In saying that it is not a situation uncommon in Europe. Fiorentina are the most high profile 'bankrupt' to be reformed under a different name, and other clubs throughout the leagues have done similar- Switzerland had FC Lugano which went bust to re-appear as AC Lugano, Netherlands had FC Zwolle and Roda were in deep shit too.
The damage to Livingston FC pre-dates Angelo Massone. If the finger of blame is being pointed Dominic Keane and Pearse Flynn must also take blame. I mean that lottery winner put £4million through the books- and bankrupted himself after being sucked in. They took the business model as Geoff Brown said that never pays. Livingston can never sustain being a force in Scottish football and blowing money to come 3rd in the SPL and win cups.
The club has been into administration before (whilst sponsored by Intelligent Finance of course!) and should have learned its lesson then. To get into the red again and to such an extent that administration is required again is the sign that football simply isn't working there. Is it all bad management or can it really be sustained- would things be better if Livi accepted they can't afford D1 football as well and play in D2?
The club was in deep trouble before Massone walked in- indeed I don't think he understood fully what he was getting involved in, but that is his fault. In saying that Livingston's fans I think were so desperate to see the back of Pearse Flynn that anybody would have done- much like Hearts before Romanov rolled up.
In the end the players and staff are the ones that suffer most along with the fans (and taxpayers too!). Massone will brush his hands get a taxi to Edinburgh Airport and never be seen again. The players and staff will be left with mortgages and families on the dole. Sure some players and staff will get new jobs but youth boys may never play again. What ever you think of Livingston as a franchise club, I don't blame their fans that support them as a local team, and sad for them too- many will drift away from football altogether.
In the end clubs like St Mirren, Falkirk, St Johnstone have been largely sheltered from the mess the SPL and Premier League did by overspending. It might annoy our fans but a decade in D1 helped us and sure whilst we had to sell up and move, we paid our debts and built a new stadium without the taxpayer which the club owns entirely. Clubs like Killie, Dunfermline and Raith Rovers didn't escape and have had periods in lower leagues and large debts.
Angelo Massone might well be the man that has dealt the final blow to football in West Lothian, but the patient had been on life support for some time.