an advisory role with the club when Paul Hegarty was suspended by the club in April.
Hay took control for the final matches of the season and Livi have now announced that he will act as a father figure to new head coach Murphy, the American who arrived to replace Massimo Piloni as coach to the club's goalkeepers.
Now is the time to save the club and overcome any divisions or squabbles that have occurred in the past
Livingston chairman Angelo Massone
Meanwhile, with the club's players due to start pre-season training on Wednesday amid uncertainty over the club's future, Massone has told BBC Scotland he is still in discussions with the council.
The Italian businessman will return to Scotland on Wednesday in the hope that the council will accept a revised repayment plan to enable the club to continue.
He will propose an increase in the current monthly payments from £10,000 to £20,000, in lieu of a one-off lump sum payment.
Massone added that he is still in talks with former Dumbarton owner Neil Rankine over his possible investment in the club.
The Inland Revenue are also believed to be watching developments with interest, with the club owing a six-figure sum in unpaid taxes.
Should the West Lothian club enter administration, it would be the second time in their 14-year history.
The First Division outfit were given the 30 June deadline after their local authority landlord became frustrated with late payments.
And Massone told the council previously that he was unlikely to be able to pay in time and then appealed to potential investors to help save the club.
Rankine, former Cowdenbeath owner Gordon McDougall, and the Livi for Life Trust fans group have each expressed interest in taking over in recent weeks.
Massone claimed to be in talks with Rankine over a financial partnership, while McDougall has made it clear he would only be interested in sole control.
But, with possible eviction from Almondvale looming, Massone pleaded with all the interested parties to come together with a rescue package.
The Trust has been most disparaging of Massone's year-long tenure, with heated criticism exchanged by both sides, via the media.
It has repeatedly called for the Italian to seek a buyer for his shareholding and the fans' group has pledged its full support to any new owner.
But Massone issued a statement on the club's website, saying: "The future of Livingston Football Club is more important than any other matter.
"Now is the time to save the club and overcome any divisions or squabbles that have occurred in the past.
"It is imperative that we avoid, at all costs, any threat of insolvency and pay off all creditors, especially West Lothian Council.
"Angelo Massone, in agreement with Neil Rankine, would like to extend an invitation to the Trust, Gordon McDougall and every other investor to come together and co-operate to save the club.
"Livingston Football Club must be our first priority.
"Let us all gather around a table, stand united, save Livingston Football Club and manage the club together.
"By consolidating our position in Division One, we can create a great future for our club."
In mid-June, following a failure to pay a bill for £32,000, the electricity was cut off at Almondvale Stadium, while Massone told BBC Scotland that a fund-raising appeal to supporters only generated £149.50.
The club have since sold striker Leigh Griffiths to First Division rivals Dundee for £125,000.
Livi, a club created in 1995 when Meadowbank Thistle moved from Edinburgh to the new town of Livingston, last went into administration in 2004.
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