Elliot opened the sale of the stadium and land to non-football purchasers after a rescue package fell through following the club's demotion to the Irn-Bru Third Division on Thursday.
Elliot, of Wilson Field, now expects the Scottish Football League to expel the club after he could offer no guarantees they will complete their fixtures next season.
He told BBC Sport: "They still are in the Third Division of the SFL but that is going to change within days, just as soon as the formalities are completed.
"I'm not thinking of formally putting it into liquidation because there may be some tax reasons for actually selling the ground in administration."
"But in effect there will be no trading. That's it."
Gretna's future looked doomed as soon as SFL members voted at their AGM on Thursday to relegate them a further two levels following their bottom-place finish in the top flight.
Paul Davies, a football agent fronting the consortium that had made a late bid, then withdrew as their business plan was based on First Division football.
The SFL had given Gretna until the "very early part" of this week to sort out a takeover but that proved not possible.
A statement from Wilson Field on Monday afternoon read: "In the circumstances we anticipate losing Third Division status and our agents have been instructed to also consider offers for the ground from parties outside football."
While the club still exist in name alone, a benefactor would need to emerge out of the blue within days to maintain their league status.