Leeds had already been docked 10 points for entering administration at the end of last season, while still in the Championship - although they were virtually guaranteed to be relegated anyway by then.

The Yorkshire club felt the additional penalty during the current campaign had been unduly harsh.

Any return of points would have upset Leeds' League One promotion rivals, with Doncaster and Carlisle likely to have taken legal action - but the failure of the appeal means that leaders Swansea are confirmed as champions.

Leeds chairman Ken Bates confirmed he would accept the tribunal's findings, but was aggrieved at its criticism of Leeds for delays in bringing their action.

A club statement said: "We feel this finding is unjust as the club sought to oppose the imposition of the penalty from 30 August 2007 onwards.

"We did accept the imposed condition of a 15-point penalty subject to an appeal to member clubs.

"As at 3 August 2007 we had no option but to do so. If we had not the club would have been lost forever, which was far too big a price for anyone to pay.

"It is galling that we are criticised for the delay in bringing the appeal, when it was delays by the Football League that effectively backed us into this corner."

The statement continued: "If what football achieves out of this is clarity for clubs in the future then that can mitigate some of our disappointment as we want all clubs to survive through what are very difficult times.

"The matter is now closed and the focus can return to the pitch.

"If the team are now able to progress through the play-offs to the Championship then it would be the appropriate reward for the efforts of the club's fans and players in overcoming the penalty imposed on the club."

Meanwhile, Football League chairman Lord Mawhinney said: "On behalf of the board and the League, I welcome the panel's findings in their entirety.

"It has found that the actions we took were reasonable and appropriate in these unprecedented circumstances and that we had the power to act as we did.

"Now I believe we should draw a line under the whole process. Leeds United are a valued member of the Football League family.

"We should all now get back to the business of football and enjoy the climax to what has already been an exciting season."

Leeds were fifth when previous boss Dennis Wise was recruited by Newcastle United to be their executive director of football.

Former Leeds favourite Gary McAllister replaced him, and the team booked a play-off spot last Friday with a 1-0 win over Yeovil.