Livingston Football Club (LFC) is set to go into liquidation unless current owner Angelo Massone agrees to sell his shares in the Scottish Division One club to its interim manager by noon on 29 July.

Donald McGruther, of Edinburgh-based accountancy firm Mazars, was appointed on 24 July to oversee the running of the club after it failed to unpaid rent, buildings insurance and other debts relating to the West Lothian Council-owned Almondvale Stadium. However, McGruther has now revealed that the 14-year-old club is "hopelessly insolvent" and will be unable to survive unless Massone hands over control for a sum of £25,000 in order for a new buyer to be found.

In a statement, McGruther said: "There is no possibility of the club continuing to trade under the interim manager or any subsequent administration process. Any shareholding in the club is thus of no value. "Despite the foregoing, on behalf of the creditors I have offered to buy the shares which represent controlling interest in Livingston Football Club from Angelo Massone for £25,000, subject to certain conditions. Deadline for transfer of these shares is noon on Wednesday 29 July."

McGruther added that no new investment in LFC will be forthcoming unless Massone agrees to the sale of his shares, which will be purchased by McGruther in order to transfer them at the same price to any potential buyer. Massone has only been in charge at LFC since June 2008, after leading a consortium of Italian businessmen in the acquistion of a majority stake in the club from former owner, Pearse Flynn.