Luton Town will start their 2008-09 League Two campaign in August with minus ten points after being found guilty of 15 breaches of transfer regulations.
The Commission's chairman, Peter Griffiths QC, said: "There can be no doubt that Luton Town Football Club, between July 2004 and February 2007, was run with a flagrant disregard for the regulations laid down to protect the game.
"At the heart of the allegations laid against both Luton Town Football Club and two of its directors, Mr Bill Tomlins and Mr Derek Peter, was the routing of payments to agents, not through The Football Association as ought to have occurred, but through an associated company, namely Jayten Stadium Limited.
"The person principally responsible for Luton Town Football Club's serious misconduct was, without doubt, Mr Bill Tomlins, the former chairman of the club."
The Hatters, who have suffered two successive relegations and were handed a ten-point deduction in the 2007-08 season, have also been fined £50,000.