Port Vale are set to go into administration for the second time in just over eight years.
The npower League Two club was placed under a transfer embargo towards the end of last month, which prevented Chris Birchall from making his return for his hometown club against Northampton on February 25.
An unpaid Income Tax bill has led to a number of creditors contacting the Vale Park club, including Stoke City Council - who have a loan worth £1.8million outstanding with the club.
A statement on the club's official website, www.port-vale.co.uk, said: "An application for an administration order has been made to the High Court in Birmingham today (Tuesday) to appoint Bob Young, Steve Currie and Gerald Krasner of Begbies Traynor as joint administrators of Port Vale (Valiant 2001) Football Club Ltd from Friday 9th March 2012."
The statement continued: "Our first priority is to look at every aspect of the operation of the business in order to stabilise the business and allow the club to remain trading until at least the end of the season.
"This can only be done by reducing all outgoings and costs in a considered and organised manner until they are covered by the known income that will be generated by the club over the coming months until the season ends in May.
"Once the initial exercise of establishing the business has been completed, we will be looking to initiate conversations with potential buyers for the club, and hope that this process will deliver an offer that can be considered by the creditors of the company.
"During the course of our duties, we will establish the underlying reasons for the failure of the business and we will investigate any matters that are brought to out attention."
Vale have put themselves in contention for a play-off place in recent weeks on the strength of a seven-match unbeaten run.
However, the 10-point penalty that accompanies administration would end their promotion hopes, although the club would not be in any immediate danger of being dragged into a relegation battle.