See Glasgow Herald article
http://www.theherald.co.uk/sport/football/display.var.2524134.0.Livingstons_future_in_balance_yet_again_after_SFL_demotion.php
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If Livi fold, it would mean a 9-club Division 3.
Press & Journal 6th August:
Lions future back in the balance and Scottish Football League fixture chaos looms
Livi ready to appeal after being relegated to Division 3
Published: 06/08/2009
Livingston's future was back in the balance last night after the Scottish Football League took the decision to relegate the debt-ridden club to the Third Division.
Despite the financial bailout of a three-man consortium which saved the First Division outfit last week, the league has handed out the punishment for entering the liquidation process. The consortium, which includes former Cowdenbeath owner Gordon McDougall, former Dumbarton chairman Neil Rankine and supporter Ged Nixon, was present at Hampden yesterday afternoon.
But only interim manager Donald McGruther, of accountancy firm Mazars, was told the news after a two-and-a-half-hour gathering.
The sanction is now set to throw this weekend's first round of SFL fixtures into chaos as the consortium trio is understood to be preparing an appeal to the SFA, meaning affected clubs this weekend can't play their fixtures during the course of an appeal.
After McDougall, Rankine and Nixon finally persuaded controversial former chairman Angelo Massone to sell his shares last week, Livi's future appeared significantly brighter despite debts estimated at £1.8million. But with the potential new owner previously hinting it would withdraw its rescue deal if the club was relegated, the Lions could now go bust. The business plan prepared by the consortium was only designed around First Division football and McDougall and Rankine were asked to put up a bond of £720,000 in order to fulfil the First Division club's fixtures for the new season.
full article: http://www.pressandjournal.co.uk/Article.aspx/1340550