With Gretna Football Club possibly ceasing to exist by lunchtime today, what would their demise mean for the rest of the Scottish league?

There are three possible endings to the fairytale': 1) A millionaire pays off all the debts and Gretna are relegated but continue in the Scottish Football League.

2) The club are bailed out by the SPL until the end of the season before being relegated, then another club does an Airdrie United'; paying off their football creditors, buying their assets and taking their place in the first division.

3) Gretna cease to exist and a new club comes into the third division next season.

One bookie's PR stunt of Gretna at 25,000/1 to win the Champions League by 2020 seems a better bet than the first scenario. The last seems the most likely.

Some big decisions need to be made and reorganisation of the league ladder would need to be swift. Relegation from the first and second Divisions might be suspended for a year, or a two up, one down' scenario, abandoning the play-offs, could be set up.

Applications would then be welcomed for the vacancy in the third division. In the past decade and a half this system has brought Inverness Caledonian Thistle, Ross County, Peterhead, Elgin City and Gretna into the league.

Previously, sides such as Cove Rangers, Huntly, Gala Fairydean and Edinburgh City have expressed an interest.

Other potential applicant might include Spartans, Pollok, or Linlithgow Rose. The plaudits drawn by Rose in the Scottish Cup this season, and their impressive support, suggest they might be early favourites.

The second possibility, a takeover along the lines of Airdrie United/Clydebank, would allow an ambitious club to bypass the bottom two divisions. First, though, Gretna would have to survive until the end of the season.

In 2002, after the demise of Airdrieonians, a consortium took over Clydebank, moved the club to the Shyberry Excelsior Stadium and renamed the side Airdrie United. Effectively, they bought' Clydebank's place in the second division.

It was not chairman Jim Ballantyne's first choice and he was quick to emphasise the difference between that situation and Gretna's.

He said: "We were lucky to have the backing of our fans, as were the likes of Dundee and Motherwell, who did all they could to save the club.

"Unfortunately for Gretna, they don't appear to have that hardcore and as a consequence they will be in real trouble.

"Taking over Clydebank was morally and financially difficult but the alternative was not an option. They had agreed with their creditors a package and all it required of us was to provide a cheque. With the backing of our fans we were able to do this."

With average crowds of 2516 in the first division, any club wishing to come in would need to be an established one.

The cost would also be prohibitive. Any club with designs to take over Gretna would have to buy their fixed assets and pay off their football debts. Their football creditors are believed to include former managers Rowan Alexander and Davie Irons, current and former players, as well as other clubs and the league.

With these costs thought to be up to £1.25m, it's improbable a non-league club would be able to produce the necessary funds.

The most likely scenario is that the third division will have a new member next season.