Soccer-SPL may step in with a loan to stop Gretna from folding

By Kenny MacDonald

GLASGOW, March 8 (Reuters) - The Scottish Premier League could offer Gretna a loan to stop the club going out of business in their first season in the top flight and sending Scottish soccer into chaos.

Gretna, who formerly played in senior non-league soccer in England and were admitted to Scottish senior football six years ago, are struggling with debts of more than 4 million pounds ($8 million) and could become the first senior Scottish side to fold since Third Lanark in 1967.

If that happened, the league table would have to be re-cast as their matches would be expunged from the records. Rangers' current four-point lead over Celtic in the title race would be cut to one point if results against the club were annulled.

Issues involving European places, relegation and promotion would also be affected. Gretna are bottom of the SPL with only four wins from their 28 matches.

However, SPL secretary Ian Blair was quoted by Scottish media on Saturday as saying the SPL would help Gretna survive until at least the end of the season.

"We very much expect Gretna to fulfil their fixtures and be there at the end of the season," he said.

"What has happened over the last four years (when clubs have been in financial trouble) is clubs have been able to apply to the SPL for a loan during the season on the basis it is recovered from fees they'd get later on in the season."

Gretna, who have risen through the Scottish league system over the last six years, reached the Scottish Cup final in 2006 before losing to Hearts on penalties.