Cash-strapped Port Vale have had their application to go into administration accepted.

Vale are reportedly �2.4m in debt and losing around �500,000 a year and the Inland Revenue and Custom and Excise are owed �600,000.

The Professional Footballers' Association have given the administrators a loan of �34,000 to help the club on a short-term basis.

And the move into administration will shield the club from its creditors while it searches for a buyer.

Vale are now in the hands of Ian Rose and Bob Young from accountants Poppleton and Appleby after the application was accepted by the High Court in Birmingham.

Supporter-based buy-out group Valiant 2001 are hoping to take over the club but the club's administrators are likely to wait to see if there are any rival offers.

Two other parties have already expressed an interest and the club is expected to be advertise for other bidders in the national press on Tuesday.

Port Vale are required to reappear in court on 3 February for a second hearing.