Livingston FC yesterday settled matters in court with a previous owner of the football club. Given speculation surrounding the court actions the club will comment as follows:
Following claims by Neil Rankine as recently as 2022 that he was owed as much as a million pounds by the club, LFC were forced to launch a forensic investigation into club accounts. This has taken many months.
A 85 page document followed, prepared by a prominent forensic accountancy firm. The Report exposed double accounting and treble accounting in places, entirely fictitious loans and further documentation exposing fraud against the football club committed by Mr Rankine as far back as 2013 when the ex-owner was also a shadow director.
It was discovered that in 2016 Mr Rankine reported himself to Police Scotland for frauds he had already committed against the club. One of these frauds gave Mr Rankine a benefit that formed the basis of his recent case.
It has been a long and difficult road, but the club have emerged with a settlement figure offered previously which was based on our forensic investigation – but rejected. Claims that the club would not have been able to afford to pay the sums originally claimed by Mr Rankine are correct. The club are reassured that despite the expense of the investigation into the former owner, the balance sheet going forward will reflect the club’s actual debt.
The club are encouraged by the settlement reached in this case. It has been the product of a lengthy but essential clean-up process that will stand the club in good stead going forward.
The club as always owes thanks to those who have helped achieve this result, and of course, our loyal fans.