Cork millionaire Mr Pearse Flynn will hold crunch talks with the majority shareholder at Livingston Football Club tonight in an attempt to salvage his rescue deal for the Scottish Premier League side.

The Lionheart consortium, of which Mr Flynn is the major financial backer, is the preferred bidder for the club, which is in administration with debts of around £7.5 million (€11.25 million).

However, he has said he will walk away if the deal cannot be completed in time to avoid a 10-point penalty threatened by the Scottish football authorities on clubs in administration.

Livingston has until next Monday to notify the league that it is in the formal process of coming out of administration.

However, club chairman and major shareholder Mr Dominic Keane is threatening to withhold his shares, which would scupper the deal and force the administrator to seek other bidders. Sources close to the negotiations say that is unlikely to happen by the deadline and would sharply increase the chances of the club going into receivership.

Mr Keane is annoyed that Mr Flynn announced plans for the club, including telling manager Mr David Hay that he would not be in that post next season, before meeting him to discuss the handover of his shares.

West Lothian Council, which owns the grounds on which Livingston plays, has called tonight's meeting, which it is understood Mr Flynn and Mr Keane will attend. HBOS, the club's bankers who withdrew support from Mr Keane, will also be present.

Telecoms executive Mr Flynn first came to prominence with the £7.1 billion sale of Canadian group Newbridge Networks to French giant Alcatel in 2001.

He subsequently became chief executive at Ericsson spin-off Damovo in Scotland and recently acquired Scottish call centre operation Callpoint.