Notts County do not expect their transfer embargo to be lifted in time to make any new signings this season.
County have met with the Football League in an attempt to get the embargo lifted but chief executive Jim Rodwell says the tax debt and the club's wage bill remains an issue.
Rodwell told the Nottingham Post: "I can't see it being lifted before the end of the season because we cannot trade out of the club."
It means the Magpies must complete the campaign with a squad of only 17 players but Rodwell believes they can still win promotion.
He added: "I think we have got the best players in the division. We just have to hope we don't get too many injuries or suspensions."
Notts have loaned Johnnie Jackson to Charlton - who are paying the midfielder's wages - but are unable to sell players to cut their wage bill as the transfer window is closed.
The club were hoping to bolster their squad with loan signings to maintain their promotion challenge over the final two months of the season.
New owner Ray Trew paid off a £374,000 tax bill last week to stave off a winding-up petition from HM Revenue and Customs and he has struck a deal to pay the outstanding debt in monthly instalments over the next 12 months.
However, the Magpies still owe the Inland Revenue £600,000 and their wage bill breaks the 60% salary-cap for Coca-Cola League Two clubs.
Rodwell continued: "Our salary cost-management is way out of kilter. The money we owe the Inland Revenue is still a problem too, even though we have paid off the money relating to the winding-up petition and agreed the payment of the rest going forward."
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