Livingston were placed in administration hours before Tuesday evening's CIS Cup semi-final against Dundee.
Livingston are in financial trouble
Chairman Dominic Keane has announced that he will resign but has vowed to regain control of the Scottish Premier League club.
"I will officially sign the document that places Livingston Football Club in administration," he said.
"The appointed administrators will arrive on Wednesday."
With debts in the region of £3.5m, not the £10m reports suggested, it appears the club's main creditor, Halifax Bank of Scotland, has run out of patience with Livingston.
And Keane, who admitted that "clearly, others have lost confidence in me", is being forced out of the club he guided from the Third Division into Europe.
"Since Monday 26 January, when it was made known to me that the club might be taken into administration, I have done my utmost to try to convince those parties involved that the situation could be successfully resolved," he told his club's website.
"No avenue of opportunity was left unexplored and I did everything I could - and have continued to try again and again over the weekend to gain the support of the bank. But, unfortunately, my petitions were unsuccessful."
Keane will leave the club and said: "It is my belief that vice-chairman John McGuiness will also resign from his position on the board.
"I hope, at some point in the future, that I will once again be able to gain control of Livingston Football Club.
"If such a scenario avails itself then I promise, here and now, that I will do my utmost to ensure that the banks and administrators will never again be able to wrest control of the club I will see to it that a share in the business of Livingston FC is issued to each and every season ticket holder who renews their season ticket year on year.
Keane praised the club's supporters and urged them not to lose heart.
"They have given their all and there is nothing that anyone involved with this club should be ashamed of," he insisted.
West Lothian Council has pledged to help the stricken club.
Enterprise and development committee convenor Willie Dunn said: "As owners of the land at Almondvale and two of the main stands, we will have a major role to play now that the club has revealed it is going into administration.
"We will work closely with the administrator to make sure that first-class football is retained in West Lothian."
Scottish players' union chief Tony Higgins has warned that Scottish football had to put its financial house in order if it is to avoid complete chaos.
"Clubs have taken a big gamble in the past and the ones who suffer are the players," said Higgins.
"We've been predicting these kind of problems for two or three years.
"The SPL are taking this issue seriously at last with the new regulations about insolvency, but they still haven't clarified what is to be done about player debt."
Livingston have existed for just nine years, rising rapidly through the ranks and are now in their third season in the Premier League.
Dundee and Motherwell are currently in the hands of administrators and SPL clubs recently agreed to impose a 10-point penalty on clubs in such a situation, as of 31 May.