Hamilton Accies, despite Lord Carloway's assertion that they are "absolutely insolvent", are frequently cited as a perfect example of how a modern Scottish football team should be run.

They have recovered from financial peril and possible extinction to reinvent themselves as a viable and worthy addition to the Clydesdale Bank Premier League.

For that, they are grateful to self-made millionaire and the former owner of Cullen Packaging, Ronnie MacDonald. In 2003 he took over a club that had only just escaped relegation to the third division for a second time.

In the five years since then, Hamilton have regained top-flight status and reared a crop of young players who will yield the club a financial windfall when the time is right for them to spread their wings.

James McCarthy, the 18-year-old Republic of Ireland internationalist, is a prodigious talent.

He made his debut under Billy Reid, the Hamilton manager, at 15 and has been coveted by such illustrious suitors as Liverpool and Celtic.

James McArthur, the Scotland under-21 internationalist, has also made an instant impression in the Premier League, attracting interest from both Old Firm teams.

The players have been instrumental in Hamilton's creditable quest for survival in their first season back in the Premier League.

Only recently, Mr MacDonald reiterated to The Herald that he had no inclination to cash in on the club's prized assets, but the club could easily command in the region of £4m for the pair.

Success has been borne out of adversity. Their financial problems culminated in a players' strike in season 1999-2000 and a 15-point deduction and relegation to the bottom rung of Scotland's senior set-up after they failed to turn up for a league match against Stenhousemuir.

Jock Brown, the former Celtic chief executive, pulled out of a proposed takeover, clearing the way for Mr MacDonald to assume control.

The chartered surveyor, who bought Cullen Packaging in 1988, formed Knightswood Amateurs and Knightswood Juveniles, both of whom went on to become successful in their respective echelons.

In 1991, he took over Maryhill Juniors - a club on the brink of extinction - and went on to win three first division titles and three cups as manager.

He was appointed Clyde manager in 1998, appointing his financial director at Cullen Packaging, Allan Maitland, as assistant. They signed 24 players from the junior ranks, re-establishing Clyde as a credible first-division side.

His words upon taking over at Clyde 11 years ago have proven prophetic. "I am disgusted by the state of Scottish football,'' he told The Herald. "There is no window of opportunity for young Scottish players, but I aim to provide one."

Accies are now reaping the benefits of that philosophy on the pitch, if not in the courts of law. But Mr MacDonald is determined to keep up the fight.

He said: "If you get to the bottom line, the only person who can wind up Hamilton Accies is myself. I own 98% of the club, so why in the world would I want to wind up?"

He added that he had been offered a "substantial sum" for the club before Christmas but had turned down the request.

"Why would you spend five years getting the club from the second division into the Premier League just to say now it's time to walk away and go and lie in the sun?"