Leicester had been charged last year for breaching profitability and sustainability rules for the three-season period ending in 2023-24, when they won the Championship.
Premier League PSR rules state that clubs cannot lose more than £105m across three seasons, but that figure is reduced by £22m for each of the counting seasons that a club are in the Championship.
Leicester, who had wanted their accounts to be considered over a 37-month period rather than 36 following a delay in submitting their accounts, were found to have spent some £20.8m over the reduced £83m limit.
The Premier League also disputed the sanction, claiming that a failure to provide financial accounts for the 2023-24 season when requested should be treated as an aggravating factor, resulting in an extra point deduction. That appeal was also dismissed.
Leicester were relegated on their return to the Premier League in 2024-25, accumulating just 25 points to finish 18th, and now face the prospect of back-to-back relegations
“With the matter now at an end and five games of the season remaining, everyone at the club is fully focused on the matches in front of us and on shaping the outcome of our season through our results on the pitch,” a Leicester statement said.
“We know this has been a challenging period, and we thank our supporters for the backing they continue to give the team.
“The responsibility now is to ensure these remaining games are approached with the focus and intent our current situation demands.”
Of the Premier League’s attempt to increase the sanction, the appeal board said: “We consider that the commission were entitled to treat the non-disclosure breach as aggravating the PSR breaches, rather than imposing a separate sanction for it.”
Leicester have said that they were “exceptionally cooperative” to the Premier League’s investigation. Leicester will celebrate the 10-year anniversary of their historic Premier League title win next month. They have since won the FA Cup and the Championship, but have also been relegated twice.