Gretna's administrators have axed the entire staff of the club including the remaining players.

The staff were summoned to an 11am meeting with administrator David Elliot of Wilson Field Ltd, where the news that money has run out was confirmed.

There remains a glimmer of hope for Gretna, who have been relegated from the Clydesdale Bank Scottish Premier League, with one potential buyer still looking at the club.

Director of football Mick Wadsworth, who loses his job, said: "All the staff have been made redundant this morning.

"We're told there is still one interested party, but because there are no funds at the moment to carry on then everybody has been made redundant.

"So the assumption from that, for most of us, is that it's the end of the line regarding employment at Gretna."

Gretna could still take their place in the Scottish Football League next season, if a quick sale can be achieved and the club can be revived.

A statement from Elliot confirmed: "A prospective purchaser has contacted us this morning and confirmed that he is still in negotiations with the SFL with a view to obtaining entry into the First Division."

The statement continued: "The staff and players have today been made redundant.

"The joint administrators thank all concerned for their support and wish everyone well in the future."

Wadsworth, who had also been operating as caretaker manager since former boss Davie Irons quit to take charge at Morton, admitted today's announcement was a huge blow to followers of the club.

"It's a big shock to the people that have been here a lot longer than I have," he said.

"It's a shock to the players that have got contracts, not only for the rest of the season but for next season.

"And it's a shock I'm sure to the local people for whom the club is very, very important. For that group of supporters and certainly the workforce that are local, it's very, very difficult."

Wadsworth believes Gretna will face a struggle to get up and running in time to feature in next season's SFL.

"I think it will be right to say it's against the clock, because the SFL will have to work on their fixtures," said Wadsworth.

"If Gretna are not there they have to look at the numbers in the league, so on and so forth.

"So I think there are a lot of practical issues.

"One thing we've done, we've shown in the last month that we can make a fist of it, so at least we went out with a little bit of credit."

Gretna Factfile:

1946: Gretna form and begin life in the Dumfries Junior League.

1947: Move to Carlisle and District League.

1951: Form part of new Cumberland League, which lasts just one season before folding.

1982: Admitted to Northern League Second Division.

1983: Promoted to Northern League Division One.

1991: Claim first championship.

1992: Promoted to First Division of Northern Premier League.

November - Reach FA Cup first round for the first time but lose to Rochdale.

1993: May - Unsuccessfully apply for membership of the Scottish Football League.

November - Beaten by Bolton in FA Cup first round.

1999: Fail in second bid to join the SFL.

2002: June - Successfully apply to join SFL after the demise of Clydebank.

2003: Finish fifth in Third Division as benefactor Brooks Mileson joins the club, promising to take them to the Scottish Premier League.

2004: December - Club set new record of 13 consecutive wins in Division Three.

2005: March - Seal promotion from the Third Division with 1-0 win over Cowdenbeath.

May - Set new points record with 98 in Division Three - the previous record was 80, set by Forfar 10 years earlier.

2006: March 25 - Secure promotion to Division One with a 2-1 win over Alloa at Raydale Park.

May 13 - Beaten 4-2 in penalty shoot-out by Hearts in Scottish Cup final after the game ends 1-1 at the end of extra-time.

August - Lose 7-3 on aggregate to Derry City in UEFA Cup second qualifying round.

2007: March 7 - Manager Rowan Alexander is given leave from the club due to illness.

April 28 - Gretna win title and promotion to the SPL with a 3-2 victory against Ross County on the last day of the First Division season.

July 18 - Davie Irons confirmed as head coach for the new season.

August 4 - Alexander is refused entry to Fir Park for Gretna's first SPL game against Falkirk, which they lose 4-0.

September 22 - Gretna secure their first SPL victory, a 3-2 win over Dundee United.

November 6 - Gretna formally dismiss Alexander who confirms his intention to launch an appeal.

2008: February 12 - The club confirm Mileson has been admitted to hospital, with tests later revealing he is suffering from a brain infection.

February 18 - It emerges players and staff have not been paid, with Mileson too ill to perform his weekly signing-off of the payroll.

February 19 - Irons and assistant Derek Collins resign and join First Division club Morton. Director of football Mick Wadsworth takes over as caretaker manager.

February 21 - Mileson is released from hospital, with club officials expecting a full recovery from illness.

March 10 - Gretna begin formal proceedings to move into administration as Mileson ceases his funding.

March 12 - The club enter administration. Administrator David Elliot, of Wilson Field Ltd, warns Gretna have until lunchtime the next day to find £30,000 or the club will cease to exist.

March 13 - The deadline is extended but Elliot claims theclub's position has "deteriorated". Elliot announces the weekend game against Aberdeen may have to be postponed due to a player shortage. A plea to Mileson for funding fails.

March 15 - The Aberdeen match goes ahead as Gretna secure emergency funds from the SPL. Gretna lose 3-0.

March 20 - Gretna receive cash lifeline from the SPL to enable them to see out the season.

March 26 - Nine senior players, 13 youth-team players, six community coaching staff and a European scout are axed by Gretna's administrators. Two days earlier another player, Fabian Yantorno, had also left the club.

March 29 - Relegation is confirmed as Gretna lose 2-0 to St Mirren at Love Street.

April 5 - Just 431 fans watch Gretna lose 2-1 at home to Inverness.

May 13 - Gretna reach the end of their SPL season, beating Hearts 1-0 at Fir Park with a stoppage-time winner from long-serving midfielder Gavin Skelton.

May 19 - Administrators announce all remaining staff at the club have been made redundant.