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Deadline looms for Gretna bidders Fans wait to discover Gretna fate
(about 14 hours later)
The bid to find a prospective buyer for struggling Gretna Football Club is into its final hours. Supporters of ailing Gretna Football Club are waiting to learn whether a last minute deal has been done to stop the club going out of business.
The Scottish Premier League side went into administration in March with debts of close to £4m. Administrators had set a weekend deadline for a buyer for the Raydale Park side, which has debts of £4m, to come forward.
Administrators set a deadline of 17 May for potential purchasers to express an interest in the Raydale Park side. Four potential investors have been linked with the team, who finished bottom of the Premier League table.
Chairman Ron McGregor has hinted that there could be a late takeover bid for the business but if it fails to materialise then the club will fold. No announcement on the club's future is expected to be made before Monday.
Four potential buyers have been linked with the south of Scotland side. Chairman Ron McGregor has hinted at the possibility of a late deal being struck which could ensure the club's survival, but warned that if it fails to materialise Gretna will fold.
However, if no deal can be agreed they will go out of business. Reports have linked the Glasgow-based football agent Paul Davies with a potential takeover bid.
A statement on the future of the club is expected to be released early next week.
Gretna played their last SPL fixture - a victory over Hearts - on Tuesday evening.Gretna played their last SPL fixture - a victory over Hearts - on Tuesday evening.
Weekly losses
Many players and coaches have already left the club, either through redundancy or after being released from their contracts.
The remaining staff have been called to an 1100 GMT meeting on Monday by administrators Wilson Field, when Gretna's fate will be announced and they may face redundancy.
Gretna went into administration on 12 March after the club's owner Brooks Mileson, who is suffering from illness, withdrew his financial support, which meant they were soon incurring unsustainable weekly losses.
The club has various creditors, including the Inland Revenue and local businesses, but owns few assets other than its Raydale Park stadium.
If an offer for the club is made, it will be put to the creditors who will have to give it their backing.
Gretna had a meteoric rise through the Scottish Football League after being admitted in 2002, reaching the Scottish Cup Final in 2006 and entering the top flight last year.