Birmingham City have been found guilty of breaching the English Football League's imposed business plan but have avoided a points deduction.
The EFL have been successful in appealing the not-guilty verdict that was handed to the Blues in March.
An independent disciplinary commission had originally thrown out the EFL's argument that Birmingham had not stuck to a business plan, imposed on them the previous season after they were docked nine points for breaking Financial Fair Play regulations.
Yet, after an appeal, a panel has now ruled in the EFL's favour, despite Birmingham arguing they had extenuating circumstances for failing to follow the guidelines.
An EFL statement said: "In March 2020, an independent Disciplinary Commission dismissed a misconduct charge brought by the EFL against Birmingham City.
"That charge alleged that the Club had failed to adhere to elements of a business plan, agreed with the Club and imposed by the EFL., following an earlier breach of Profitability and Sustainability Rules.
"The EFL subsequently appealed the decision and an Independent League Arbitration panel has today upheld the appeal and found the Club guilty of misconduct
"The League Arbitration panel has determined that a reprimand is an appropriate sanction.
"The written reasons are to follow and therefore EFL will be making no further comment at this time.
The verdict leaves Birmingham breathing a sigh of relief after avoiding a deduction for a second consecutive season, with the club sat eight points clear of the Championship relegation zone, with nine games left to play.
Sheffield Wednesday and Derby County also face charges of financial misconduct which are yet to be heard.
Barnsley have threatened to refuse relegation to League One, with the club currently bottom of the Championship, until those charges are addressed.
