Post by toplion on Jul 21, 2015 20:10:17 GMT 1
Looks like poor Gordon has been shafted by all at Livingston FC including Ford.
we should have signed less players if we have a creditor agreement to pay.
sport.stv.tv/football/clubs/livingston/1325092-livingston-chairman-gordon-mcdougall-ousted-over-cash-dispute/?utm_source=twitterfeed&utm_medium=twitter
we should have signed less players if we have a creditor agreement to pay.
sport.stv.tv/football/clubs/livingston/1325092-livingston-chairman-gordon-mcdougall-ousted-over-cash-dispute/?utm_source=twitterfeed&utm_medium=twitter
Gordon McDougall says he has been removed from his role as chairman of Livingston after starting legal proceedings over unpaid monies.
The club director was voted from his position in a three-man board meeting on Monday night, after it was ruled he was "not acting in the best interests of the club".
McDougall has been in discussions with committee members at Almondvale Stadium after they reneged upon an agreement to pay back £260,000 in directors' loans.
The document, signed in 2013 by former majority shareholder Neil Rankine and new interim chairman Robert Wilson, outlines the pledge to repay £2,166.67 every month from January 2014 until December 2023.
McDougall says he has not been paid for almost six months. He also says he has been informed the club does not have the money necessary to pay its debt nor meet the monthly repayments.
"I attended a board meeting last night with two other directors and was told I was acting against the better interests of the club," he told STV.
"They wanted to terminate my position as chairman. They asked me if I had a key for the premises and said they didn't want me back in the premises.
"I have got no alternative but to go the legal route to try and recover the outstanding balance, but secure the monthly payments for the future.
"It's a legally binding contract and I am a creditor.
"I don't see a future for myself. I need to get the contract settled. Once they agree to pay that, I am quite happy to help the club.
"I have kept the club going for two years. I have worked day and night, for seven days a week, for the last 18 months to two years.
"I think most people in football, and supporters around the Livingston area know the amount I have put into the club, in effort as well as financially.
"I don't view myself as being greedy in any way asking for that money to be repaid. It's simply a settlement in return for my shares going to Neil Rankine."
McDougall agreed to part-payment of his directors' loan and gave his 20% shareholding in Livingston's holding company, in return for a future share issue in the club which has not materialised.
In a statement to STV, the club's largest shareholder Gordon Ford said the club would be in peril if forced to repay the money in one go, but was still hopeful of an amicable situation.
"My view as a shareholder is I cannot see the club survive if he were to successfully recover the monies due to him in full," he said.
"There is no way the club can survive if we are subject to that legal action.
"The desired outcome is we all work together. We get a compromise the club can afford.
"It's just unfortunate we are unable to reach any formal agreement with Gordon McDougall."
Ford also said that he believed the answer to the club's current cash predicament is to invest in the playing squad.
"What we are trying to do is build a squad to bring success on the park which we believe will bring financial security off the park," he said. "That's in everybody's interests.
"What is crucial is success on the park. It brings its own rewards financially and would hopefully resolve a lot of the issues which face the club."
Asked if he could allay supporters' fears over the club's financial situation, McDougall said: "No I can't.
"It's a very difficult time for the club. I wish the club no ill. That's obvious."
The club director was voted from his position in a three-man board meeting on Monday night, after it was ruled he was "not acting in the best interests of the club".
McDougall has been in discussions with committee members at Almondvale Stadium after they reneged upon an agreement to pay back £260,000 in directors' loans.
The document, signed in 2013 by former majority shareholder Neil Rankine and new interim chairman Robert Wilson, outlines the pledge to repay £2,166.67 every month from January 2014 until December 2023.
McDougall says he has not been paid for almost six months. He also says he has been informed the club does not have the money necessary to pay its debt nor meet the monthly repayments.
"I attended a board meeting last night with two other directors and was told I was acting against the better interests of the club," he told STV.
"They wanted to terminate my position as chairman. They asked me if I had a key for the premises and said they didn't want me back in the premises.
"I have got no alternative but to go the legal route to try and recover the outstanding balance, but secure the monthly payments for the future.
"It's a legally binding contract and I am a creditor.
"I don't see a future for myself. I need to get the contract settled. Once they agree to pay that, I am quite happy to help the club.
"I have kept the club going for two years. I have worked day and night, for seven days a week, for the last 18 months to two years.
"I think most people in football, and supporters around the Livingston area know the amount I have put into the club, in effort as well as financially.
"I don't view myself as being greedy in any way asking for that money to be repaid. It's simply a settlement in return for my shares going to Neil Rankine."
McDougall agreed to part-payment of his directors' loan and gave his 20% shareholding in Livingston's holding company, in return for a future share issue in the club which has not materialised.
In a statement to STV, the club's largest shareholder Gordon Ford said the club would be in peril if forced to repay the money in one go, but was still hopeful of an amicable situation.
"My view as a shareholder is I cannot see the club survive if he were to successfully recover the monies due to him in full," he said.
"There is no way the club can survive if we are subject to that legal action.
"The desired outcome is we all work together. We get a compromise the club can afford.
"It's just unfortunate we are unable to reach any formal agreement with Gordon McDougall."
Ford also said that he believed the answer to the club's current cash predicament is to invest in the playing squad.
"What we are trying to do is build a squad to bring success on the park which we believe will bring financial security off the park," he said. "That's in everybody's interests.
"What is crucial is success on the park. It brings its own rewards financially and would hopefully resolve a lot of the issues which face the club."
Asked if he could allay supporters' fears over the club's financial situation, McDougall said: "No I can't.
"It's a very difficult time for the club. I wish the club no ill. That's obvious."
