Livingston fans have made a career out of enjoying success with money they don't have. It's been synonmous with their club almost from the start.
If it's time for reality to kick in then I'm afraid that's how it's got to be. I never thought Livi were an SPL club, and have doubts about their viability as a Division One club. They have no divine right to occupy a place at any particular level in Scottish Football, and if mis-management means going out of business it's nothing more than pay-back for the good part of a decade of, essentially, fraud.
Pearse Flynn tried to push SPL2 because he couldn't cope with Livi not being an SPL club. As soon as this takeover was completed I posted asking if somebody was keeping an eye on the finances. It's time for Livingston to get real, accept defeat in this ridiculous attempt at sustaining the club at an un-viable level, and slide down the leagues graciously if they still can.