Not yet... but very nearly.
They have GBP27m in debt booked to their accounts- and will add much more this season as their early departure from Europe ensures they will lose a bundle.
They are owned by a company called Murray International Holdings who are in desparate trouble. The holding company has debts of GBP770m and are having to borrow the money to pay the interest on their debt.
With its major investments in steel, UK property, and a Scottish football team... and all of these sectors being in major distress- the future of MIH depends upon the generosity of the banks in not calling in loans. A long recession through all of 2009- and MIH could close its doors.