Gretna's players have been told they can leave as the club struggle to field a team for Saturday's trip to Aberdeen.
Only 10 players have made themselves available for the Aberdeen game with serious concerns raised over payment and insurance.
"As of today, we don't have a team for Saturday," said Elliot.
"I can't insist that the players play if they haven't been paid and I can't pay them on Monday either.
"Failure to play on Saturday would mean we are in breach of league rules and would leave us open to be fined and face other penalties.
"Unfortunately we are running out of time. The club needs a benefactor, who, week-in and week-out, is going to fund it."
However, Aberdeen are confident that the game will go ahead.
"Following intensive discussions involving the SPL, the administrator and ourselves, we were told that the governing body expects the match to be played as scheduled on Saturday at 3pm," said a Dons spokesman.
If Gretna fail to fulfill their remaining SPL fixtures, there is a possibility that all points from the games they have been involved in would be removed from the standings.