Gretna Football Club owed almost £4m when it went into administration earlier this year, it has emerged.
Full details of its debts are revealed in a document obtained by BBC Scotland.
It lists a total of 139 known creditors including HM Revenue and Customs, former employees and a wide range of other individuals and companies.
The court document, drawn up by administrators Wilson Field Limited, gives a full and detailed account of the club's insolvency.
With land and property assets of only £824,000 against creditors claims of at least £3.7m, it says the club could be wound up and placed in voluntary liquidation.
Administrators' bill
The creditors claims include £1.7m allegedly "loaned" by owner Brooks Mileson and one of his companies - but does not include his £6m shareholding, which has been spent
HM Revenue is owed more than £500,000, with claims also from former managers and players.
In addition more than 100 local companies and organisations are owed sums ranging from £35 to £75,000.
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The papers also reveal that the administrators' bill for the first five weeks of their work is more than £250,000 - at a rate of more than £200 an hour.
This compares with the £272,000 advance from the SPL which was heralded as the cash that would enable the club to pay its way to the end of the season.
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