Gretna resigned from the Scottish Football League on Tuesday as the crisis club paid the price for their financial meltdown.

Gretna, who were relegated from the Scottish Premier League this season, had already been demoted from the First Division to the Third Division last week after admitting they may not be able to fulfil their fixtures next season.

Now the cash-strapped outfit, who have been in administration for several months since owner Brooks Mileson withdraw his support, have opted to give up their Football League status.

Gretna have debts of around £8 million (10 million euros) and the decision is the final twist in a spectacular rise and fall for the village team.

Just six years ago Gretna were playing front of tiny crowds but Mileson's cash took them to the heights of the Scottish top-flight and a Scottish Cup final appearance before they crashed back down to earth.

An SFL spokesman said: "I have this morning received intimation from the Gretna FC administrator of their resignation from the Scottish Football League with immediate effect.

"I have accepted this resignation on behalf of the Scottish Football League and accordingly, we now have a vacancy in the Third Division and are seeking applications."