Gretna Chief Mileson Is Deep In Debt

Mar 9 2008 By Charles Lavery

Exclusive Football Tycoon Owes Bank £370,000 One Company Bust, Another Two On Edge

CRISIS-HIT Gretna FC owner Brooks Mileson is s370,000 overdrawn - and two of his firms face being struck off.

A third company with Mileson as a director went bust last month.

The seriously-ill tycoon, who bankrolled Gretna's fairytale ride to the SPL, is suffering a personal cash crisis and his club is on the verge of going to the wall. The news follows crisis meetings with administrators amid speculation they will not be able to complete this season in the SPL.

Mileson's Barclays bank account at his branch in Middlesbrough is said to show the deficit of s370,000.

The crisis flared last month when Mileson, 60, was rushed to hospital with a brain infection. The 100-a-day chain smoker is recovering at home.

Players and staff were not paid because Mileson was too ill to sign their cheques - and no one else at the club had the authority to do so.

Last month a Mileson company - clothing firm Crest Identity - appointed the same administrators working with Gretna after they hit financial difficulties.

Two more of his companies are set to be struck off by Companies House.

Topup Insurance Service Ltd has failed to produce accounts since June 2006, while Forgehouse UK Ltd has filed no accounts since April 2006.

If they are struck off, the assets and any cash can be confiscated.

Mileson is a director of 19 firms, has resigned from a further 32 and has seen 29 of his companies dissolved.

But we can reveal ALL his companies are overdue with accounts.

Mileson was not available for comment yesterday but his son Craig, also a Gretna director, said: "It's my father's account so I'm not aware of whether that figure is accurate or not.

"My dad has not been putting money into the club because he has been ill. I do expect him to make a full recovery but that is going to take time.

"He has had a brain infection but he hasn't been sent home to die.

"We are having meetings on Monday morning and there should be an announcement at that time.

"He hasn't been able to think about the club or business at the moment. As far as I am aware, there is no problem with family finances or businesses."

Gretna FC Supporters Club chairman Craig Williamson said: "We have been kept in the dark.

"We are only concerned with Brooks Mileson getting back to full health and Gretna FC playing their football in Gretna, not in Motherwell.

"The SPL was fun while it lasted but we need to get real.

"Who knows, maybe s372,000 to Brooks is like you or I being s300 overdrawn?"

Mileson made his fortune selling Arnott Insurance for s17million and Albany Vehicle Rentals and Claims Management for s46.8million.