Livingston were prevented from going under after the SFL gave agreement to a deal which will allow the club to survive. The Irn-Bru First Division side looked doomed after chairman Angelo Massone refused an offer of £25,000 by interim manager Donald McGruther, of administrator Mazars.
McGruther, appointed by the Court of Session of Friday after West Lothian Council took legal action to reclaim a £330,000 debt, was on the brink of liquidating Livingston.
But following a three-hour meeting with the SFL's management committee, a rescue package led by former Cowdenbeath owner Gordon McDougall and ex-Dumbarton chairman Neil Rankine was given the go ahead.