Livingston FC is reportedly in negotiations to sell the club with two separate investment groups from the United States. The Scottish Premiership side has been trying to change ownership for some time. However, there were recent reports that a boardroom civil war inside the team was hindering the negotiations.
Mail Sport reports that former Livingston execs Carolyn Sumner and Neil Hogarth are joining forces in an attempt to force out the current board. Although Sumner is not the club’s director anymore, the official still owns shares of the team. The current board wants to issue six million new shares of the club. The two sides are in a Scottish court battle regarding the issue.
American investors looking at Livingston amid financial woes
Livingston has endured tough financial times throughout the last two decades. In fact, the club previously entered administration in 2004 and 2009. Recent financial reports claim that the team showed a loss before tax of over $1 million. The future financial forecast is not looking much better. The club projects another loss of about $750,000 in the coming year.
News of potential American investment in Livingston was essentially revealed in court documents. “Negotiations with two sets of potential investors from the USA are at an advanced stage,” read legal paperwork as reported by Mail Sport. “The potential investors first noted an interest in purchasing LFC in April 2023.”
“Over recent months, the potential investors have instructed independent valuations of LFC. They have instructed solicitors to conduct due diligence. The potential investment would leave funds within LFC after its purchase to allow LFC to service its debts.”
“The remaining funds would also be used to retain and recruit talent,” the documents continued. “In the absence of inward investment, LFC would not be able to retain and recruit talent. LFC would risk being relegated.”
Multi-club investor previously linked with Livingston
While the documents claim that Americans are interested in purchasing the club, they do not specifically name the investors. Nevertheless, Paul Conway’s Pacific Media Group (PMG) previously attempted to purchase the club in 2020. The group also currently has ties to a multitude of European soccer teams. Oppco6, with the help of Sumner, currently holds a 70% majority stake in the Scottish club.
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