Nottingham Forest have failed in their appeal against the four-point punishment for breaching English Premier League profit and sustainability rules, PSR.
The club’s case was held on April 24 and an appeal board has upheld the original decision of an independent commission to impose the sanction.
The commission found Forest’s losses to 2022-23 breached the threshold of £61 million by £34.5 million.
It means Forest remain 17th and three points clear of the relegation zone with two games left to play.