Coventry have had their transfer embargo lifted by the Football League who have now signed off the club's accounts.
The Sky Blues were placed under a temporary embargo in March after failing to file their accounts on time and have subsequently missed out on several transfer targets.
Chief executive Tim Fisher told the club's official website: "This is positive news for the club on many levels. In short, the lifting of the embargo means that the club can start to move forward with plans we have for the new season.
"We now move on. Recently, whomever I have spoken to or met, has asked the same, simple question - when is the embargo going to be lifted?
"Everyone has recognised that to move forward, we need to start trading again. Lifting the embargo will provide a big boost for everyone at the club.
"Andy Thorn and Steve Waggott can now push on with implementing the squad plans they have worked so hard to put together in readiness for this decision."
Coventry were relegated to npower League One at the end of last season.
PA
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies