Over two weeks have passed since the transfer window commenced and after witnessing several Blackburn Rovers departures, the demand for incomings has yet to be satisfied.
It's now been two months since Rovers posted their 65-word response to the allegations of a transfer embargo and while the club's parent company Venky’s London Limited submitted their accounts for the year leading to March 30 - declaring losses of almost £21m - we have yet to witness the club accounts, with the submission deadline of June 30 looming.
So while Rovers have not formally declared their EFL player registration embargo, Tony Mowbray and his recruitment staff will be limited in their ability to acquire new signings and replace those that have left the club.
What do Rovers need to do then, exactly? And what are the repercussions if they don't submit their accounts on time? We've tried our best with an explainer for you, if you need it.
Why are Blackburn Rovers under a transfer embargo?
Rovers have not yet submitted their 2019/20 accounts to be ratified by the EFL after the March deadline, and their embargo will remain in effect until they do.
If it cushions your bewilderment, Rovers were far from the only club to be late submitting their figures this year. Although the league required them in March, the filing date for all companies' accounts has been extended by three months by HMRC and a number of clubs took up the option to do that knowing that their respective embargoes would be inconsequential outside a transfer window anyway.
Cardiff City, Huddersfield Town and Luton Town were among the Championship clubs placed under embargo along with Rovers back in April but all three have declared their accounts and been active in the transfer window.
For any company, regardless of industry or size, failing to file your confirmation statements, annual returns or accounts is a criminal offence - and directors or LLP designated members could be personally fined in the criminal courts.
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Will there be any further ramifications should Rovers not submit their accounts on time? Under Section 4 of the EFL regulations, part 16.7.2 states: "The club will be subjected to a registration embargo such that it shall not be permitted to register any Player with that Club without the prior written consent of The League until such time as the breach identified by Regulation 16.6 (late filing of accounts) has been rectified in its entirety to The League’s satisfaction."
So, a delay in filing of accounts is minimal in terms of financial punishment.
Does the transfer embargo mean Rovers can't sign any players?
Unless the embargo is being imposed for anything different than the late filing of accounts, Rovers can still operate in the market.
They are not allowed to pay any transfer fees but they can still make free signings and loan signings to make up their squad numbers to 23 'established' players - as long as they can prove the wages they are offering are 'reasonable'.
How the EFL define 'reasonable' is unclear but given Derby County have been in a similar position for most of the past 18 months - filing late accounts is seemingly standard procedure at Pride Park - the Rams have been able to operate on those terms, so we can only imagine a fairly broad interpretation of what is 'reasonable' is being applied.
And if you're to take into account that the vast majority of transfers in the Championship over the past 11 months have not involved a transfer fee, and Rovers intent to explore the free agent market, the actual embargo itself may not effect Rovers as much as the term might imply.
When will Rovers' embargo be lifted?
In principle, it should be removed as soon as the club submit their accounts to the EFL, after which (or concurrent with which) one would imagine they are also likely to submit them to HMRC.
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That would ensure that the accounts for 2019/20 are available to the public via Companies House and should give us a better understanding of the club's financial position in response to the coronavirus pandemic.
Can we expect Rovers to make signings once the embargo has been lifted?
Well Rovers certainly require additions and given the club have been scouring free agency and the loan market given their finite resources, the lifting of the embargo might not actually make any practical difference.
But if the club are keen to pursue a potential target that requires a transfer fee - say Harry Pickering, for example - then the embargo would prevent them from proceeding with any deal.
Rovers are far from alone in not having announced any summer signings at this stage and every club are counting their pennies after a year of severed revenue streams - even when Rovers profited a healthy sum from David Raya's promotion clause.
In light of departures for Lewis Holtby, Corry Evans, Elliott Bennett, Stewart Downing and Charlie Mulgrew, Rovers have significantly trimmed their wage bill, so there is plenty of room for the club to manoeuvre without worrying about budget limitations.
Why have they not made any signings at this stage then? That hinges on how the club are approaching the market and potential targets. They have fielded enquiries over potential loan signings, although most parent clubs are keen to assess their squad in pre-season before sanctioning loan deals. One thing is for certain; the club's continued silence over these matters do very little to aid the situation.