Saturday, 29 November 2008




CRISIS club Livingston are teetering on the brink of financial meltdown.

Record Sport can reveal the Inland Revenue are threatening the First Division outfit with liquidation after they defaulted on their debt repayment plan.

The taxman has ordered the Italian owners of the Almondvale club to immediately cough up the money they owe, believed to be around £100,000, or a winding up order will be issued.

The Inland Revenue refused to comment, claiming they don't discuss individual cases, but it's believed they held summit talks with the owners - led by lawyer Angelo Massone - last week.

Sources claim Livingston have been given until next week to come up with the sums outstanding or the club could go to the wall.

It's understood Massone is trying to raise fresh finance less than six months after he led a buyout of previous owner Pearse Flynn.

However, co-partner Tomasso Angelini fiercely denied Livingston are in trouble with the Inland Revenue and threatened to sue if we ran with the story.

He said: "There is no such pending order from the Inland Revenue. We have absolutely no problems and make regular payments to them."

Flynn sold out for £1million in June because liabilities, which he insists were fully disclosed, far outstripped assets and disquiet has been growing in recent months about Livi's financial strength.

There are up to 100 creditors, many of them small, local businesses, who have still to be paid by the new owners.

One creditor, former club photographer and website administrator Alex Todd, revealed to Record Sport last month he has even considered freezing Livi's bank accounts.

Massone claimed never to have heard of Todd, who is owed around £1600, even though he sent him a letter three weeks earlier telling him to contact Flynn for his cash.

Massone later promised to look into his claims but last night Todd said: "I've had no contact whatsoever since with Massone or anyone else connected with Livingston."

Already this season there has been a delay in the payment of player bonuses and it is believed the wages of non playing staff were also up to a week late last month.

Angelini added: "We don't discuss internal matters or procedures."

Office and admin staff are holding their breath ahead of next Thursday when monthly salaries are due to be paid.

Our source said: "It's amazing they've kept it quiet for so long. Unless drastic action is taken immediately the club's future is in serious doubt."



See Original Article

Call now for help with corporate debts.

Call us on: 0800 071 1616

Email us on: info@debtsgone.co.uk

Website: www.debtsgone.co.uk

No comments:

Blog Archive