Exeter City will be unable to make any new signings until August after the club took out a loan from the Professional Footballers Association.
The League Two club is now under a transfer embargo until it pays the £100,000 loan back.
"The intention is for it to be repaid at the start of August," Exeter chief executive Guy Wolfenden said.
Paul Tisdale released seven players last month after the club's playing budget had been cut.
A main contributory factor to the club needing the loan was the postponed match with Wycombe on New Year's Day, which cost the club on day-to-day overheads due to the re-arranged fixture.
