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Administrators give Gretna end of season deadline

08/05/2008

Gretna FC will fold at the end of the season unless a new buyer can be found for the club which is currently under administration.

Administrators met today to decide the future of the Scottish Premier League side whose have debts of £4 million. The club will be allowed to finish the rest of their league fixtures, but unless a buyer is found by May 17, then they will go out of business.

David Elliot of administrators Wilson Field Ltd revealed four parties have so far shown an interest in buying the club.

"The proposal is that we continue to trade and allow the club to continue to play football until the end of the season while we seek a buyer," he said.

"We have got four interested parties and I would like to remain hopeful that one will come through before the end of the season."

Although Elliot said he was hopeful a takeover would take place, he admitted "we are in dire straits and I think these potential parties who have expressed interest need to get on with it now".

Elliot also revealed that he refused to comply with an "irate creditor" who wanted Gretna to be liquidated immediately.

But unless one of the four interested parties buys the club by May 17 then the club will have to be liquidated and the remaining 40 staff at the club will be made redundant.