The Foxes were charged in March for an alleged breach for the three seasons leading up to 2022-23 season and the independent commission ruled the top flight can punish the club despite the appeal.
Leicester appealed against the charge as they were in the second division at the time it was issued and felt the Premier League had no power over them after being relegated in 2023.
However, the commission has ruled English football's top flight can continue pursuing them with Leicester appeal outright rejected with this statement.
"An independent Commission has dismissed a challenge by Leicester City FC that it has no jurisdiction to consider an alleged breach of Profitability and Sustainability Rules (PSRs)
The Foxes stated they would "defend" themselves "from any unlawful acts by the football authorities, should they seek to exercise jurisdiction where they cannot do so."
Clearly Leicester will not go down without a fight and this financial brawl might go on for some time.