Runaway Championship leaders Burnley have been placed under a transfer embargo.
The Clarets, who sit 13 points clear at the top of the table and look assured of an immediate return to the Premier League, claimed in a statement that the situation should be quickly resolved.
Burnley blamed the late submission of their accounts because of a change in auditor for the sanction imposed by the EFL.
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A statement on the club website read: "We would like to share with our supporters the disappointing news that the EFL are placing the club under an immediate transfer embargo.
"We believe transparency in these matters is paramount and we want to explain why this has happened.
"In our continued efforts to improve and move forward Burnley Football Club we made the decision to change our auditors in November and the transition has taken longer than we anticipated.
"We can confirm that we have provided draft accounts and financial information to the EFL’s Club Financial Reporting Unit and we continue to have regular dialogue with the unit to ensure we remain as open and as transparent and answer any questions the League may have.
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"We believe the EFL will have no issue with the detail of our accounts other than their late submission and fully understand and support their position and efforts to sanction any club who fails to comply with any of their regulations.
"Both the club and our new auditors are confident this can be resolved swiftly and we hope our submission will be made next month, at which point the embargo will be lifted.
"We once again wish to assure supporters this will have no detriment to the ongoing success and development of the club as we move forward."
Burnley now face a race against time to ensure the embargo is lifted before the transfer window reopens at the end of the season.
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