Nottingham Forest finished seventh in the Premier League last season and have been promoted to the Europa League in Palace’s place.
“Multi-club structures hide behind the charade of a ‘blind trust’ while clubs such as ours, who have no connection to another club whatsoever, are prevented from playing in the same competition,” Palace said.
“To compound the injustice, clubs that appear to have huge informal arrangements with each other are also allowed to participate and even possibly play against each other.”
The Eagles had until 1 March 2025 to show Uefa proof of multi-club ownership restructuring, but missed the deadline.
American businessman John Textor owned a 43% stake in Palace but sold it in June and is the majority owner of Lyon, who have also qualified for the Europa League.
Cas said that Textor “still had decisive influence over both clubs” at the time of Uefa’s assessment.
The panel also dismissed Palace’s argument that they received unfair treatment in comparison to Nottingham Forest and Lyon.
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