Blackburn Rovers can buy players again after their transfer embargo for breaking Financial Fair Play rules was lifted by the Football League.
The Lancashire side, along with Leeds and Nottingham Forest, were placed under the embargo in December 2014.
It means Rovers will be able to sign players for a fee when the January transfer window opens.
"It's a building block and one little stage in trying to rebuild this club," said boss Paul Lambert.
He told BBC Radio Lancashire: "Everybody behind the scenes, the board, staff and especially the owners, deserve a lot of credit.
"We won't be able spend massive millions because we're out of the embargo.
"Because one thing is for sure, certainly we don't want to be in this position again."
In October, Blackburn managing director Derek Shaw said they could be "one sale away" from an FFP exit. In a statement, the club said the board of directors and owners had been working closely with the Football League.
To adhere to FFP this season, losses at a Championship club can be no more than £5m, with a maximum of £3m funded by shareholders.