Forest were charged in January for a breach of the league's Profitability and Sustainability Rules (PSR), exceeding their £61 million threshold by £34.5 million.

The club were initially set to receive a six-point deduction, but their and co-operation meant it was reduced to four points in March.

The decision keeps Forest in 17th place in the table, three points clear of the relegation zone with two games remaining.

"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)," a statement from the Premier League read.

"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."

Forest were the second team this season to be punished for breaches of PSR after Everton were docked 10 points in November, which was later reduced to six on appeal.

Clubs are permitted to lose £105 million - or £35 million - over three seasons, although Forest were limited to £61 million in total having spent two years in the Championship.