Ross Gardner and James Beaumont had claimed that their treatment by the academy coaches constituted a breach of contract and they should be able to leave the club. But the inquiry panel found that there was no evidence to support this and decided that they were still under contract with the club.
An official club statement read: "The FAPL have clearly found that there has been no breach of contract and have upheld the club’s appeal against the notice of termination given by the players.
"The Club is delighted with the outcome and look forward to the Academy continuing to produce talent and ability who will assist the club in their quest for domestic and European honours.
"The Club is disappointed that the two players took this course of action.
"The decision clearly vindicates the support given to Kenny Wharton and Peter Beardsley by the Club."