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

The administrator has been given power over the club's "golden share" in the 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 officials following negotiations on the club's future. He said doing that would avoid the club, which has debts of up to £4m, going back under the control of former 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."

Any potential buyer would purchase Gretna's Raydale Park ground, which is valued at £800,000. "That company would pay for the ground and then the money would go back to the creditors," said Elliot.

Creditors have questioned the lack of information coming from Mileson, whose illness and withdrawal of funds in March plunged Gretna into crisis. But Elliot insisted he has not heard from or seen the Cumbria-based millionaire.

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

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

Elliot added that there was enough cash left to see Gretna through until next Saturday, May 17. After that the door will be permanently closed. So far four parties have shown an interest in taking over the club, but none has made a bid.

Gretna play St Mirren today with what could be potentially their last game against Hearts on Tuesday. Club captain Paul Murray, who returns to the side today, admits virtually everyone at Gretna expects the club to go out of business next Saturday.

He said: "We always knew we would get paid up until that date. The majority of the lads think it will close on that day, that seems inevitable now."

St Mirren still have something to play for this afternoon, according to David Barron. "We want to get the points and move above Inverness. If we finish in ninth that would show that the club is going somewhere. Then we could build on that for next season."