Nottingham Forest have been unsuccessful in their appeal against their four point deduction.
In March, Forest were deducted four points for breaching Profit and Sustainability Rules and lodged an appeal.
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Forest admitted to their PSR breach having overspent by £34.5million over a three-year period and would have been hit with a six-point deduction.
However, that was reduced to four after the independent commission praised their 'excellent co-operation'.
Forest are currently three points above the drop zone with two games left to go.
A Premier League statement read: "An independent Appeal Board has upheld the decision of a Commission to deduct four points from Nottingham Forest following an admitted breach of the Premier League’s Profitability and Sustainability Rules (PSR).
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"The PSR sanction applied to the assessment period ending Season 2022/23 and was appealed by the club on two grounds.
"The club argued that the independent Commission committed an error in not treating its sale of a high-profile player shortly after the assessment period as a mitigating factor, and that it committed a further error in electing not to suspend some or all of the points deduction it imposed.
"Each of these grounds was rejected by the Appeal Board, which found the independent Commission was entitled to immediately impose the sanction it did. The four-point deduction will therefore remain in place."
Nottingham Forest will not be commenting on their unsuccessful appeal.
They face Chelsea at home and Burnley away in their final two games of the season.
However, they were scathing about the Premier League in a previous response to their initial deduction.
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"We were extremely dismayed by the tone and content of the Premier League’s submissions before the Commission," the club said.
"After months of engagement with the Premier League, and exceptional cooperation throughout, this was unexpected and has harmed the trust and confidence we had in the Premier League."
The club also pointed to the Brennan Johnson transfer that took place outside the PSR reporting period, but still in the same window.
Had they sold him earlier, for a lower fee, then the club would likely have met the rules.
