Sheffield Wednesday have claimed they will not be placed under a transfer embargo until their dispute with the English Football League is resolved.
The club issued a claim against the EFL after being charged over the sale of Hillsborough to owner Dejphon Chansiri.
The £60m sale helped them post a pre-tax profit of £2.5m in 2017-18.
"The club is proceeding with its arbitration claim against the EFL that the charges issued by the EFL are unlawful," read a statement.
"No step will be taken in the disciplinary case, if at all, until the arbitration is resolved. The club can confirm that it is not under embargo."
An EFL spokesman said the league considered the club's claim "to be entirely without merit" and was "seeking an early determination to enable the disciplinary proceedings to continue".
"As we have indicated previously it would therefore be inappropriate to make any further comment on this matter or related matters other than to reiterate, once again, that the EFL's robust and comprehensive investigation fully justified the issuing of multiple charges of misconduct," the spokesman added.
The EFL charges, announced in November, are over the Owls' sale of their ground to try and avoid breaking spending rules.
They relate to "how and when" Hillsborough was sold and its inclusion in the Championship club's 2017-18 accounts.
Wednesday have denied the charge, which will be considered by an independent disciplinary commission.
If found guilty, Wednesday face "any sanction" under EFL regulation 92.2, including a possible points deduction or financial penalty.
Garry Monk's side are currently pushing for promotion to the Premier League - they are fourth in the Championship table after 24 games.