Gretna's right to a place in the league will transfer to a new company should a buyer come in for the stricken side.

The Black and Whites' administrator have given power over the club's "golden share" in the Scottish Premier League to move ownership of the place into new hands.

David Elliot of insolvency experts Wilson Field confirmed to the debt-ridden club's creditors that he had been granted the permission by league bosses after negotiations on the Gretna's future.

He said doing that would avoid the club going back under the control of its former millionaire backer and majority shareholder, Brooks Mileson, should liquidation be the eventual fate.

Responding to a list of options for creditors, he explained: "We can't do a CVL (creditors voluntary liquidation) because the company would go back to Mr Mileson.

"I can't go down that route.

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

"Each club in the SPL has a golden share.

"The SPL has agreed to allow me to use the golden share and I can ask to have it transferred into a new company."

Mr Elliot said the 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.

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

But Mr Elliot insisted to had has not heard from or seen the Cumbria-based millionaire.

He told creditors: "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.

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

"He has put £8million 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."

Mr Elliot added that Mileson had converted £6million of his investment into shares and another £1.8million into a loan which he is listed being owed on the club's creditors' list.

Mr Elliot has urged potential buyers to come forward with firm proposals to take on Gretna who have debts of up to £4million.

There are four interested parties but none of them had made a bid.

He added that there was enough cash left to see Gretna through until next Saturday, May 17.

After that the door will be permanently closed.

Gretna travel to play St Mirren on Saturday, their second last game of the season with their potential last game against Hearts on Tuesday night.