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The League won nominal damages in its negligence action against Edge Ellison – now operating as Hammonds – who advised on its broadcast contract negotiations with OnDigital (which later became ITV Digital) during 1999/2000.
The pay-TV platform went bust shortly after a deal to carry Football League coverage was agreed, leaving the league and its clubs out of pocket.
The League were awarded just £4 in damages.
A spokesman said: “The League does not regard this as a successful outcome.”
“The court found that Edge Ellison failed in their duty to properly advise the League on two separate occasions. The first was when they failed to read the bid document from OnDigital, which suggested parent company guarantees were available, before negotiating, and then allowing the League to enter into, a binding short form agreement based upon that bid document without such guarantees.
“The second was when, despite then having read the bid document, as part of their preparations for the negotiation of the long form contract, they did not take instructions on the issue of guarantees.
“The court, however, found that these failures were not responsible for the League suffering the losses it did because, in the court's view, they occurred at the point that OnDigital's parent companies would not then have given guarantees.
“On that basis, in law, the court found there were two breaches of duty but neither caused the financial losses incurred by the League.”
Football League chairman Lord Mawhinney said: “We are obviously disappointed by this verdict. Subject to considering possible grounds for appeal the League will draw a line under this matter and move on.
"The collapse of ITV Digital marked a watershed for the Football League and its clubs. In the years since, the League has re-branded and delivered a programme of good governance reforms designed to deliver financial stability and long-term sustainability to its clubs. This will continue."