Port Vale have entered administration for the second time in nine years, Stoke-on-Trent City Council have confirmed.
An unpaid Income Tax bill has led to a number of creditors contacting the club, including the council who have a loan worth £1.8million outstanding.
And after an application by leader Mohammed Pervez to the High Court in Birmingham on Tuesday, Vale have gone into administration, leading to a 10-point deduction from the Football League which ends their hopes of a promotion push in npower League Two.
A statement from Stoke-on-Trent City Council read: "Mohammed Pervez, leader of Stoke-on-Trent City Council, has today confirmed that the High Court in Birmingham has granted the council's application to place Port Vale (Valiant 2001) Football Club Limited in administration.
"As previously stated the administrators will be Begbies Traynor."
Bob Young, of Begbies Traynor, is confident the club will be able to find a buyer and has revealed there are already three potential purchasers.
"People know we have a great manager and a good team for this division. I am hoping that will be attractive," he told the Stoke Sentinel.
"I am expecting the same level of interest as last time. The trick is to filter them. I have to get the best price, but also find someone who can run the club properly. I don't normally look for repeat business.
"The important thing is that myself, Begbies Traynor and the city council are determined to preserve this as a football site for the northern part of Stoke-on-Trent.
"We are not looking for houses to be built here."
Vale's 10-point penalty will see them slip from ninth in League Two to 15th.
Their players have not been paid last month's wages but have received a hardship payment.