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Nottingham Forest have failed with an appeal against their four-point punishment for breaching Premier League profit and sustainability rules.
The club's case was held on 24 April after they appealed against an independent commission's ruling in March.
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.