The troubled West Lothian club have asked Supporters Direct Scotland to explore the idea of becoming a community-owned business in a bid to find a more financially stable footing.
Much of Livingston's reported £1.7m debt is owed to the likes of McDougall, majority shareholder Neil Rankine, vice-chairman Robert Wilson and former chief executive Ged Nixon in the form of interest-free loans. But now Nixon is suing the club for £311,000 as he attempts to recoup his money.
Livingston's accounts for the year ending June 2013 made grim reading, but McDougall is hoping supporter and community involvement can ease their woes.
He said: "We are in the initial stages of looking at the community ownership model - there has to be a way for clubs to move forward.
"We had a meeting with SDS on Monday and the Livi for Life Supporters Trust were involved; they're good people, but we need more of them.
"Something has to happen. We need to get back to viability rather than profitability. It's frustrating when you look at what we spend - we have not been extravagant. No-one can say we've overspent.
"People like myself and the other directors are effectively keeping this club afloat."