Sheffield United have failed in their High Court bid to force new Premier League disciplinary action against West Ham over the Carlos Tevez affair.
Sheffield are 8/1 with Bodog to win the 2007/8 Coca Cola Championship.
A private hearing on Friday heard the Blades' case but they were denied permission to appeal a Premier League arbitration panel's decision to dismiss their bid for fresh action.
A statement read outside the court by the club's solicitor Paul Stothard said: "Sheffield United have not been granted leave to appeal aspects of the arbitration panel's decision earlier this month.
"This application was made on very limited grounds and it has also been denied on very limited grounds.
"Sheffield United are not precluded from taking further action whether against the Premier League or West Ham.
"We will consider our position with our professional advisors and make further statements in due course."
United opted to pursue High Court action after an arbitration panel rejected their claim against the Premier League for failing to dock West Ham points over the transfers of Carlos Tevez and Javier Mascherano.
The top flight's governing body had instead levied a £5.5million fine on the London club in April.
Stothard insisted the Blades would continue to press for new action, but admitted compensation may now become the focus of their challenge, rather than reinstatement to the Premier League.
"We now have to go and think about what we can do. As Kevin (McCabe, chairman) said recently we have a long agenda of things we can do with regard to this, we are still on the first page,'' he said.
"I think you can be fairly confident that things won't rest there.''