Birmingham City has been deducted nine points for breaching rules on profitability and sustainability, the English Football League (EFL) has announced.
The punishment means Birmingham, which has lost its last four league games, drops from 13th in the Championship table to 18th, five points clear of the relegation zone.
Former manager Harry Redknapp spent heavily before steering the club away from relegation to League One in the 2016-17 season, but has denied responsibility for the points deduction.
"It's surely down to the people who run the club, like the chief executive and the chairman, or whoever, to know if we've got any money to spend," Redknapp told The Daily Telegraph ahead of the EFL announcement.
"I didn't know anything about Financial Fair Play. I was never warned by anyone at the football club that there was going to be a problem with that."
The EFL said Birmingham recorded losses in excess of the £39million upper loss threshold for the three-year period 2015-16 to 2017-18. Birmingham has 14 days to appeal the decision.
"The Profitability and Sustainability Rules, aligned with those in the Premier League, became effective in 2015-16," said an EFL spokesperson.
"Season 2017-18 was the end of the first full reporting period with Birmingham City the only club found to have breached those requirements, when it incurred adjusted losses of £48.787million, £9.787million in excess of the permitted losses.
"The Disciplinary Commission had the opportunity to consider all relevant factors in reaching its determination, including the club's mitigation."
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