Published Tuesday, 10 July 2012
Manager Eddie Patterson at the Oval with Glentoran chairman Terence Brannigan (© Pacemaker)
The Oval outfit has signed a handful of players during the close season but it is believed they have not yet been registered by the Irish Football Association.
Among the players who joined the club this summer are Jay Magee, Stephen McAlorum, Mark Clarke, Kevin Bradley and Marcus Kane.
The temporary sanction was triggered after the Glens failed to pay a monthly tax bill.
In a statement Glentoran describe the problem as a "short-term cash flow shortage" which has "caused the club to fall behind in one month's payment to Her Majesty's Revenue and Customs."
Earlier this summer the IFA loaned Glentoran £60,000 to help pay the players' and staff wages.
Boss Eddie Patterson is preparing the squad for his first full league campaign at the Oval, and the club is adamant the transfer situation "is currently being addressed" and "will be rectified".
"Our manager Eddie Patterson has been kept fully informed by the Board throughout this situation," the club said in a statement.
The club also hit out at negative newspaper reports.
"It is disappointing that the progress which all at our club are working hard to establish is continually being undermined by press scrutiny and speculation.
"This is especially so when other clubs have been subject to similar sanctions in the recent past and yet have not been the subject of any such press scrutiny or comment."