Source: Team_Talk
Stanley chief reassures club's fans
The 52-year-old took over the day-to-day running of the club when Eric Whalley stepped down as chairman last week.
The club faced proceedings with a £300,000 tax bill but an agreement was reached with HM Revenue and Customs where the club will pay back the money in 12 monthly installments of around £25,000 each.
O'Neill told the Lancashire Telegraph: "We've an agreement with the tax office and providing we all make the payments on time, there's no embargo.
"We haven't broke any league rules, it's a separate issue. It's any club that now hasn't paid their PAYE, they would be embargoed for that."
And O'Neill is confident the club can flourish once their finances are in order.
O'Neill is set to complete his purchase of a large proportion of Whalley's shares and he admits he has ambitions for his side.
He said: "Once we get on a financial footing, there's no reason why we can't progress a league or two."
