Leicester were “disappointed” when it was announced they were docked six points on 5 February and described the punishment as “disproportionate”.
Under PSR, Premier League clubs cannot lose more than £105m over three years but the figure is reduced by £22m for every season a club spends outside the top flight.
Despite being charged by the Premier League, the EFL took on the case following their relegation last year and they were found guilty of breaking PSR rules in the English Football League.
Leicester had argued their case should have been considered over a 36-month period rather than 37 months, caused by a delay in submitting their accounts for 2023-24.
The commission ruled that it should be 36 months meaning the club’s overspend of the EFL’s rules during that period was £20.8m above the £83m limit.
The Foxes appealed the decision two weeks later – and less than 24 hours after the club appointed Gary Rowett as their new interim head coach until the end of the season.
Since they were deducted six points, Leicester’s form has slumped further and they now face an uphill battle to survive a second successive relegation, after a run of just one win in 12 games in all competitions.