By Mat Collis: Port Vale FC have been handed a winding-up petition by HM Revenue and Customs over an unpaid tax bill.
Vale, eighth in League Two and two points behind the playoffs, were placed under a transfer embargo after failing to repay a monthly instalment of the £2.25 million loan to Stoke-on-Trent City Council.
Vale have asked the council for £300,000 to help keep the club afloat after failing to pay the players wages for February.
Following the resignation of former chairman Peter Miller, the club has been running without the required four directors needed by law.
It’s now likely the club will be forced into entering administration, which will mean a 10-point deduction, dropping them down to 16th in the table.
Vale defender Gareth Owens told BBC Stoke: “It’s a terrible time. At the minute we don’t see any light at the end of the tunnel.
“This is League Two and you live hand to mouth. It’s a worrying time for everybody.
“We had no idea at all [that we would not be paid] which is the most frustrating aspect for the lads and has made them very angry.”
Vale boss Micky Adams added: “I’m massively disappointed with what’s going on. I think it’s going to get worse before it’s going to get better.”
Vale must hope the council agrees to help the club and place them into administration.