A deal with media giants Sky has been agreed which goes a fraction of the way to cover the loss which has been incurred. Clubs have had to re-budget having expected a large payment from ITV.
Reading chairman John Madejski was disappointed by the result after a summer of campaigning to get the money he felt the league was owed.
He told readingfc.co.uk: "My first reaction is one of grave disappointment of course.
"I feel it's wrong that this kind of practice can go along - set up a company and be able to do things in this way.
"We were hoping for ther best but expecting the worst. It's a blow to everybody but we're not as bad off as many of the clubs in the First Division. It's not hard to remain positive but everybody must realise there aren't huge sums of money around.
"Pecuniary aspirations have got to be adjusted now. Sport is sport, and players must start playing to win, and not for money.
"Ovbiously this is going to have a huge impact (on our budget), it speaks for itself.
"I'd like to say a special thank you to all the fans who sent e-mails to try to persuade Carlton & Granada, I'd also like to thank Martin Salter MP for his help".