Nottingham Forest have failed with an appeal against their four-point punishment for breaching Premier League profit and sustainability rules (PSR).
The club’s case was held on 24 April 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 £61m by £34.5m.
It means Forest remain 17th and three points clear of the relegation zone with two games left to play.
The three-person appeal board arrived at a “unanimous” decision to uphold the original ruling by the commission, describing it as “commendably clear and comprehensive”.
“Some of the criticisms of the [original] decision have involved a minute examination of the words used by the commission,” the board said of Forest’s appeal.
“Decisions such as these should not be subjected to microscopic forensic examination and interpreted as if they were statutes which have been drafted by parliamentary counsel.
“Allegations of infelicities of language or errors which are not material to the ultimate decision add to the complexity and costs of proceedings and are rarely likely to lead to a successful challenge of a decision.”