WANDERERS have been placed under a transfer embargo by the Football League after the club was unable to submit a Financial Fair Play return for the 2014/15 season.

The club’s ongoing ownership problems have left it unable to file the relevant paperwork for FFP, meaning they are now unable to sign new players.

It is understood that free transfers could still be signed, on proviso that the player’s salary falls under a particular level set by the Football League, and that loan players also fall into that category.

Should new ownership be established in the coming weeks it is also expected the embargo could be lifted quickly – which means the Whites could yet bring in fresh faces in January.

The problems have arisen because directors at Wanderers are unable to provide guarantees to the Football League about the club’s finances for the New Year.

Finance Director Anthony Massey explained: “The club were unable to submit an FFP return to The Football League. The board have been unable to sign off the annual report and accounts for the financial year ending June 30, 2015 during the current financial difficulties the club are experiencing.

 “This is especially disappointing as, based on our draft financial results for the year ended June 30, 2015, we believe we would have achieved FFP.

 “Until both the short and longer term funding issues the club are currently facing are resolved, the directors will not be in a position to sign the accounts.”

A statement released by the Football League added: "Bolton Wanderers did not submit an FFP return owing to the club’s ongoing financial difficulties. As a result, the club will not be permitted to sign any players until it has complied with its obligations under the Championship’s FFP regulations."