Clyde have been fined £2,500, suspended until the end of next season, and warned over their future conduct after admitting a breach of rules over a missed payment to HMRC.
Earlier this week the club revealed it had inadvertently missed a payment of £3,320 to HMRC in November, meaning that players signed since then were ineligible.
During the January transfer Clyde brought in four players - striker John Gemmell from Albion Rovers, former Livingston midfielder Ross Millen, Annan Athletic forward Jamie Watson and defender Scott McMann on loan from Hamilton Accies. Millen played in the 2-0 defeat at East Fife at the end of January.
After admitting the payment blunder Clyde stressed that they were now fully up to date with all HMRC liabilities but had to wait until the matter was discussed by the SPFL at a disciplinary meeting on Wednesday
They have now cleared Clyde to play their new recruits but have imposed the fine and warned the club against any further breaches.
It was accepted that Clyde’s breaches of SPFL rules had been inadvertent and that they had gained no sporting advantage from playing Millen against East Fife.
An SPFL spokesperson said: “The breaches related to late payment of monies due to HMRC, which created an ‘Event of Default’ under SPFL Rules.
“This Event of Default should have been, but was not, notified to the SPFL.
“Clyde FC registered two players and played one of them, Ross Millen, in a match on 30 January, notwithstanding the Event of Default, thereby creating further breaches of SPFL rules.
“Clyde FC lost the match in question and have gained no sporting advantage. The club was not aware of the Event of Default having occurred until after the match and since then has not played either of the players.
“Clyde FC admitted all alleged breaches of SPFL rules.
“The SPFL Board sub-committee found that all breaches were inadvertent and had arisen as a result of extraordinary circumstances affecting the club and one of its directors at the relevant time.
“Clyde FC were censured, warned as to their future conduct and given a £2,500 fine suspended until the end of season 2016/17 (to be activated in the event of future breaches of SPFL Rules in this area).
“At an SPFL Board meeting following the sub-committee hearing, the ban on Clyde FC registering any new players and on playing those players registered since 16 January 2016 was lifted with immediate effect.
“Clyde FC was reminded of its rights of appeal in terms of the Scottish FA Judicial Panel Protocol.”
A club statement posted on Clyde’s website on Wednesday night said: “The club is pleased to advise that the outstanding player registration issues have been resolved and all fit players will be available for selection with immediate effect.”