There is, however, no sanction of a points deduction or fine.
It means the matter is finally closed.
In March, a case against Blues for an alleged breach of elements of a business plan was dismissed by an independent Disciplinary Commission.
The EFL appealed the verdict and the appeal was heard yesterday.
The Arbitration panel found in the EFL's favour.
The business plan was implemented last season after Blues admitted a breach of Profitability and Sustainability rules, for which we were docked nine points in March 2019.