BBC Radio Stoke are reporting that Port Vale have been given a transfer embargo by the Football League for an unpaid payment.
The news will be a further blow for the club’s discredited and hugely unpopular board, who are under intense pressure to leave their positions in the boardroom ahead of the forthcoming EGM.
The embargo suggests that Vale’s finances are at breaking point and that administration could be close.
Football finances expert Ryan McKnight told the programme that this is an indication that there are [I]”major issues in their business”[/I] and this is a [I]”serious problem”[/I] for the club.
The news also means that Vale are unable to name Chris Birchall in their matchday squad as the FA have refused to sanction the move.
A club statement confirmed the news adding:
Port Vale Football Club can confirm that he club is currently under a transfer embarg, [OVF editor, I presume that is “embargo”] imposed by the Football League.
This has meant that the club have been unable to complete the signing of Chris Birchall at this time.
The club is unable to go into further details at the moment but is hopeful that the matter will be resolved soon.