Port Vale transfer plans scrapped - Adams

Micky Adams' Port Vale are currently 13th in League Two

Port Vale manager Micky Adams has revealed that promised transfer funds have not materialised.

He was told by former chairman Peter Miller that money would be available to spend in the transfer window.

However since the collapse of a major investment deal and the subsequent termination of Miller's contract it now appears that will not be the case.

"I was told to identify players that I wanted but that's now hit a red light," Adams told BBC Radio Stoke.

"There won't be any players coming in in January."

The Vale manager added that the lack of funds is likely to mean that he can not extend the loan deals of Stevenage striker Guy Madjo and winger Jennison Myrie-Williams.

"Unless the situation changes dramatically in the next 48 hours we'll have to say goodbye to the loan players as well," he continued.

Vale's financial situation worsened over the Christmas period when, prior to the 2-1 victory at Hereford on Boxing Day, the club announced that they had taken out a short-term loan to help with the day-to-day running of the club.