Jose Mourinho and Ashley Cole have lost their appeals against fines imposed by the Premier League for their role in the tapping-up scandal.
But both fines were reduced to £75,000 - Arsenal defender Cole's from £100,000 and the Chelsea boss' from £200,000.
Along with the fine, Chelsea were also warned they would be docked three points if they committed a similar offence during the 2005/2006 season.
Chelsea had been fined £300,000 for their role, but decided not to appeal.
In a statement, the Premier League said: "In regard to the appeals by Ashley Cole and Jose Mourinho, the Premier League appeals committee has reminded themselves of the evidence in both cases and received submissions from the respective legal representatives.
"In both cases, the Premier League appeals committee has dismissed the appeals on findings.
"However, in respect of Ashley Cole's appeal on sanctions, the committee found in favour in part and, in doing so, reduced the fine imposed from £100,000 to £75,000.
"The committee also found favour in part in Jose Mourinho's appeal on his sanctions, deciding that although he had a greater responsibility as a manager and senior club representative, he was less culpable for the arranged meeting.
"As such, his fine is reduced from £200,000 to £75,000."
Chelsea said justice had been done after hearing that Mourinho's fine had been reduced.
"We always regarded the original fine as completely disproportionate to the alleged offence," the club said.
"We are also pleased that the Appeals Committee has publicly recognised that Jose's culpability...was less than Ashley Cole's.
"We accept the verdict and believe it is time to move on and look forward."
A Premier League panel, comprising a QC and two Football Association councillors, heard the appeal.
The panel heard the legal arguments but not the case in full.
Cole had been found in breach of Premier League rule K5 - which prohibited him from approaching Chelsea with a view to negotiating a transfer, without permission from Arsenal - at the original inquiry in June.
Chelsea were found guilty of breaking rule K3, forbidding them approaching Cole, who has two years left on his current deal, by any means while under contract.
Mourinho was found to be in breach of Rule Q, governing managers' conduct.