An independent commission ruled Forest had breached losses to 2022-23 the threshold of 61m by 34.5m.
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The club has responded, stating: "After months of engagement with the Premier League, and exceptional cooperation throughout, this was unexpected and has harmed the trust and confidence we had in the Premier League."
Forest are expected to appeal.
They are the second club to be penalised for breaching the Premier League's Profit & Sustainability rules after Everton were docked ten points reduced to six on appeal.