JOHN McGLYNN, the Livingston manager, has admitted that the board of directors at Almondvale are cursing their luck after Rangers' astonishing Petrofac Training Cup semi-final defeat by Alloa Athletic.

JOHN McGLYNN, the Livingston manager, has admitted that the board of directors at Almondvale are cursing their luck after Rangers' astonishing Petrofac Training Cup semi-final defeat by Alloa Athletic.

The West Lothian outfit, who are subject to a Scottish Professional Football League transfer embargo, having admitted to a historical failure to declare player bonuses, were anticipating a potentially lucrative final against Rangers to bolster their finances.

Livingston's latest published accounts showed a debt of £1.7m, much of which is owed to the chairman Gordon McDougall, the majority shareholder Neil Rankine, the vice-chairman Robert Wilson and a former chief executive Ged Nixon. Nixon, though, is also suing the club for £311,000 as he seeks to recoup his money, prompting serious fears over the financial future of the club which has endured administration twice in the past 10 years.

McGlynn acknowledged that a sell-out final against Rangers would have substantially improved the balance sheet. "I'm sure the directors must be wondering what they have done wrong; it seems like nothing is going right for them at the moment," said McGlynn. "The directors at the club will have expected Rangers to reach that final, as I think most people did ahead of the match against Alloa, and especially when they were leading 2-0.

"It would have been a wee boost to the finances and, in one way, there will be a sense of disappointment that we are not playing Rangers from a monetary point of view."

On the pitch, however, McGlynn believes Livingston should relish the opportunity to lift the Petrofac Training Cup without having to upset the odds against Rangers in the final. "If Livingston were given the chance to beat Alloa to win a cup at the beginning of the season ?? or vice-versa ?? I'm sure both clubs would have taken that," added the former Hearts and Raith Rovers manager.

Livingston's first final in 10 years is "on the back-burner", according to McGlynn. His focus is on clawing back the seven-point deficit at the foot of the Championship following their five-point deduction for failing to pay tax due on those undeclared bonuses from 2010 and 2011.

"We have 22 games left and we have to claw back the gap and that is very possible," added McGlynn, who takes his side to his old stomping ground of Raith Rovers tomorrow afternoon. "We need to employ a siege mentality ?? it's us against the world ?? and get these points back."