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Page last updated at 19:02 GMT, Friday, 9 May 2008 20:02 UK

Mileson missing from Gretna mess

Former Gretna benefactor Brooks Mileson
Mileson has lost close to 8m investing in Gretna

The administrator handling Gretna has had no contact with the ailing club's former backer Brooks Mileson.

Creditors have questioned the lack of information coming from Mileson, whose illness and withdrawal of funds in March plunged Gretna into crisis.

But David Elliot of insolvency experts Wilson Field said: "I don't know what has happened to Mr Mileson.

"He has not contacted me or my representatives or replied to any letters we have sent."

Mileson has invested heavily in Gretna, who face the prospect of liquidation if a new buyer is not found before the end of the season.

"I can only assume that he is in serious difficulty," added Elliot.

"He has put 8m into this company and it appears to be almost lost.

"But he has not come forward and had not contacted me. There is no rescue package from Mr Mileson."

And should liquidation be Gretna's eventual fate, Mileson will not be there to pick up the pieces.

"We can't do a CVL (creditors voluntary liquidation) because the company would go back to Mr Mileson," explained Elliot.

"I can't go down that route.

"The SPL will allow me to transfer Gretna into a new company to avoid that."

There are four reported parties interested in Gretna, who have debts of up to 4m, but none of them has made a bid.

Elliot said a new company would buy Gretna's Raydale Park ground which is valued at 800,000 and is currently under the control of the administrators.

"That company would pay for the ground and then the money would go back to the creditors," he said.

see also
Gretna deadline at season's end
08 May 08 |  South of Scotland
Gretna FC debt level almost 4m
23 Apr 08 |  South of Scotland

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