If they do go into administration, they will be deducted 10 points, sending them down to 16th in the table - 11 points above the relegation zone with 14 games remaining.
Vale boss Micky Adams said: "I'm massively disappointed with what's going on. I think it's going to get worse before it's going to get better.
"If the rumours are true then tomorrow morning instead of pushing for the play-offs, we need to win games to stay in the League."
And Adams, who is in his second spell in charge at Vale Park, concedes his job might not be safe if the club do enter administration.
"If we go into administration, it's down to the administrators, not me," he said. "I don't see why I should [quit] but that could be taken out of my hands."
And 29-year-old defender Owen says that some of the players will struggle to pay their bills.
"This is League Two and you live hand to mouth," he said. "It's a worrying time for everybody.
"We had no idea at all [that we would not be paid] which is the most frustrating aspect for the lads and has made them very angry.
"I've been speaking to the PFA [Professional Footballers' Association] to see what they can do but that will take time. So we'll have to survive for the next couple of months without any income at all."
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