Southampton lost an appeal on Wednesday against their expulsion from the Championship playoff final after they were thrown out for spying on a Middlesbrough training session.
An English Football League independent disciplinary commission on Tuesday kicked the Saints out and reinstated Middlesbrough, who lost 2-1 on aggregate to Southampton in the semifinals.
Boro will now face Hull at Wembley on Saturday for a place in the Premier League.
"A league arbitration panel has tonight dismissed Southampton Football Club's appeal against the independent disciplinary commission's sanction following the admittance of multiple breaches of EFL regulations," the English Football League said on Wednesday.
"The determination means that the original sanction of expulsion from the Championship playoffs remains in place, as does the four-point deduction to be applied to the 2026-27 Championship table."
Southampton issued a statement calling the decision "an extremely disappointing outcome".
It added: "While we fully acknowledge the seriousness of this matter and the scrutiny that has followed, the club has consistently believed the original sporting sanction was disproportionate, a view that has been widely shared by many in the football community over the last 24 hours.
"While tonight is a painful moment, this football club will respond with humility, accountability and determination to put things right."
Saints chief executive Phil Parsons earlier on Wednesday said the club "cannot accept a sanction which bears no proportion to the offence".
Parsons said Southampton had been "denied the opportunity to compete in a game worth more than £200 million and one which means so much to our staff, players and supporters".
HULL FRUSTRATED BY UNCERTAINTY
Southampton highlighted a £200 000 fine imposed on Leeds in 2019 for spying on Derby as evidence of a precedent the EFL should follow in their case.
However, when Leeds were punished, the EFL's regulation 127 -- which specifically forbids clubs from observing an opponent within 72 hours of a match -- did not exist.
It was introduced after Leeds were sanctioned to help clarify what had been an uncertain situation.
Southampton have also admitted to spying on a training session at Oxford in December and one at Ipswich in April, in addition to the Middlesbrough session.
All three incidents occurred after the appointment of German coach Tonda Eckert as Southampton manager in December.
Middlesbrough, who called for Southampton to be expelled from the playoffs before Tuesday's hearing, welcomed their removal from the final, saying the ruling "sends out a clear message for the future of our game regarding sporting integrity and conduct".
Meanwhile, Hull owner Acun Ilicali voiced his frustration at the delay in confirming his side's opponents and warned postponing the final would cause a "big, big problem" given international call-ups.
"We miss nine days of training (to prepare for Middlesbrough instead of Southampton) so in this case we are very disappointed," he told Sky Sports.
"I believe in my boys and our coach 100 per cent, but when you look at the picture it doesn't seem too fair that we don't know who we play."