Update - 10.26pm: The FAI have said that Limerick FC's players will be paid money owed to them by the club tomorrow.
However, the FAI have told the club they cannot sign new players for the rest of the season.
It follows a meeting between the League of Ireland Premier Division and the FAI this evening.
The FAI said: "The Football Association of Ireland and Limerick FC met this evening to address outstanding monies owed to the club's players.
"Following meetings with the FAI and the club over recent weeks, Limerick FC have this evening confirmed a resolution whereby the club’s players will receive monies owed to them by Tuesday, July 17.
"The club have been informed that they will not be permitted to sign any new players for the remainder of the 2018 SSE Airtricity League season."
The FAI said they will continue to work with the club to monitor their financial situation.
6pm: Limerick FC players to ballot for strike action - report
Limerick FC could become the second League of Ireland Premier Division team to go on strike this week.
Their players haven't been paid in a month and will be balloted for strike action tomorrow afternoon, RTÉ reports.
General secretary of the players' union, the PFAI, Stephen McGuinness said: "We have a meeting with the players in Limerick tomorrow to discuss the situation down there, which also looks worrying."
Limerick FC owner Pat O'Sullivan revealed plans to sell the club last January due to being unable to continue funding the club.
Brendan Clarke, Conor Clifford, Mark O’Sullivan, Henry Cameron and Daniel Kearns have all left the club in the past month.
#LimerickFC can confirm that midfielder Conor Clifford and striker Mark O’Sullivan – who both would have missed Friday through a hamstring injury and suspension respectively – have exited the club, as have New Zealand international winger Henry Cameron and forward Daniel Kearns. pic.twitter.com/Zmsn7g9QWX— Limerick FC (@LimerickFCie) June 28, 2018
Last week, Bray Wanderers players voted "by overwhelming majority" in favour of strike action. The FAI imposed a deadline for 5pm today on the club to pay the seven weeks' wages that were outstanding but that deadline has not been met.
PFAI general secretary Stephen McGuinness confirms Bray players were not paid by the 5pm deadline, and hits out at the FAI and Bray officials for not communicating with their representatives. pic.twitter.com/zUDFLnsT1J— RTÉ Soccer (@RTEsoccer) July 16, 2018
The PFAI is due to serve the club with seven days' notice for strike action tomorrow, putting their game against Cork City on July 27 in danger, while the FAI has threatened sanctions.
Limerick are due to play away to St Pat's on Friday, before welcoming Waterford FC the following week.
The FAI's Independent Club Licensing Committee awarded licences to Limerick and Bray last February.
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