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.