The club has applied to go into interim administration and the court of session will appoint someone to run the club. There will be redundancies, on and off the field. The current board is putting the club up for sale. John Boyle has invested around £11m in the club and is writing almost all of it off. At the end of his speech, Boyle was almost in tears. Eric Black and Pat Nevin will both resign, leaving Terry Butcher in charge. It should be understood that this is not the end of the world. The club will be virtually debt free and it is hoped a 'community based initiative' will take over.
LATEST (1.13pm): Radio Scotland now says that it is Black and Nevin leaving. There was no mention of Butcher although an earlier report said he was leaving as well. It is believed that Black will join Gary McAllistair at Coventry in the immediate future.
Eric Black at training 23/04/03
Which brings us nicely to the subject of our liquidation. A source from within the club has confirmed this to us but details were scarce. We have a reporter attending the 1pm press conference and we will bring you the news as soon as we have it. Keep checking this page.