{"id":92596,"date":"2023-09-08T00:34:41","date_gmt":"2023-09-08T00:34:41","guid":{"rendered":"https:\/\/stopsmokingway.com\/?p=92596"},"modified":"2023-09-08T00:34:41","modified_gmt":"2023-09-08T00:34:41","slug":"livington-in-advanced-talks-with-potential-american-investors","status":"publish","type":"post","link":"https:\/\/stopsmokingway.com\/soccer\/livington-in-advanced-talks-with-potential-american-investors\/","title":{"rendered":"Livington in advanced talks with potential American investors"},"content":{"rendered":"<h2>Scottish Premiership side Livington are in advanced talks with two sets of potential American investors<\/h2>\n<ul>\n<li><strong>Livingston are in advanced negotiations with potential investors from the USA\u00a0<\/strong><\/li>\n<li><strong>John Ward claimed last month a boardroom civil war was deterring investors\u00a0<\/strong><\/li>\n<li><strong>There is a courtroom battle to oust the current board at the Tony Macaroni Arena<\/strong><\/li>\n<\/ul>\n<p>Livingston are in advanced negotiations with two sets of potential investors from the United States.<\/p>\n<p>Lions chairman John Ward claimed last month that a boardroom civil war was deterring investors from ploughing vital funds into the cash-strapped Premiership club.<\/p>\n<p>And court documents seen by<span> Mail Sport <\/span>claim that a failure to attract cash into\u00a0the club would lead to &#8216;greater financial difficulties&#8217; and increase the likelihood of Livingston becoming &#8216;insolvent&#8217;.<\/p>\n<p>Former director Carolyn Sumner and ex-vice-chairman Neil Hogarth are engaged in a courtroom battle to oust the current board at the Tony Macaroni Arena.<\/p>\n<p>A shareholder in the club&#8217;s Opcco6 parent company, Sumner has secured an interdict preventing directors from issuing six million new shares which, she argues, would prevent shareholders &#8216;from exercising their rightful control over the company&#8217;.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/09\/08\/00\/75191485-12494091-image-a-93_1694127976839.jpg\" height=\"449\" width=\"634\"><\/p>\n<p>Livingston are in advanced negotiations with two sets of potential investors from the USA<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/09\/08\/00\/75191785-12494091-image-m-95_1694128141551.jpg\" height=\"576\" width=\"634\"><\/p>\n<p>Lions chairman John Ward (pictured) claimed last month that a boardroom civil war was deterring investors from ploughing vital funds into the cash-strapped Premiership club<\/p>\n<p>In response, Livingston&#8217;s board argue that Ms Sumner has no right to block the rights issue and claim the move is necessary to attract much-needed investment.<\/p>\n<p>Despite spells in administration in 2004 and 2009, Livingston&#8217;s most recent audited accounts showed a loss before tax of \u00a3819,220. A forecast for the next financial year projects a further loss of \u00a3600,000. Loaned \u00a31,783,000 by the Scottish Government as Covid relief, Livi claim the public money covered last year&#8217;s losses.<\/p>\n<p>In court documents, the West Lothian outfit state that: &#8216;Negotiations with two sets of potential investors from the USA are at an advanced stage. The potential investors first noted an interest in purchasing LFC in April 2023.<\/p>\n<p>&#8216;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.<\/p>\n<p>&#8216;The remaining funds would also be used to retain and recruit talent. In the absence of inward investment, LFC would not be able to retain and recruit talent. LFC would risk being relegated.&#8217;<\/p>\n<p>Speaking to <span>Mail Sport<\/span>\u00a0last month, chairman Ward claimed fresh investment was needed to stem unsustainable losses and lift the team into the top six.\u00a0<\/p>\n<p>Ward said: &#8216;We have been trying to get investment into the club since Covid. On two or three occasions we have had people very interested in getting involved with the club. But, once they get to the stage of due diligence, we have to explain to them what is going on in the club&#8217;s background.<\/p>\n<p>&#8216;We have had an ongoing court dispute with shareholders and one ex-director which has been dragging on. And it has placed the club in a holding pattern.\u00a0We have not turned down anything and there have been no formal offers, but there are absolutely discussions ongoing.&#8217;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/09\/08\/00\/75191801-12494091-image-a-96_1694128261661.jpg\" height=\"423\" width=\"634\"><\/p>\n<p>Court documents seen by <span>Mail Sport<\/span> warn the losses projected would wipe out Livi&#8217;s cash reserves, leave the club in financial difficulties and see them &#8216;become insolvent shortly after&#8217;<\/p>\n<p>In the court documents the club go on to warn that: &#8216;Absent investment, a further year of the level of losses projected for the 2022-2023 year end would wipe out LFC&#8217;s cash reserves. That would leave LFC in greater financial difficulties. LFC would be likely to become insolvent shortly thereafter.\u00a0<\/p>\n<p>&#8216;It would not have the cash reserves required to service its debts.\u00a0LFC&#8217;s directors are currently taking steps with a view to putting in place a break-even budget for the 2023-2024 financial year. The further investment proposed (and to be facilitated by the issue of further shares) would be likely to address LFC&#8217;s financial concerns.\u00a0<\/p>\n<p>&#8216;The proposed investment would be in the best interest of LFC and, consequently, the Company.&#8217;<\/p>\n<p>Parent company Oppco6 holds a 70-per-cent stake in Livingston FC, owning 1.3 million of the 1.9 million shares. Despite owning 70 per cent of those Opcco6 shares, however, directors have refused to recognise Sumner&#8217;s status \u2014 with a number of legal disputes now raging between the two sides.\u00a0<\/p>\n<p>Paul Conway&#8217;s Pacific Media Group tendered a bid of \u00a31m for a 51-per-cent stake in Livingston in 2020 which was foiled by SFA dual interest red tape. A figure close to the Opcco6 shareholders told <span>Mail Sport <\/span>that Ms Sumner has been trying to sell her holding ever since, with consultant David Brash appointed to field any offers.<\/p>\n<p>Source: <a href=\"https:\/\/www.dailymail.co.uk\/sport\/football\/article-12494091\/Scottish-Premiership-Livington-advanced-talks-American-investors.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Scottish Premiership side Livington are in advanced talks with two sets of potential American investors Livingston are in advanced negotiations<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Livington in advanced talks with potential American investors - 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