Sheffield United have become the third Premier League club to be handed a points deduction in recent weeks.
The Yorkshire club have been docked two points, with the punishment to come into place the next season they take part in the EFL.
United are currently bottom of the Premier League, nine points adrift of safety, and are unlikely to avoid relegation this season.
If they drop into the Championship, they will start next season on minus two points.
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United will also have another two-point deduction suspended until the end of their next season in the EFL.
The punishment, which was determined by an independent disciplinary commission, relates to the 2022/23 season when the club defaulted on a series of payments to other clubs.
In a statement, the EFL said "these defaults cumulatively were in excess of 550 days".
Sheffield United have agreed to pay the EFL's cost of £310,455 and the suspended points will be activated "if the club defaults on any payment due to another club under a transfer or compensation agreement for more than five business days from the due date for payment".
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United issued a club statement expressing "disappointment" in the EFL sanction but accepting the punishment.
"The club has co-operated with the EFL to reach a negotiated settlement on the issues in question," read the statement.
"While disappointed to have the deduction imposed upon the return to the EFL and highlighting that awaiting overdue monies from several other clubs effected Sheffield United's financial situation, the club took the view that it was better to reach an agreement which minimised the risks of a higher deduction or further transfer embargoes being imposed, and being distracted by lengthy and costly legal proceedings.
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"The club is now in a position to close this matter and concentrate on the future."
United become the third Premier League side to be handed a points punishment in recent weeks.
Everton were originally dealt a 10-point deduction by the Premier League for breaching Profitability and Sustainability Rules (PSR), which was reduced to six on appeal, but were handed a further two point penalty earlier this week.
Last month, Nottingham Forest were handed a four-point deduction for breaching PSR, while Championship leaders Leicester are also facing a potential points deduction next season for alleged breaches of financial rules.
Topics: Sheffield United, Football, FFP, Premier League
Rory O'Callaghan