RC Lens, the French club owned by pending Owls buyer Hafiz Mammadov, has had an appeal over its promotion to Ligue 1 rejected.
French football financial regulator the DNCG last month blocked Lens’ promotion to the top flight due to irregularities in the club’s proposed budget for next season.
The issue was a €10million payment due from major shareholder Mammadov that was missing from the accounts.
Lens president Gervais Martel claimed a public holiday in Mammadov’s native Azerbaijan had resulted in the delay and said the club would appeal.
But the DNCG have now rejected Lens’ protests with the missing funds still having not arrived in club accounts, leaving the northern France side set for another season in Ligue 2.
The DNCG have yet to release an official statement outlying their reasons for the rejection while Lens have immediately declared their intention to appeal to the French Olympic Committee (CNOSF) who have the power to overrule the DNCG.
An appeal to the CNOSF would be as far as Lens could take their protests.
Sheffield Wednesday have repeatedly distanced themselves from the issues affecting Lens, insisting they will have no bearing on Mammadov’s pending takeover of the Owls.