SFL president Brown McMaster has admitted that the Gretna liquidation saga will leave the losing finalists in this weekend's Irn-Bru First and Second Division play-offs in limbo.

After a meeting of Gretna's creditors yesterday, David Elliott of the club's administrators, Wilson Field, confirmed that a May 17 deadline has been slapped on any takeover bid if the club are to avoid being plunged into oblivion.

Gretna are understood to be well in excess of £3million in debt with assets of just over £800,000.

Although there are understood to be four parties interested in taking over the Raydale club - East of Scotland league outfit Spartans, Highland league side Huntly, a consortium headed by the agent Paul Davidson and an Irish-based bidder, it is now looking increasingly doubtful that any of the four will want to take on the residual level of debt.

McMaster admitted: "Obviously the Gretna situation impacts on the losing finalists over the weekend and that is extremely harsh on them.

"But the bottom line remains that if Gretna go under then both teams who come off second best this weekend will play First and Second Division football respectively along with the winners of both their finals.

"In terms of planning for next season and budgeting for what type of player they can attract, never mind in the case of the First Division final whether the losing team can stay full-time or not, that is going to make it a tense time."

Meanwhile, ambitious Irn-Bru Third Division side Dumbarton are understood to have agreed terms with Partick Thistle target man Paul Keegan.

The 35-year-old passed a medical at the Strathclyde Homes Stadium and is now set to spearhead the Sons basement promotion push after being released by Jags at the end of the season.