"We've got to consider all the options that are open to us. It makes it very, very difficult, but let's see and go back and discuss it with an open mind," said McDougall.
Prior to Wednesday's meeting at the National Stadium, the consortium had expressed frustration at being asked by the SFL put up a bond of £720,000 - in order to fulfil the club's First Division fixtures for the new season.
McDougall believed the sum requested was excessive.
However, the other nine Division One clubs had expressed deep concerns about Livingston's ability to complete their fixtures.
McGruther said he feared Livingston would suffer the same fate as the now defunct club Gretna, which lost its battle to survive in 2008 and resigned from the SFL.
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