The Glasgow-based club finished third in Scotland’s top flight in 1961, but by the end of 1967 the club had folded. By the time of their demise the Thirds had slipped down a division and a Board of Trade inquiry declared the club bankrupt, leading to liquidation amid allegations of boardroom corruption. The club has recently been re-established as an amateur side playing in the Greater Glasgow Leagues.
The Diamonds had secured back-to-back Scottish Challenge Cup successes in 2001 and 2002 and narrowly missed out on promotion to the SPL in the latter season, but it was not enough to save them as huge debts saw them go out of business. After unsuccessfully attempting to regain entry to the SFL as Airdrie United a deal was struck to take control of Clydebank, who were also struggling financially. The club was relocated, renamed Airdrie United and currently play in the Scottish Second Division.
Brooks Mileson’s investment saw the club rise from the Third Division to the SPL in consecutive seasons between 2004 and 2007, as well as lose the 2006 Scottish Cup final on penalties to Hearts. But when Mileson was admitted to hospital with a brain infection early in 2008 - he died later that year - his financial support was withdrawn, leaving the club in difficulties it could not extricate itself from before being liquidated in August. The club’s supporters’ trust founded a new club, Gretna 2008, later the same year, who play in the East of Scotland Football League.