Mike McGinnity told the CET: "Money is still very tight at the moment and there is no more money available to buy players because the bank have now come in and said that because of our cash-flow down the line, we can't spend any more money.
"We can bring in players on loan and I know Peter wants to bring in a couple more - another forward and a centre half - which we have given him permission to do, but we haven't got any money for transfers."
"Peter has been absolutely superb in his attitude and what he has got to make do with at the club," said McGinnity who admits he is far from happy with recent results - a matter he has discussed with the manager.
"If some of the things come to fruition with a number of transfer payments that are conditional on appearances on some of the deals we have done, then there could be further funds relieved further down the line.
"Results have not been good enough and Peter knows that. Graham Hover and I spoke to Peter two weeks ago and we fully understand his predicament that he hasn't got the money that we thought we would have to spend following the sale of Calum."