GLASGOW (Reuters) - Debt-ridden Scottish Premier League (SPL) club Gretna confirmed on Monday they were going into administration, a move that will trigger a deduction of 10 points.

"(Owner Brooks Mileson's) financing has enabled the club to achieve unprecedented success in Scottish football," said a statement on the club's Web site (www.gretnafootballclub.co.uk). "However, due to ill health, he is currently not in a position to facilitate further funding.

"Following a board meeting on Friday the directors passed a resolution to place the club into administration and a ‘formal notice of intention' was filed in the Court of Session in Edinburgh this morning. We anticipate administrators will be appointed in the next few days."

The SPL said the points would be deducted when the adminstrators were appointed.

"If an SPL club is the subject of an insolvency event, a 10-point deduction would apply immediately," a spokesman told the SPL's Web site (www.scotprem.co.uk). "The club would also be embargoed from signing any new players.

"The notice of intention to appoint an administrator alone does not trigger the sporting sanctions, it is the actual appointment of an administrator which does.

"If an administrator is indeed appointed we will seek an early meeting with him or her to discuss the plans for Gretna FC going forward and how we can best support these."

FAIRYTALE STORY

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

In 2002, Gretna were admitted to the league and began an incredible run of promotions three years later to become the first British club to win three titles in a row.

On the way to the top flight, they set records for fastest fourth and third division promotions, highest points and goals scored in the fourth tier, while qualified doctor Kenny Deuchar set a new individual scoring record, with 41 goals in 2004-05.

The club also qualified for the UEFA Cup following their Scottish Cup final defeat, losing to Irish side Derry City in the second qualifying round.

They gained promotion to the SPL last season. They are currently bottom, 11 points adrift, and have debts of around four million pounds ($8.08 million).

(Additional reporting by Martyn Herman, editing by Pritha Sarkar, Trevor Huggins and Padraic Halpin)