A statement on Vale's website said: "An application for an administration order has been made to the high court in Birmingham today [Tuesday] to appoint Bob Young, Steve Currie and Gerald Krasner of Begbies Traynor as joint administrators of Port Vale from Friday."
Young said: "Our first priority is to look at every aspect of the operation of the business in order to stabilise the business and allow the club to remain trading until at least the end of the season. This can only be done by reducing all outgoings and costs in a considered and organised manner until they are covered by the known income that will be generated by the club over the coming months until the season ends in May.
"Once the initial exercise of stabilising the business has been completed, we will be looking to initiate conversations with potential buyers for the club, and hope that this process will deliver an offer that can be considered by the creditors of the company."
On the pitch Vale have been in great form - they beat local rivals Burton 3-0 on Tuesday to move within 2 points of the top six. The inevitable 10 point deduction will see them drop into mid-table and probably kill off any promotion hopes.