After a week of turmoil the majority shareholder of Livingston FC, Angelo Massone, has finally decided to sell his shares.

Mr Massone accepted an improved offer of £50,000 for his 76% stake in the club from the Court of Session’s appointed interim manager, Donald McGruther.

The deal was completed just after 4pm on Friday.

Former Dumbarton FC owner, Neil Rankine, said “a major development” had happened which will go a long way towards securing the club’s future.

Livingston FC was placed into administration two weeks ago after West Lothian Council took the club to court over an unpaid £330,000 debt.

A consortium of businessmen are now ready to take over the club, which is still to find out the penalty imposed by the Scottish Football League following its second move into administration in the space of five years. The buyers, it is understood, will back out if the club are relegated to the third division.

Mr Massone said: "I am really happy I was involved in Livingston. It was, from my point of view, a fantastic experience. At the end of the day, I had the opportunity to understand a different culture, a different business. At the correct time, I will come back here with other projects."